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The Pamphlet Collection of Sir Robert Stout: Volume 16

Shareholders Withdrawing

Shareholders Withdrawing.

57. Any Shareholder holding investing Shares shall be entitled to withdraw from the Society before the full sum of £25 per Share stands to his credit in the books of the Society; and shall be entitled to receive the amount of the subscriptions actually paid by him to the Society upon such Shares, together with the profits standing to his credit in the books of the Society, as at the immediately preceding annual balance. And if a Member page 23 shall withdraw his Shares in the course of the year, interest at such rate as the Directors may from time to time fix shall be allowed on the amount standing to such Shareholder's credit; provided that the date of his notice to withdraw is at least six months subsequent to the date of the said annual balance.

58. A fee of five shillings shall be charged on each Share withdrawn, unless the Member withdrawing is about to take up an advance.

59. Applications for withdrawal shall be considered and granted by the Directors in the order of priority of the dates on which these applications shall have been received by the Secretary, and payment shall be made to such applicants as soon as the Directors shall have sufficient funds at their disposal for that purpose, and not otherwise. In calculating interest, fractional parte of pounds or months shall not be taken into account, neither will fractional parts of a penny be paid.