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The Pamphlet Collection of Sir Robert Stout: Volume 16

Advances and Repayments

Advances and Repayments.

40. The Society will make advances to its Members, for terms of five, seven, ten, or twelve years, repayable by monthly, quarterly, or yearly contributions, at the rates mentioned in Rule 42.

41. Trustees obtaining advances from the Society on property which they hold in trust, shall not be in any manner personally or otherwise liable beyond the property given in security to the Society; but all fines and other payments made payable by these Rides shall be a charge on the property mortgaged.

42. Redemption payments for the Loan of £100, including Interest.

Period Of Loan. Monthly. Quarterly. Yearly.
£ s. d. £ s. d. £ s. d.
5 years 2 5 0 6 15 0 28 1 0
7 years 1 15 0 5 5 0 21 15 6
10 years 1 7 6 4 2 6 17 2 6
12 years 1 4 6 3 13 6 15 5 0
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43. Upon every such advance a commission of one per cent, shall be charged.

44. All advances of Shares to Members shall be under the management of the Directors, and shall be determined at their Monthly or Special Meetings.

45. Every Member entitling himself to an advance by a written notice to the Secretary in the Form No. 3, shall thereon lodge with the Secretary a sum of One Pound per Share as a deposit, and in part payment of the monies payable on such advance; and in the event of his failing within one month (unless the time shall be extended by the Directors) from the receipt of notice from the Secretary, in writing, that the Directors have agreed to make the required advance, to execute a mortgage to the Society, the money so deposited shall be forfeited to the Society, and the Directors shall be at liberty to employ the funds, reserved for such Member making such default, in the payment of advances to other Members; and the application of such defaulting Member shall lapse.

46. Members to whom advances have been allocated may, if they think fit, continue to hold their investing Shares.

47. If any person shall be desirous of ascertaining the amount which the Directors would be willing to advance on any proposed security in the event of his page 18 becoming a Member, he shall give a written notice of his desire to the Secretary, and deposit a sum sufficient to defray the cost of a survey of the property. The Directors shall thereon order a survey of the property to be made, and intimate to such person the amount they may consider proper to advance on such security.

48. Whenever any property mortgaged to the Society shall be subject to any ground-rent, assessment, taxes, or other payment, the mortgagor shall produce to the Secretary a receipt or acknowledgment therefor respectively within fourteen days after the same shall have become due and 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 Directors may order the same to be paid out of the funds of the Society, and the mortgagor shall repay the same, together with the said fine, on the next Monthly Subscription Meeting; and in default of the payment thereof accordingly, he shall be fined in addition thereto, as for an equal amount of repayments in arrear.