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The Pamphlet Collection of Sir Robert Stout: Volume 16


page 7


10. The fines for the non-payment of monthly subscriptions shall be fourpence per share per month during the first half-year the same may be in arrears; eightpence per share per month during the second half-year; one shilling per share per month during the third half-year; and so on, increasing fourpence per share per month for every succeeding half-year. And any Shareholder continuing to neglect the payment of his subscriptions until the fines incurred thereby shall equal all the payments actually paid by him, shall thereupon cease to be a Shareholder, and shall forfeit all his interest in the Society. The fines on nonpayment of redemption payments shall be calculated in the same proportion, and increase at the same rates, as for non-payment of subscriptions.

11. All Shares on which the entry-money only has been paid shall be deemed to be forfeited in two months after the same have been taken up.