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The Pamphlet Collection of Sir Robert Stout: Volume 7

XI.—Advances upon Security of Shares

XI.—Advances upon Security of Shares.

The Trustees, with the sanction and advice of the Committee of Management, at any time after the expiration of two years from the commencement of the Society, may advance by way of loan to members such sums of money as they may think fit upon the security of shares, for such term, and at such rate of interests, and on such conditions as they may deem proper : Provided that no such advance or loan shall exceed the amount of subscriptions actually paid by such member in respect of such shares and that the interest charged thereon shrill not be less than ten per cent, per annum. The member obtaining such advance shall execute the assignment set forth in schedule C.