Rule XVII. Directors may Borrow Money.

1. As often as it shall be deemed advisable, it shall be lawful for the Trustees, with the sanction and advice of the Board of Directors to take up money on Promissory Notes or Debentures such Promissory Notes or Debentures to be signed by the Trustees or one of them, and countersigned by the Manager for the time being the money to be raised on such Promissory Notes or Debentures to be paid over to the Board of Directors for the purposes of the Society. And for any sum so borrowed, it shall be lawful for the Board of Directors to pay interest out of the funds of the Society, at any rate not exceeding £10 per centum per annum: and the funds for the time being of the Society, and all property being vested in the Trustees of the Society, shall be security for, and primarily liable for, all moneys so borrowed. Provided always that no Trustee or Manager signing or countersigning such Promissory Notes or Debentures shall be personally liable thereupon or for the moneys thereby borrowed. The Board of Directors shall have power to borrow from the Society's Banker or other persons, such sums of money as may be necessary for making advances to the shareholders, and it shall be lawful for the Board to pay interest out of the funds of the Society for such advances at any rate not exceeding £10 per centum per annum provided that in no case shall any sum so borrowed exceed the estimated receipts of the Society for the ensuing six months.