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The Pamphlet Collection of Sir Robert Stout: Volume 16

Annual Balance of Books

Annual Balance of Books.

34. The books of the Society shall be brought to a balance, and the profits ascertained as on the subscription meeting day in the month of March, in each year; such profits shall be placed to the credit of investing Shareholders to an extent not exceeding ten per cent, per annum on the amount then standing to their credit page 14 in the books of the Society, except subscriptions paid in advance.

35. The surplus of such profits, if any, shall be carried to an account, to be called The Contingent Fund, from which shall be defrayed all losses or expenses which the Society may sustain or incur; and in the event of any accumulation of such Contingent Fund, after providing for all liabilities, the same shall be appropriated and credited equitably and equally at the expiry of every five years from the commencement of the Society, between the investing and borrowing Members, by way of bonus, in proportion to the amount of the subscriptions or repayments actually paid to the Society. But if the Directors shall consider it for the wellbeing of the Society to set apart the whole, or any portion of such fund for future contingencies, they shall have the power to do so.