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The Pamphlet Collection of Sir Robert Stout: Volume 16

Advances to Members on Security of Shares

Advances to Members on Security of Shares.

54. The Directors may advance by way of loan to Shareholders in this Society, being investors, such sums of money as they may think fit, upon security of Shares of not less than two years' standing, for such term, at such rate of interest, and on such conditions as they may deem proper; provided that no such advance or loan shall exceed 75 per cent, of the amount standing to the credit of such. Member in respect of such Shares, and that the interest charged thereon shall not be less than 12½ per cent, per annum.

55. The Member receiving such loan shall transfer the Shares, on which such loan or advance is to be made to the joint names of the President and Treasurer of the Society for the time being, as security for the repayment of such loan or advance, and shall receive from the Secretary an acknowledgment thereof, in the Form No. 5. And in case any borrower shall make default in the repayment of such loan or any page 22 part thereof, at the time or times agreed upon, then the Shares so transferred in security as aforesaid, or a sufficient number thereof to represent in value the amount advanced, shall be forfeited to the Society, and considered as withdrawn; and no notice thereof need be given to such defaulting Member.