1. Any member desirous of withdrawing his investment shall be allowed to do so on giving three months' notice thereof, in writing, to the Manager, and shall be entitled to receive the amount of the subscriptions actually paid by him to the Society upon such Investment Shares; and if the application to withdraw shall be made at any period subsequent page 11 to the end of the first year from the date of the first subscription the member or members so withdrawing shall be entitled to receive interest thereon at such rate per cent, per annum as the Board of Directors may from time to time fix, but the rate so payable shall not be less than five per cent, per annum, calculated from the end of the first year. Provided always, that the total amount to be so withdrawn by any member during any given period may from time to time be limited by the Board of Directors.

2. Should several members give notice to withdraw at one time they shall be paid in rotation, according to the priority of notice. Provided always, that the representatives of deceased members shall have precedence, and after them the holders of shares which have been paid up to £50.

3. All amounts due and fines incurred previously to the notice of withdrawal shall be deducted from the amount which the member shall be entitled to receive.