Building Societies.

Chap. 7.—Building Societies may sell and assign mortgages granted to them as fully as those which they buy, the assignee acquiring all the rights of the Society. They may decide at a regular or special meeting, after notice, that the shares thereafter subscribed shall be fixed capital that may not be withdrawn. The Directors determine what amount is payable on subscription, and what calls are to be made, and the dividends to be given on the paid up capital. The Feb. return to the Treasurer need only contain a statement of affairs on a day not more than twelve months previous, or a date not earlier than the end of the last preceding financial year of the Society. In calculating the cost value of investments, the rates p.c. at which future repayments are discounted shall be at least equal to the rate which the securities bear, or were calculated to yield.