Rules of the Wellington and Hutt Building Society, 1875.
1. A Society
, under the Building and Land Societies' Act, 1866, to be called The Wellington and Hutt Building Society
, 1875, is hereby established.
2. In construing these rules every word importing the singular number shall be understood to mean the plural also, and words importing the plural shall include the singular : and every word importing the masculine gender shall be understood to mean a female as well as a male : the word "Committee" shall mean the Committee of Management: the word "month" shall be held to be a calendar month; and the word "year" shall mean the Society's year ending on the first Tuesday in January, and the words "member" or "mortgagor" shall be deemed to include the heirs, executors, administrators, and assigns of such member and mortgagor, unless there be something in the context inconsistent with, or repugnant to such meaning.
3. The objects of the Society are the raising a stock or fund to enable its members to purchase freehold properties either in town or country by means of moderate monthly contributions; to enable persons possessed of land to erect buildings thereon; to grant loans on the security of freehold or leasehold property, to be repaid by monthly instalments; to grant loans to the members on the security of their shares; to afford a safe and profitable investment for savings, and to facilitate the accumulation of small sums of money for such purposes, and others provided for in the following rules:—
4. The place of meeting for the business of the Society shall be at the Offices of the Society, Hunter-street, in the city of Wellington, or at such other place within the said city, as the Committee of Management for the time being shall appoint.
5. The monthly general meetings shall be held on the first Tuesday of each month (unless the same shall be a holiday, in which case the meeting shall be held on the following Tuesday), and shall commence at seven o'clock in the evening, and shall remain open at least one hour: Provided always that one week's notice of any change shall be given by three consecutive advertisements in some daily newspaper published in the city of Wellington. The Chairman of any meeting of the Society shall have power to adjourn the same to an hour and day to be named by him.
6. The Committee shall meet as often as may be necessary,
Committee Meetings and Quorum.
in such place and at such hour as they may from time to time determine upon, for the purpose of conducting the business of the Society; but no business shall be done ifless than one half the Committee be present.
7. Any three of the Committee, shall have power to call a special
meeting of the Committee at any time; and he Committee, or thirty shareholders, shall have power to call a special meeting of the Society, by giving six days' notice, specifying the cause of the meeting to the Secretary, who shall immediately summon a meeting of the Society by advertisement.
8. The business of the Society shall be conducted by a Committee
of Management consisting of not less than seven members (one of whom may be the Treasurer), two Trustees, two Auditors, a Treasurer, a Surveyor and Valuator, a Solicitor, and Secretary, all of whom must be shareholders. And the Members of Committee must hold each twenty shares, ten of which must continue unrealized.
9. The Chairman of the Committee of Management shall be
appointed by the Committee present.
10. The Annual General Meeting shall be hdden in the month
of January in every year during the continuance of the Society, at which meeting three or four members of the Committee shall retire, who shall be eligible for re-election. Theretiring members for the first year shall be selected by lot under the direction of the Committee of Management; and afterwards the order of retirement shall be determined by rotation.
11. The officers of the Society shall be separately elected and
all questions decided by a majority of votes; and the sense of the meeting taken by a show of hands, or by a division, or by-ballot if demanded, in all cases not otherwise specially provided for; and except in such cases, no member shall be entitled to more than one vote, and the chairman shall have a deliberative, as well as in all cases of equality of votes, the lasting vote.
12. No minor, nor female, shall be competent to serve in any
office of this Society, but may hold shares, and may vote.
13. The Trustees shall make all payments which the Committee
may order (such order directing the payment to be in writing, and signed by the Chairman, and two member; of the Committee) by cheques upon the Society's Bankers, to be signed by one of the Trustees, countersigned by the Secretary.
14. Previous to the order for the cheque being signed for an
advance to any member, the Secretary shall produce, if necessary, for the inspection of the Committeeman signing such order, the Surveyor's report, and the Solicitors certificate of title.
15. All deeds, writings, and securities to and from the Society,
shall be made and taken in the names of the Trustees, and when made to the Society, shall be deposited in a box having two
distinct locks with a key for each, one of which keys shall be kept by one of the Trustees, and the other by the Treasurer of the Society. Such box shall be lodged with the Bankers of the Society, in the names of the Trustees for the time being.
16. The Secretary shall keep a schedule of all deeds so deposited, in a book to be provided for that purpose, to which he shall get the signatures of one or more of the Trustees, or the Treasurer, on delivering such deeds to him or them; and on deed or other security shall be taken out or withdrawn from such box without a written order or authority signed by the Chairman of the meeting ordering the same, and countersigned by the Secretary.
17. As often as it shall be deemed advisable to advance to any shareholder the value of any share, or any fractional part of a share, should there not be money sufficient in the hands of the Bankers to the credit of the Society, it shall be lawful for the Committee, or the major part of them, to direct the Trustees to apply for, and obtain from, the bankers, or other persons, such sum or sums of money as shall be necessary to provide for such share or fractional part of share; and the Trustees shall make such application accordingly. And for any sum of money so borrowed as aforesaid, the funds for the time being payable by the members of the Society, and all the property for the time being vested in the Trustees of the Society, shall be security to the Trustees for moneys so borrowed.
18. The Trustees of this Society shall have the privilege of admission at all times into the meetings of the Committee, and of giving their opinion on all questions and matters under discussion, but shall not be entitled as Trustees to vote thereon.
19. In case either of the Trustees shall be discharged from, resign his trust, or be incapable of acting, either from mental or bodily infirmity, or shall be out of the jurisdiction, or not amenable to the process of the Supreme Court, or be guilty of any neglect or improper conduct (of which the Committee shall be the only judges), or shall become bankrupt or insolvent, or make an assignment for the benefit of his creditors, or shall remove to a distance of more than ten miles from the city of Wellington (unless he shall have a place of business in the city of Wellington), on such incapacity, absence, neglect, improper conduct, removal, bankruptcy, insolvency, or resignation being reported by any member to the Secretary, he shall forthwith summon a meeting of the Committee, and the Committee may discharge such Trustee from office, but such discharge shall not operate to his prejudice as a member of the Society, so long as he shall think proper to conform to the rules. During the interval between the death, removal, or resignation of a Trustee, and the appointment of a new Trustee, the remaining Trustee shall be competent to act in the execution of the trusts hereby reposed in him, as fully as if no such death, resignation, or removal had taken place.
20. Upon the death, resignation, remova, or discharge from
office, as aforesaid, of any Trustee, the Committee shall elect and appoint a new Trustee, in lieu of the trustee so dead, resigned, or removed from office by the Committee; and the appointment of every new Trustee shall be signed by three of the Committee and the Secretary, and duly recorded; and the continuing Trustee, and such newly-appointed Trustee, shall have the same powers as are hereby vested in the Trustees.
21. The Trustees and other officers of this Society shall not
be chargeable with more money than they respectively shall actually receive; and any one or more of them shall not be answerable for the acts, receipts, or defaults of the other, but each of them only for his own acts, receipts, and defaults respectively; and they shall not be accountable for any banker, or other person with whom any part of the money or property belonging to this Society shall be deposited, nor for any misfortune, loss, or damage which may happen in the execution of the powers and trusts herein contained, or in relation thereto, except the same shall happen by or through their own wilful default respectively.
22. It shall be lawful for the Trustees, subject to the mode
of payment prescribed by rule 10, out of the moneys which shall come to their respective hands, to retain to, and reimburse themselves all charges and damages which they may sustain in the execution of any of the powers or trusts vested in them, or in relation thereto.
23. Two members of Committee shall at each monthly
meeting be appointed and act as Stewards, who shall receive all moneys paid to the use of the Society, and shall be responsible for the amount and quality thereof, and at the close of the meeting or not later than eleven o'clock in the forenoon of the day following such meeting, shall account for, and pay over the same to the Treasurer, and he (upon the receipt thereof) shall
give an acknowledgment of the same in the Steward's book, and deposit such money on the following day in the Bank of the Society in the names and to the credit of the Trustees.
24. The Treasurer and Committee, and also, when required,
Duties of Committee and Officers.
the Solicitor and Surveyor, shall attend every meeting of the Committee if summoned, at the hour appointed, and if not there at the expiration of fifteen minutes thereafter may be fined, if the Committee think fit, five shillings each; and in all cases of absence of any officer, the majority of the Committee then present shall appoint a member to act in his stead during such absence, and such deputy shall have the same powers, and be subject to the same rules, payments, and forfeitures, as the officer for whom he shall serve.
25. The Treasurer neglecting to account for and deposit the
money received as aforesaid in the Bank of the Society within one day (exclusive of bank holidays and Sundays) after the receipt
thereof, shall pay the sum of ten shillings for each default, and twenty shillings for each following day's default, and if such money be not paid by such Officer into the bank and the bank book be not delivered to the Secretary (who shall apply for it on the second day following the day of the receipt of such money, provided it be not a bank holiday), the Secretary shall summon the Committee, and the Committee shall order such steps to be taken for the recovery of the money so retained as they may deem best for the interests of the Society; and the person so withholding such money may be expelled from the Society, and forfeit all his benefits' therein, and may also be proceeded against at law either civilly or criminally for the recovery of the said money, with interest, if the Committee think fit.
26. The Treasurer, Trustees, and every other person concerned in the receipt, management, and expenditure of the Society's money, shall, with two sureties, give a bond in manner and form prescribed in the Schedule A. to the Building and Land Societies' Act, 1866. The penal sum of each such bond to be fixed by the Committee of Management.
27. The Secretary shall attend every meeting of the Committee and general meeting of the Society, and enter minutes of all resolutions, transactions, and business of the Society, and keep the accounts thereof, in the books to be provided for that purpose; which books, and also the bank book he shall produce at each meeting of the Society and also of the Committee if required. He shall also send the circulars and notices which may from time to time be necessary, and conduct all the correspondence of the Society under the direction of the Committee; and the Secretary shall be required to give security, in accordance with section XVIII. of the Building and Land Societies' Act, 1866.
28. No member of the Committee shall be allowed to be present or vote on any question in Committee in which he is personally interested, but in matters relating to his personal conduct, he shall be allowed to be present during the discussion of such question.
29. The Committee shall have power to fine, or remove from office, any of its own officers, for neglect of duty, or misconduct, on a complaint in writing being made to them stating the accusation, and signed by the shareholder so complaining; such officer having ten days written notice thereof, signed by any two of the Committee, and if such officer do not on the following Committee meeting, give a satisfactory explanation to the Committee then present, they, or the major part of them, may fine or remove him from his office.
Accounts and Salary of Secretary.
30. The Committee may at any time, inspect the books and accounts to be kept by the Secretary, and shall determine what salary shall be paid to him. The books and accounts shall also
be open at any time to the inspection of the Trustees or the Treasurer.
31. The Surveyor and Valuator shall, if required by the Committee,
examine such lands and buildings as may be offered as a security to this Society, and make a separate, full, and correct report thereon in writing, at the next Committee meeting, and shall be allowed for such examination and report, such sum as the Committee shall decide upon.
32. It shall be competent for the Committee to make the best
arrangements in their power for obtaining proper surveys and valuations; and the Secretary shall debit the expense attending the same to the member offering the security; the fee in all cases to be paid by the member previously to the survey being made.
33. If, previously to any member being so entitled to his
share, he shall be desirous of ascertaining the amount which the Committee shall be willing to advance on certain premises, notice thereof shall be given, and an examination and a report thereon shall be made, as before mentioned
34. The Committee shall be entitled to receive two pounds
Remuneration of Committee
for every Committee meeting, the number of such meetings for which payment is made, not to exceed 15 in any one year, and the sum of one pound for every monthly meeting of the Society they may attend, such sums to be divided equally among the members of the Committee actually present at the hour of meeting.
35. The Solicitor shall transact all legal business of
the Society, for which he shall receive a reasonable allowance; and in strict accordance with these regulations, the cost of all mortgages and securities to the Society shall be paid and borne by the party giving such security, and deducted out of the money to be advanced by the Society; and should any objection be made to the charges of the Solicitor, the same shall he referred to the Committee, who shall decide upon the reasonableness or otherwise of such charges, which decision is to be final and binding on all parties.
36. Every person becoming a member of this Society, on or
before Tuesday, the 5th January, 1875, shall pay the sum of two shillings and sixpence per share as entrance fee, and every person entering the Society after that time, or already being a member thereof, and subscribing for a greater number of shares than he shall then hold, shall pay, as entrance fee, such sum as the Committee may determine, and the full amount of subscriptions for such shares from the commencement of the Society. Every member of this Society shall, on the 5th day of January, 1875, commence paying his subscription money of five shillings per share, and shall afterwards continue to pay the said subscription money of five shillings per share, with all fines that may be due from him, at every succeeding monthly
meeting, until the objects of the Society are fully accomplished, such payments to be made before eight o'clock in the evening; and the Society will only be responsible for money paid at such time and place as may be appointed by the Committee; and every member neglecting to pay his subscription shall be fined for each share according to the scale of fines appended to these rules.
37. The Committee may, if they think fit, receive from any of the members of the Society willing to advance the same, all or any part of the instalments to become due upon the respective shares beyond the sums actually due; and upon the instalments so paid in advance, or so much thereof as from time to time exceeds the amount of the calls then due upon the shares in respect of which such advance has been made, the Committee of Management may pay interest at the rate of five per cent, per annum.
38. Any member (not having executed a mortgage to the Society as hereafter mentioned) continuing to neglect the payment of his monthly subscriptions, until the fines incurred thereby shall equal all the subscription moneys actually advanced and paid by him, exclusive of the entrance fee, shall thereupon be expelled the Society, and forfeit all his interest therein.
39. If any member shall be in arrear in respect of his subscription or fines for more than one monthly general meeting, every payment afterwards made by such member, if not sufficient to discharge the whole thereof, shall be applied, first to the liquidation of what shall be owing at the first monthly general meeting, and then in discharge of the arrears at each succeeding meeting.
40. As often as the funds of the Society shall amount to a share, or to a sum of £60 (or by anticipation, that is, before the funds actually amount to that sum, if the Committee so determine), the same shall be awarded to the highest bidder, by auction; at a monthly general meeting.
Realized Shares, Payments, and Fines.
41. Any member having purchased his shares, shall pay the sum of ten shillings per share, as and towards the redemption thereof, for each and every share he may have realized, at the then next Monthly General Meeting of the Society, after the purchase thereof, and shall continue paying the same during the continuance of the Society, at every succeeding Monthly General Meeting with and in addition to the monthly subscriptions, unless as provided for the cessation thereof, in Rule 44, and such member shall be liable to the payment of double the fines for non-payment of his redemption-money, per share, at the periods above specified, as he would be according to the provisions in Rule 36, for non-payment of his regular subscriptions.
42. The Committee shall have power to grant an additional
quarter or half share, at the same premium, if required by the purchaser. The sale or bidding for shares shall commence at eight o'clock p.m., in exclusion of all other business.
43. Whenever a member having subscribed for a share in
the Society shall realize the same, and shall be unable to satisfy the Committee with a security therefor within one month after the purchase of the share, the redemption money on the same shall cease to be payable after one month, or such longer period as the said purchaser shall elect, when the Committee shall have power either to declare the said realization cancelled or to re-sell the said share at the next Monthly General Meeting.
44. Whenever a member shall purchase a greater number of
shares than he shall have previously subscribed for, such purchaser shall immediately pay the sum of ten shillings per share to the Stewards, and in default of the member providing security for such shares to the satisfaction of the Committee, within twenty-eight days, the said sum of ten shillings each share shall be forfeited, and the Committee shall have power either to declare the said purchase cancelled or to re-sell the said shares at the next Monthly General Meeting.
45. Any loss that may be sustained by the Society in consequence
of the re-sale of any share, shall be immediately paid by the first purchaser of the share, or be changed to his account and subjected to the same fines as would be payable upon subscriptions in arrear for a similar amount.
46. When any member is entitled to receive his share, pursuant
to Rule 39, he shall give notice in writing to the Secretary of the nature and situation of the premises intended to be offered as security.
47. When the Committee shall be satisfied that the premises
so to be offered as aforesaid, whether in building or land, are a sufficient security to the Society, they shall direct the Trustees to pay to such member the sum of money which he shall be entitled to receive, or such part thereof as the Committee may direct, on such member executing a deed of trust, or other valid conveyance, mortgage, or assurance of such premises as the Solicitor shall require, and depositing the same and all other necessary title-deeds relating thereto with the Trustees, as a security to the Society, for so much money as shall therein be expressed to be secured; and the Trustees shall make such payment accordingly.
48. A deed according to the form in the Schedule marked
"A," at the end of these rules, or to the like effect either in print or writing, shall be valid and effectual to vest absolutely any land or property in the Trustees, who, after sale made upon default in payment of the subscriptions or other payments, or upon the failure to observe, perform, and keep these rules, or any of the covenants and conditions expressed or implied in such deed of trust, conveyance, mortgage, or other
assurance, shall have full power to convey such land or property to the purchaser by any deed signed by them, or their assigns, and which deed shall be as valid and effectual to all intents and purposes as if the mortgagor, his heirs, executors, administrators, or assigns, had made, done, or executed the same.
49. In no case shall any property be deemed a sufficient security for any money to be advanced by the Society which shall be subject to any previous mortgage, unless to the Society.
50. Any member entitled to receive his share, as aforesaid, and being desirous to build, shall receive his share in such instalments as the Committee may determine, on executing a mortgage in manner aforesaid and depositing the title-deeds at the time of receiving the first instalment.
Power to collect rents or sell.
51. In the said deed of trust, mortgage, or other assurance, absolute covenants for title and further assurance shall be implied on the part of the member or mortgagor executing the same, and there shall also be implied therein on the part of such member or mortgagor as fully and effectually as if the same were set forth fully in words at length, the following powers and authorities, that is to say:—That in case the member or mortgagor shall at any time thereafter fail, neglect, or refuse, for three monthly meetings, to pay all or any of his subscriptions, payments, redemption-money on his part to be paid, or to observe, perform, and keep these rules, or any of them; or all or any of the covenants contained, expressed, or implied in such deed of trust, mortgage or other assurance, then the Committee shall have power to appoint a person to collect the rents and profits of the premises therein mentioned; but should the same be insufficient to satisfy the purpose afore-said, then the said Trustees shall have the power, without the concurrence or consent of the said member, absolutely to sell and dispose of all or any part of the said premises, either by public auction or private contract, as to them shall seem advisable, for such money as can be reasonably gotten for the same, and receive the purchase-money arising therefrom; and at such public sale the Trustees, or one of them, or some other person to be appointed by them, in writing, shall be allowed to buy in the premises on behalf of the Society, and to re-sell the same without being answerable for any loss to be occasioned by such re-sale; and out of the money to arise from such collections, rents, and profits, or such sale as aforesaid, the Trustees shall, in the first place, discharge all costs, charges, and expenses which may be incurred on account of such collection of rents or sale, or in anywise relating to the trusts; and in the next place, shall retain and reimburse themselves and the Society all such principal sums, subscriptions, and other payments as shall then be due, or thereafter shall become due, owing and payable by such member, under and by virtue of
these rules, and the deed of mortgage or other assurance; and the money so retained for the Society shall immediately be placed in the Society's Bank, to the account of the Trustees, for the use and benefit of the Society; and they shall and will pay the surplus (if any) arising from such sae or collection of rents, to the said member, or such person as he shall, by writing under his hand, direct or appoint to receive the same. The receipt of the said Trustees acting under that deed shall be a sufficient discharge to all tenants and purchasers paying any money to such Trustees, and shall effectualy discharge the person paying the same from seeing to the application thereof, or being answerable for the mis-application on non-application thereof, and from enquiring into the necessity or propriety of any transaction, in consequence whereof such money may have become payable.
52. The Secretary shall, under the direction of the Committee,
insure from loss by fire, in the names of the Trustees, all premises mortgaged or assured to the Society, and continue Such insurance from time to time, for such an amount as the Committee may deem necessary and proper, and the Secretary shall pay for such insurance out of the Society's funds; but the money so expended shall be refunded to the Society by the mortgagor at the next Monthly General Meeting; and in case of the non-payment of money so expended, the mortgagor shall be liable to the same fines as would be payable upon subscriptions in arrear for a similar amount. The mortgagor may direct the insurance to be effected in any fire insurance office, subject to the approval of the Committee.
53. Each member of this Society who shall have realized
any share, and secured the repayment thereof upon his premises, shall be required within two days to give a written statement to the Secretary of any trade carried on in any part of his premises, or of the existence of any stove or furnace erected therein, which would in any way affect the validity of the insurance policy; and the member neglecting to give such notice shall pay a fine of not more than twenty shillings, nor less than two shillings and sixpence for each share so secured, the amount to be determined by the Committee.
54. Such of the covenants and provisions hereinafter set
forth as shall be expressed in any deed of trust, mortgage, or other assurance given by any member to the Trustees as to be implied therein, shall, if expressed in the form of words hereinafter appointed and prescribed for the case of each covenant respectively be so implied as fully and effectually as if such covenants were set forth fully and in words at length in such deed of trust, mortgage, or other assurance, that is to say:—The words "will insure" shall imply as follows:—"That the member or mortgagor, his heirs, executors, administrators, and assigns will insure, and so long as any moneys shall remain
unpaid upon the security of such deed of trust, mortgage, or other assurance, will keep insured in the names of the Trustees in some public insurance office, to be approved of by the Committee, to the full amount specified in such deed of trust, mortgage, or other assurance; or if no amount is specified therein, then to their full insurable value, all buildings, tenements, or premises erected on such land which shall be of a nature or kind capable of being insured against loss or damage by fire, and will forthwith deliver tne policy or policies of such insurance unto the Secretary. And also will from time to time, on the usual monthly night appointed for payment of subscriptions, previous to the day or days appointed for the renewal of any such insurance, deposit with the Secretary all premiums and sums of money necessary for renewing and keeping on foot such insurance as aforesaid. And also that all moneys to be received or recovered under or by virtue of any such insurance shall, at the option of the Committee, either be forthwith applied in or towards substantially rebuilding, reinstating, and repairing the same, or in or towards payment and satisfaction of the sum of money expressed to be secured by such deed of trust, mortgage, or other assurance, whether or not the same shall then be due, or thereafter to accrue due, and the Committee shall be the sole judges of the amount to be retained where they determine upon applying such insurance moneys in repayment of the moneys thereafter to accrue due in respect of such deed of trust, mortgage, or other assurance : Provided that if default shall be made in the observance or performance of the covenant last before mentioned, it shall be lawful (but not obligatory) for the Committee, without prejudice nevertheless to and concurrently with the powers given by such deed of trust, mortgage, or other assurance, or by these rules, to insure and keep insured such buildings, tenements, or premises to the amount aforesaid, or any less amount, and to advance and pay the sum of money necessary for such purpose, but the money so expended shall be repaid to the Society by the member or mortgagor on the next monthly meeting for payment of subscriptions; and in case of non-payment thereof, he shall be liable to the same fines as may be payable upon subscriptions in arrear for a similar amount; and in the meantime, and until such payment, such moneys and fines shall be a charge upon the mortgaged property, and be recoverable in the like manner as the moneys expressed to be secured by such deed of trust, mortgage, or other assurance.
55. In every such deed of trust, mortgage, or other assurance, as aforesaid, there shall be implied as against the member or mortgagor named therein, a covenant that such member or mortgagor will, during the continuance of any money remaining outstanding upon the security of such deed of trust, mortgage, or other assurance, repair and keep in repair all
buildings and other improvements erected and made upon such land, and that the Committee, or the Secretary thereof, or any person or persons appointed in writing by such Committee or Secretary, may at all times, until the moneys secured shall be repaid, be at liberty with or without surveyors or others to enter into and upon such mortgaged land and premises to view and inspect the state of repair of such buildings or improvements; and if such member or mortgagor shall not within a reasonable time after delivery to such member or mortgagor, or the affixing upon the mortgaged premises of a notice requiring him to make the repairs in such notice specified proceed to and make such repairs, it shall be lawful for the Committee to cause such repairs to be made, and for that purpose to employ workmen and others who shall be at liberty at all reasonable times to enter upon the mortgaged premises for the purpose of making such repairs. The moneys expended for such purpose shall be paid by such member or mortgagor on demand, together with interest thereon after the rate of £10 per centum per annum, to be computed from the time or respective times of paying the same until repayment shall be made, and in the mean time such moneys and interest shall be a charge upon the mortgaged premises, and be recoverable in like manner as the subscriptions and other sums of money expressed to be secured by such deed of trust, mortgage, or other assurance as aforesaid.
56. Should any member, after receiving any portion of his
share, leave the buildings upon which the same shall have been advanced, unfinished, to the prejudice of the Society, the Committee (having first given seven days' notice to the member, either by letter or by public advertisement in the local newspapers, of such their intention) shall be at liberty, either to sell such premises, or to employ any person to finish and complete the same, at the cost and charges of the member, and to direct the Trustees to advance and pay the sum of money required for such purposes accordingly, and the money so expended shall be a charge upon the said premises.
57. Any of the covenants, powers, and authorities implied in a deed of trust, mortgage, or other assurance, may be negatived
Covenants may be modified.
or modified by express declaration in the said deed of trust, mortgage, or other assurance, or endorsed thereon. And it shall be lawful for the Committee to cause to be inserted in such deed of trust, mortgage, or other assurance, such modified covenants, powers, and authorities as they, in their discretion, may consider advisable.
58. The Trustees, with the sanction and advice of the Committee,
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 interest,
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 shall not be less than £10 per cent, per annum. The member obtaining such advance shall execute the assignment set forth in Schedule C.
59. The Trustees, with the sanction and advice of the Committee, at any time after the expiration of six months from the commencement of the Society, may take up money on debentures for the purposes of the Society, at a rate of interest not exceeding £10 per cent, per annum, provided the total amount of such debentures shall not exceed at any time the estimated receipts of the Society for the ensuing twelve months; such debentures shall be signed by one of the Trustees and the Treasurer, and countersigned by the Secretary.
Arrears of Mortgage payments.
60. If any property, mortgaged to the Trustees, and given by any member as security for shares, or money advanced, shall hereafter be taken possession of by the Trustees, by reason of the non-payment of subscriptions, or redemption-moneys, fines, or other payments, pursuant to the rules of the Society, or for any other cause, the Trustees shall have power to absolutely sell the same, as hereinbefore provided, or to sell the same upon condition that the purchaser or purchasers shall pay as and for the purchase-money of any such property, a certain monthly payment (to be fixed and determined upon by the Committee) at the Monthly General Meetings of the Society, so long as the Society shall exist, and until the final termination thereof, or to sell the same upon such other terms and conditions as to the payment of the purchase-money, or otherwise, as may by the Committee and Trustees be deemed expedient, or to make any arrangement with any member whose property shall be so forfeited, or liable to forfeiture, for his retention thereof, and for the remission, reduction, or cessation of all fines upon subscriptions, redemption moneys, fines, insurance premiums, and other payments then due and in arrear at the time of any such arrangement, or thereafter to become due to the Society.
Payment of charges on mortgaged property.
61. Whenever any property mortgaged to the Society shall be subject to any tax, chief, or ground rate, quit rent, fine, relief, or other payments, the mortgagor shall from time to time produce to the Secretary a receipt or acknowledgment thereof respectively, within thirty days after the same shall become due or payable, or in default thereof, the mortgagor shall pay a fine of five shillings, and in case any of the said payments shall not be duly made within such period as aforesaid, the Committee shall order the sum to be paid out of the funds of the Society, and the mortgagor shall repay the amount at the next monthly subscription meeting, together with the fine; and in default of payment thereof accordingly, he shall be fined in addition thereto as for an equal amount of repayment in arrear, or at
the option of the Committee his interest in the premises mortgaged to the Society shall become forfeited, and the powers of sale contained in the mortgage given by him to the Society; may be forthwith exercised.
62. If any member who shall have obtained an advance, be
Transfer of mortgaged property.
desirous to sell the property mortgaged, it shall be lawful for the purchaser, on becoming a member of the Society, to take the property subject to such mortgage, and henceforth to become answerable for the payment of all subscriptions and redemptions in arrear, and fines then due there on, 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 take such property in mortgage, and liabilities, which said account shall be duly signed by the person so becoming a member. In case any member shall be desirous of releasing 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 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, 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. All expenses arising out of such transaction shall be paid by the party exchanging or selling such property.
63. If any member of this Society shall be desirous of paying
and satisfying the security which he shall have given, and shall give one month's notice of such his desire to the Committee, the Committee shall make a deduction of the amount of subscriptions paid in by such member, together with interest thereon, after the rate of five 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 cost to endorse a receipt or acknowledgment on such mortgage or security: such endorsement shall be in the form, or to the effect set forth in the schedule "D" hereunto annexed.
64. Any member not having obtained an advance shall, on
Transfer of unrealized Shares.
giving notice to the Secretary, be at liberty to sell or transfer his share to any person he may think fit, on payment of the sum of two shillings and sixpence for each share as a bonus to the funds of the Society, and of all fines and subscriptions then
due to the Society in respect of such share, with all other liabilities and engagements, which said transfer shall, unless otherwise ordered, be in the form, or to the effect set forth in the schedule "B" annexed to these rules.
Transfer of bought Shares.
65. On the transfer of any share, for which a premium has been offered previous to such transfer, the Secretary shall endorse on the scrip to be given to the party to whom such share is transferred, the amount of such premium, and shall state that the share is transferred on the condition that the said premium shall be deducted from such share; the party to whom such share is or may be transferred, shall be required to give his assent in writing to the conditions so specified.
66. Any member not having received his share, and having been a member for one year, who may be desirous of withdrawing from the Society, shall, upon giving one calendar month's notice in writing to the Secretary at any Monthly General Meeting, be entitled to receive back the net amount of subscription money by him paid, exclusive of entrance fees, fines, and proportion of working expenses : and if the application to withdraw shall be made at any period subsequent to the end of the first year of the Society, the member so withdrawing from the Society, shall, be entitled to receive in addition to the subscription money as aforesaid, interest after the rate of five pounds per centum per annum upon such payments.
67. If more than one member shall give such notice, they shall be paid by rotation according to the priority of their notices, but in all cases, payment of all fines then due from such member shall be first deducted.
68. If any money shall have been borrowed by the Trustees for or on account of the Society, it shall be lawful for the Committee to direct the Trustees to repay such sum of money previously to any member withdrawing receiving the subscription and interest as aforesaid.
69. In case of a member dying, his widow, or orphans, or legatee shall be entitled to receive the net amount of subscription paid and such amount of interest on each share as is provided in Rule 63, up to the time of his death; the executor or administrator of such deceased member may, after payment of all fines and subscriptions due from the deceased, transfer (exempt from payment of transfer fee) such deceased member's interest to any person who shall be approved of by the Committee; or if such executor or administrator be desirous of continuing such interest in the Society, he may act and vote as a subscriber; nevertheless, one only shall vote, and the first executor named in the will shall be preferred. Provided always that no fines shall be incurred until the expiration of six months from the day of the decease of such member as aforesaid.
70. In the event of any member becoming lunatic or of un
sound mind (on written notice thereof being given to the Committee) no fines shall, during such lunacy a unsoundness of mind, be enforced, for arrears of subscription or otherwise, on any share he may hold; but the Committee of such lunatic or wife of such afflicted member shall be entitled, after the expiration of twelve calendar months from the commencement of the Society to receive the amount of the subscriptions actually paid in by such member, deducting such fines and proportion of working expenses as may have been incurred, subject to the Rules as to the withdrawal of members.
71. All payments by way of fines and fees that may be made
by any member are to be considered as pan of the capital of the Society, and to be employed in the increase of the general fund; and the same shall be paid with, and in addition to the next monthly subscription money; and all payments which shall become due from each member, for and on account of his share, when the mode and time of payment are not herein before prescribed, shall be made in one payment, unless the Committee shall consent that the same shall be received by instalments.
72. If any member shall, during the time of business misconduct
himself, he shall for each offence be subject to and pay a fine of not less than five shillings and not more than twenty shillings, at the discretion of the Chairman.
73. The Secretary under the control and direction of the
Committee of Management, shall, once in every year in accordance with section 36 of the "Building and Land Societies' Act, 1866," prepare a general statement of the funds and effects of the Society, specifying in whose custody and control the said funds and effects then are, and shall also prepare an account of the receipts and expenditure of the Society since the last yearly statement, and such statement and account shall be
attested by two auditors who shall be members of the Society appointed at the Monthly General Meeting holden in the month of December, and countersigned by the Secretary, and such statement and account shall be placed upon the table at the Annual General Meeting, and every member shall be entitled to receive a copy of such statement and account.
74. No rule certified or allowed shall be added to, altered, or
repealed, except by authority of a special meeeting of the members of the Society called for that purpose: Provided that at such meeting a sub-committee of members may be appointed for framing such alteration or repeal: Provided also that no addition, alteration, or repeal, shall be made at any meeting without the concurrence of three-fourths of the members present, but no such sub-committee shall be appointed by a less number than three-fourths of the said meeting, and the new rules so framed shall be submitted to the next Monthly General Meeting for confirmation.
75. The Committee may make bye-laws for the guidance of
the officers or members, and for giving fuller effect to the rules, such bye-laws being auxiliary merely, and not repugnant thereto.
76. All questions which may arise upon the construction of the rules, and all matters in difference between any of the members of the Society, shall be referred to the award of two Justices of the Peace residing in or near the City of Wellington.
77. The Trustees may upon the resolution of the Committee lay out and invest surplus moneys of the Society which cannot otherwise be turned to profitable account amongst the members thereof, in such real or government securities as the Committee shall think fit, and all dividends and proceeds of such money shall be carried to the account of the Society and treated as part of the assets thereof.
78. Every member on admission and every mortgagor shall give his christian and surname in full, together with his place of abode and address to the Secretary, who shall register the same in the books of the Society, and every member or mortgagor upon changing the place of his abode or address shall give notice thereof to the Secretary, who shall insert the same in the shareholders' register, and all notices shall be deemed to be duly served by being delivered to a member or mortgagor or left at his place of abode or address, or by being put into the Post-office addressed to the member or mortgagor, at the place of abode or address given by him to the Secretary.
79. When it shall appear, by the books of the Society, that there is sufficient to pay each unrealized share £60, then all arrears of subscriptions, fines, and other payments, shall be payable immediately, and the Trustees shall enforce the payment thereof.
80. When the value of each unrealized share shall amount to the sum of £60, and all expenses and liabilities of this Society shall be fully paid and satisfied, the accounts shall be finally audited; and the Trustees shall satisfy the legal claim of each member, whose liabilities to the Society have been paid or discharged, and the Society shall terminate; and the Trustees, with the advice of the Solicitor, shall deliver up to each member, or his legal representatives, the title-deeds and other documents which shall have been deposited with them by such member as a security to the Society, and shall, if required, execute all necessary conveyances, releases, or receipts of payment, at the expense of the member so requiring the same; and thereupon the major part in number of the members present at any any meeting specially convened by advertisement, by giving seven days' notice to each member, shall have full power to declare this Society at an end, and all the accounts thereof finally closed; and such dissolution shall be effectual in law and equity, and shall discharge and release all the members of the said Society.
81. A receipt in the form in the schedule marked "D." at
the end of these rules, or to the like effect, shall be endorsed upon any deed of trust, mortgage, or other assurance, and signed by the Trustees for the time being of the Society, and shall be sufficient to vacate the same and vest the estate of, and in the property comprised in such deed of trust, mortgage or other assurance in the person for the time being entitled to the equity of redemption, without its being necessary that any re-conveyance of the property mortgaged should be given or made.
E. W. Mills
G. H. Vennell
R. J. Duncan
Members of The Wellington and Hutt Building Society
Geo. H. Tribe
The Wellington and Hutt Building Society