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The Pamphlet Collection of Sir Robert Stout: Volume 7

XVI.—Exchange or Sale

XVI.—Exchange or Sale.

1. If any member who shall have obtained an advance, be

Payment of Mortgage

desirous to sell the property mortgaged, it shall be lawful for the purchaser, on becoming a member of this Society, to take the property subject to such mortgage, and thenceforth to become answerable for the payment of all subscriptions and redemptions in arrear, and fines then due thereon, or from time to time falling due, an account of all which sums and fines then due and unpaid, shall be made up and acknowledged in writing, by the person proposing to receive such liabilities and property in mortgage, which said account shall be duly signed by the person so becoming page 18 a member, provided the sanction of the Committee be given to such transfer, and the Trustees shall, at the request and cost of the member so transferring his interest in the mortgage, then release him from all future responsibilities in respect of such property so transferred, and in case any member shall be desirous of discharging any mortgaged property, it shall be lawful for him to transfer the mortgage to some other property of adequate value, to be approved of by the Committee, on having the share or shares purchased, secured on such last-mentioned premises, in like manner as they were secured upon the property upon which the loan was originally made. All expenses arising out of such transaction to be paid by the party exchanging or selling such property.

2. If any member of this Society shall be desirous of paying and satisfying the security or securities, which he or she shall have given, and shall give one month's notice of such his or her desire to the Committee, the Committee shall make a deduction of the amount of subscriptions paid in by such member, together with interest thereon, at and after the rate of four pounds per centum per annum, from the full amount expressed to be secured by such mortgage; and the Committee are hereby authorised and empowered to receive the balance in one payment, or by such instalments as they shall agree upon; and on payment of the balance, together with all fines due in respect of such shares, the Committee shall direct the Trustees to deliver all deeds, and other documents in their custody, relating to the security to such member; and at his or her cost, to endorse a receipt or ackowledgment on such mortgage or security : such endorsement shall be in the form, or to the effect set forth in the schedule "D" hereunto annexed.