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The Pamphlet Collection of Sir Robert Stout: Volume 7

[Investment of Money and giving Security]

Investment of funds primarily on freehold and leasehold property.

1. The funds of the Society shall be primarily invested on the mortgage of freehold and leasehold property.
page 13
2. The Board of Directors are hereby authorised, at any time

Directors may invest surplus funds on security of shares.

after the expiration of two years from the commencement of the Society, to invest such part of all sums of money received by the Society as shall not be required for its immediate purpose or use, in advance to any member or members of such Society, upon security of any share or shares held by such member or members, and upon such terms as to interest and repayment as the Directors may from time to time determine; or the Board of Directors may at any time invest such moneys upon real or Government securities, in the names of such

On real or Government securities.

Trustees, and from time to time with such consent as aforesaid to alter, transfer, and sell such securities; and all dividends and proceeds to arise from the moneys so laid out or invested shall be regularly brought to account by such Trustees, and shall be applied according to the rules of the Society : Provided that any advances to members upon their shares shall not in any case exceed the amounts actually paid upon such shares at the time of making such advances.
3. When the Board of Directors shall consider it necessary,

Directors may give publicity of money for investment.

they shall give publicity to the amount of money at their disposal for investment, and the same shall be offered to the Shareholders in the order in which their applications are numbered. Each applicant shall give to the Manager a schedule, in accordance with the Form B appended to these

Application for same, how to be made.

Rules, setting forth his name, the amount required by him, full particulars of the nature and situation of the property offered as security, and at what rate per share per month, per three months, or per six months, he desires to repay to the Society the principal and interest of such loan, and shall in addition to the entrance fee lodge with the Manager a sum of one pound per centum as a deposit and in part payment of the moneys payable on such advance; and on such application being granted in full or in part, then he shall commence at the next monthly pay clay subsequent to such application; or if the payments are three monthly or six monthly, then he shall commence at the next quarterly or half-yearly pay day as next hereinafter provided, as the case may be, to pay such sum per share per month, per three months, or per six months, as may be agreed upon; and such payments shall be made by such applicant whether his mortgage shall have been executed or not, in terms of subjoined table A, which table shall be considered as forming part of these rules. Provided that in the

Instalments, how payable.

case of re-payments by quarterly or half-yearly instalments, if the first quarterly or half-yearly payment shall fall due within the period of three or six months from the date of such page 14 loan being completed, then the borrower shall be allowed interest, at the rate of £6 per centum per annum, upon the amount of such first payment for a period of time to be calculated from the quarterly or half-yearly pay-day next, preceding such completion.