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The Pamphlet Collection of Sir Robert Stout: Volume 7

Table A. 4. Borrowers' Scale of Repayments

Table A.

Table A. 4. Borrowers' Scale of Repayments.

This Table shows the Weekly, Monthly, Quarterly, or Half-yearly Repayments of Loans, from £25 to £250, including Principal and Interest, extending over a period of 6¼ years.

REPAYMENTS. LOAN. Weekly. Monthly. Quarterly. Half-Yearly. £ £ s. d. £ s. d. £ s. d. £ s. d. 25 0 2 0 0 8 8 1 6 4 2 13 3 50 0 4 0 0 17 4 2 12 8 5 6 6 75 0 6 0 1 6 0 3 19 0 7 19 9 100. 0 8 0 1 14 8 5 5 4 10 13 0 125 0 10 0 2 3 4 6 11 8 13 6 3 150 0 12 0 2 12 0 7 18 0 15 19 6 175 0 11 0 3 0 8 9 4 4 18 12 9 200 0 16 0 3 9 4 10 10 8 21 6 0 225 0 18 0 3 18 0 11 17 0 23 19 3 250 And larger sums in proportion. 1 0 0 4 6 8 13 3 4 26 12 6

Loans can also be effected for less than 6¼, years or to extend to 12 years on terms to be agreed in accordance with Rule XXI.

page 15
5. Every borrowing member omitting to pay any instalment Fines on borrowing shares. of principal and interest money, shall be fined for each share rowing shares. as follows :—

— Where instalment is a payable Weekly or Monthly Where instalment is payable every 3 Months Where instalment is payable every 6 Months £ s. d. £ s. d. £ s. d. If default shall be made on the monthly pay-day when the instalment becomes due ... 0 0 6 0 1 0 0 2 0 If such default continue for 2 successive monthly pay-days 0 1 0 0 2 0 0 4 0 If such default continue for 3 successive monthly pay-days 0 1 6 0 3 0 0 6 0 If such default continue for i successive monthly pay-days 0 2 0 0 4 0 0 8 0 If such default continue for 5 successive monthly pay-days 0 2 6 0 5 0 0 10 0 If such default continue for 6 successive monthly pay-days 0 3 0 0 6 0 0 12 0

6. That all three monthly payments shall fall due upon the

Quarterly and half- yearly payments, when due.

third Monday in March, June, September, and December in each year, and half-yearly payments on the third Monday in June and December in each year respectively.
7. When the Board of Directors shall be satisfied with the

Mortgage deed to be executed prior to payment of loan.

security offered by any Member they shall pay to such Member the sum which he shall be entitled to receive upon his executing to the Trustees a deed of mortgage in the form of Schedule C, appended to these rules, containing such powers of sale and other powers to the said Trustees, and such covenants on the part of the said mortgagor as the Solicitor of the Society shall require.
8. Members to whom advances have been allocated may,

Members obtaining advances may hold investing shares, or withdraw amount to credit.

if they think fit, continue to hold their investing shares, or may withdraw the subscriptions to their credit, with the interest and profits added thereon, in accordance with Rules XV and XXIII.
9. If any member mortgagor to the Trustees shall at any

Provisions of mortgages.

time fail, neglect, or refuse for the pay days of three months, if such moneys are repayable weekly or monthly, or if repayable by three monthly or six monthly payments, for one month after any such periods of payment, to pay, observe and page 16 perform all or any of the subscriptions, payments, and regulations on his or their part respectively to be paid, observed, and performed, the Board of Directors for the time being shall have power, on behalf of the said Society, to appoint the Manager, or any other person or persons, to collect the rents and profits of the premises in such mortgage mentioned, and

Manager to collect rents, &c.

to charge for such collection, whether by the Manager or otherwise, a commission at the rate of £5 per cent, if the rent be payable quarterly or at longer periods, or £7½ per cent, if payable monthly, or £10 per cent, if payable weekly.

Powers of sale, &c., in default.

10. And the Board of Directors shall have the power, after default in payment of such subscriptions and payments for three months after any of the periods upon which such payments should have beenmade in the case of weekly or monthly payments; and after such default for one month in the case of three monthly or six monthly payments, or on the breach of any covenant on the mortgagor's part in any mortgage expressed or implied, whether the Board of Directors shall have entered into the receipt of the rents and profits of any such mortgaged property or not, and without entering into the receipt of such rents and profits, and without the consent or concurrence of the said mortgaging member, absolutely to sell and dispose of the said mortgaged premises by public auction or private contract, upon the condition that the purchaser or purchasers shall pay as and for the purchase money of any such property a certain payment in accordance with table A (to be fixed and determined by the Board of Directors) until the full amount due to the Society on such property be paid; or to make any arrangement with any member whoso property shall be liable to be sold for his retention thereof, and for the cessation of all fines upon subscription and redemption moneys, fines, insurance premiums, and other payments then due and in arrear at the time of such arrangement or thereafter to become due to the Society; or to sell and dispose of the same in one or more lots by public auction or private contract, or partly in one way and partly in the other, at one or more time or times, and subject or not to special conditions as to title or evidence of title, or the time or mode of payment of the purchase money or otherwise, as the Board of Directors shall think fit, and to receive the money arising therefrom; and at any sale by public auction the Board of Directors, or any one of them, or some other person to be appointed by them in writing, may bid for and buy in the said mortgaged premises on behalf of the Society, and page 17 re-sell the same by public auction or private contract, without being answerable for any loss to be occasioned by such re-sale; and out of the moneys to arise from such collection of rents and profits of sale as aforesaid, the Board of Directors shall, in the first place, discharge all costs, charges, and expenses which shall or may be incurred in or on account of the collection of the rents and profits of the said mortgaged premises, or the sale or attempted sale or sales thereof, or in anywise relating to the exercise of the powers in the said mortgage; and in the next place shall retain and reimburse the said Society all such principal money, subscriptions, fines, and other payments as shall be then due, owing, and payable by such member under and by virtue of these rules or the said mortgage, and shall pay the surplus (if any) to the said member or as he shall appoint. And that the receipt of the Board of Directors or Manager of the said Society shall be a sufficient discharge to all tenants and purchasers paying any moneys to the Board of Directors or Manager, without their being accountable for the misapplication or non-application thereof. And that no purchaser or purchasers shall be bound to enquire into the propriety or regularity of any such sale or sales, nor whether any such default shall have been made. And that until the said mortgaged premises shall be so sold and convoyed, the Board of Directors shall have full power to let and demise the same or any part thereof for such term of years, at such rent, and upon such conditions of re-entry as they shall think fit.
11. If any member, who shall have taken up on mortgage to the Trustees any principal money, repayable cither in one sum or by other instalments than those above referred to, shall make default in payment of the principal money or of any instalment thereof, or of the interest thereon or of any part thereof, the Directors shall have the like powers of management, of dealing with and selling and disposing of the property in mortgage, and with the like indemnity to and irresponsibility of purchasers, as is hereinbefore provided in the case of default

No second mortgage to be taken unless first mortgage to Society.

of payment of weekly or monthly instalments.

12. No property shall be deemed sufficient security for moneys to be advanced which shall be subject to any previous mortgage, except to the Society.

13. Whenever a loan shall be made to any Trustee, the

Loan to Trustee.

mortgage shall be made to the other Trustees for the time being.
14. When any member shall be desirous of building, he shall

Payment of money advanced for building purposes.

be entitled to receive the moneys agreed to be advanced to page 18 him in such sums and at such times as the Board of Directors may appoint, upon executing his mortgage.

Board empowered to complete erection of buildings on default by borrowing member.

15. Should any member, after receiving any portion of his loan or advance, not proceed to complete and finish any buildings upon which the same shall have been advanced, to the satisfaction of the Board of Directors of the Society, the Manager shall give seven days' notice, in writing, to such member of their intention either to sell such premises in the manner hereinbefore provided, or to employ some person or persons to finish and complete the same at the cost and charges of such member; and upon the expiration of such notice they shall be at liberty so to do, and to advance and pay the sum and sums of money requisite for such purposes accordingly; and the premises shall be charged with such further sums, with interest at such rate as the Directors shall from time to time determine, as if such sums had formed part of the advance to such member. If a sale shall be made, and a surplus remain after paying all the money due to the Society and all incidental expenses, it shall be paid to such member.

Members borrowing on security of shares to sign transfer of same.

16. On payment to any member borrowing upon the security of his shares, he shall sign a transfer for such shares to the Trustees of the said Society, in the form set forth in Schedule E, appended to these rules, for which he shall pay the usual transfer fee to the Society.

All mortgaged premises to be insured.

17. All buildings mortgaged to the Society shall be insured from loss or damage by fire in the names of the Trustees, for such amount as the Board of Directors shall think necessary, by and at the expense of the mortgagor; and the policy and renewal receipts shall be deposited with the deeds. Should the mortgagor fail to do so, the Manager shall be at liberty to insure the property in the names of the Trustees, or (if already insured) may pay the premium due on such policy out of the Society's funds; but the money so expended, together with a fine of one shilling per month in the pound, shall be paid to the Society by the mortgagor.

Members to give notice of any change in the character of fire risk.

18. If the mortgagor is not bound by covenant to insure in any particular office, the insurance may be effected in any Fire Insurance Office, subject to the approval of the Board of Directors. Each member who shall have mortgaged any property to the Society shall be required to give immediate notice, in writing, to the Manager of any trade carried on in any part of his premises, or of any stove, furnace, or any article erected therein, or of any such similar change in the character or occupation of the adjoining properties which would in any way affect the validity of the policy of insurance. Any page 19 member neglecting to give such notice shall pay such fine as

Fines on default.

the Hoard of Directors may determine, not exceeding 10s. per week nor less than 1s. per week, for each share advanced. The Board of Directors shall, as often as they may deem

Board of Directors may inspect mortgaged premises.

requisite, appoint one or more of their number to obtain all the information they can with respect to trades, &c., carried on in or about such property; and the member shall permit the Directors so appointed to inspect the mortgaged premises, and reimburse them all reasonable expenses.
19. Whenever any property mortgaged to the Society shall

Appropriation of insurance money.

sustain damage by fire, the Board of Directors for the time being shall receive the amounts recoverable for the damage so sustained from the Insurance Office in which such property shall have been insured, and shall give a receipt for the same, which receipt shall be a sufficient discharge to the person or persons liable by virtue of any policies of insurance to pay- such money, and the same shall be applied according to the covenant (if any) under which such insurance was effected; but if none, then the Board of Directors shall have the option of appropriating such money in payment and satisfaction of the money secured by the mortgage of the premises which shall have sustained such damage, or of repairing the damage so sustained, and returning any surplus to the mortgagor.
20. If any member who shall have borrowed upon his investment

Members making default after borrowing on investment shares.

shares shall make default in payment of his subscription and redemption moneys in respect thereof when such subscription and redemption moneys, together with any fines to which he shall become liable, shall, together with the amount advanced to such member on such shares, make up the amount per share which such member shall be entitled to be paid for withdrawal from the Society, then such shares shall become absolutely forfeited to the Society.
21. Whenever a member shall apply for a loan, and shall fail

Lapse of application for loan.

to provide security to the satisfaction of the Board of Directors, they may, after two months from the date of application, declare the same to have lapsed and his deposit forfeited