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The Pamphlet Collection of Sir Robert Stout: Volume 16

Arrears Upon Property

Arrears Upon Property.

50. When any Shareholder, who has obtained an advance upon property, allows his repayments, or any disbursements made on his account, to fall three months in arrear, it shall be in the power of the Trustees or Directors to remove him from the possession or occupancy of the property on which the advance has been made, to enter into possession thereof themselves, to let the same, and to draw the rents thereof, and that by a letter under the hand of the Secretary, addressed to such Shareholder, intimating the same, without any other warning or legal process whatever; of which intimation a certificate under the hand of the Secretary, that such letter was either delivered to page 20 such Shareholder, or posted to his address, as entered in the books of the Society, shall be sufficient evidence. But it shall not be necessary for any tenant or purchaser to enquire whether such letter has been written.

51. In the event of the Trustees or Directors entering into possession, they shall have power to appoint a person to draw the rents at the expense of the Shareholder. When any Shareholder who has obtained an advance upon property allows his repayments or any disbursement made on his account to fall in arrear, he shall forfeit all his interest in, and right and claim to, the said property; and the Trustees or Directors shall be at liberty, without any process of law, forthwith to advertise the same for public sale in such paper or papers, and for such number of times, as they shall think fit, and thereafter to sell such property by public auction; the proceeds of such sale to go to liquidating all the Society's claim against such Shareholder, and any balance remaining shall be handed to the Shareholder having so forfeited the property.

52. The Directors shall not be bound to accept of partial payments on account of such arrears or disbursements.