The Pamphlet Collection of Sir Robert Stout: Volume 88
Rules of the Wellington and Hutt Building Society, 1875
Rules of the Wellington and Hutt Building Society, 1875.
Name.
1. A Society, under the Building and Land Societies' Act, 1866., to be called The Wellington and Hutt Building Society, 1875., is hereby established.
Construction of Rules.
2. In construing these rules every word importing the singular number shall be understood to mean the plural also, and words importing the plural shall include the singular: and every word importing the masculine gender shall be understood to mean a female as well as a male : the word "Committee" shall mean the Committee of Management: the word "month" shall be held to be a calendar month; and the word "year" shall mean the Society's year ending on the first Tuesday in January, and the words "member" or "mortgagor" shall be deemed to include the heirs, executors, administrators, and assigns of such member and mortgagor, unless there be something in the context inconsistent with, or repugnant to such meaning.
Objects.
3. The objects of the Society are the raising a stock or fund to enable its members to purchase freehold properties either in town or country by means of moderate monthly contributions; to enable persons possessed of land to erect buildings thereon; to grant loans on the security of freehold or leasehold property, to be repaid by monthly instalments; to grant loans to the members on the security of their shares; to afford a safe and profitable investment for savings, and to facilitate the accumulation of small sums of money for such purposes, and others provided for in the following rules :—
Place of Meetings.
4. me place of meeting for the business of the Society shall be at the Offices of the Society. Hunter-street, in the city of Wellington, or at such other place within the said city, as the Committee of Management for the time being shall appoint.
Time of Meetings.
5. The monthly general meetings shall be held on the first Tuesday of each month (unless the same shall be a holiday, in which case the meeting shall be held on the following Tuesday), and shall commence at seven o'clock in the evening, and shall remain open at least one hour: Provided always that one week's notice of any change shall be given by three consecutive advertisements in some daily newspaper published in the city of Wellington. The Chairman of any meeting of the Society shall have power to adjourn the same to an hour and day to be named by him.
page 5Committee Meetings and Quorum.
Special Meeting.
Conduct of business.
Chairman.
Annual Meetings.
Mode of Voting.
Minor.
Payments.
Advances.
Securities.
Schedule of Securities.
16. The Secretary shall Keep a schedule of all deeds so deposited, in a book to be provided for that purpose, to which he shall get the signatures of one or more of the Trustees, or the Treasurer, on delivering such deeds to him or them; and no deed or other security shall be taken out or withdrawn from such box without a written order or authority signed by the Chairman of the meeting ordering the same, and countersigned by the Secretary.
Advances from Banker.
17. As often as it shall be deemed advisable to advance to any shareholder the value of any share, or any fractional part of a share, should there not be money sufficient in the hands of the Bankers to the credit of the Society, it shall be lawful for the Committee, or the major part of them, to direct the Trustees to apply for, and obtain from, the bankers, or other persons, such sum or sums of money as shall be necessary to provide for such share or fractional part of share; and the Trustees shall make such application accordingly. And for any sum of money so borrowed as aforesaid, the funds for the time being payable by the members of the Society, and all the property for the time being vested in the Trustees of the Society, shall be security to the Trustees for moneys so borrowed.
Trustees.
18. The Trustees of this Society shall have the privilege of admission at all times into the meetings of the Committee, and of giving their opinion on all questions and matters under discussion, but shall not be entitled as Trustees to vote thereon.
Removal of Trustee.
19. In case either of the Trustees shall be discharged from, resign his trust, or be incapable of acting, either from mental or bodily infirmity, or shall be out of the jurisdiction, or not amenable to the process of the Supreme Court, or be guilty of any neglect or improper conduct (of which the Committee shall be the only judges), or shall become bankrupt or insolvent, or make an assignment for the benefit of his creditors, or shall remove to a distance of more than ten miles from the city of Wellington (unless he shall have a place of business in the city of Wellington), on such incapacity, absence, neglect, improper conduct, removal, bankruptcy, insolvency, or resignation being reported by any member to the Secretary, he shall forthwith summon a meeting of the Committee, and the Committee may discharge such Trustee from office, but such discharge shall not operate to his prejudice as a member of the Society, so long as he shall think proper to conform to the rules. During the interval between the death, removal, or resignation of a Trustee, and the appointment of a new Trustee, the remaining Trustee shall be competent to act in the execution of the trusts hereby reposed in him, as fully as if no such death, resignation, or removal had taken place.
page 7New Trustee.
Liability of Trustees.
Expenses of Trustees.
Stewards.
Treasurer.
Duties of Com mittee and Officers.
Neglect by Treasurer.
Security.
26. The Treasurer, Trustees, and every other person concerned in the receipt, management, and expenditure of the Society's money, shall, with two sureties, give a bond in manner and form prescribed in the Schedule A. to the Building and Land Societies' Act, 1866. The penal sum of each such bond to be fixed by the Committee of Management.
Duties of Secretary.
27. The Secretary shall attend every meeting of the Committee and general meeting of the Society, and enter minutes of all resolutions, transactions, and business of the Society, and keep the accounts thereof, in the books to be provided for that purpose; which books, and also the bank book he shall produce at each meeting of the Society and also of the Committee if required. He shall also send the circulars and notices which may from time to time be necessary, and conduct all the correspondence of the Society under the direction of the Committee; and the Secretary shall be required to give security, in accordance with section XVIII. of the Building and Land Societies' Act, 1866.
Personal interests.
28. No member of the Committee shall be allowed to be present or vote on any question in Committee in which he is personally interested, but in matters relating to his personal conduct, he shall be allowed to be present during the discussion of such question.
Power to Fine.
29. The Committee shall have power to fine, or remove from office, any of its own officers, for neglect of duty, or misconduct, on a complaint in writing being made to them stating the accusation, and signed by the shareholder so complaining; such officer having ten days written notice thereof, signed by any two of the Committee, and if such officer do not on the following Committee meeting, give a satisfactory explanation to the Committee then present, they, or the major part of them, may fine or remove him from his office.
Accounts and Salary of Secretary.
30. The Committee may at any time, inspect the books and accounts to be kept by the Secretary, and shall determine what salary shall be paid to him. The books and accounts shall also page 9 be open at any time to the inspection of the Trustees or the Treasurer.
Surveyor.
Surveys.
Valuation.
Remuneration of Committee
Solicitor.
Subscriptions.
Payments in advance.
37. The Committee may, if they think fit, receive from any of the members of the Society willing to advance the same, all or any part of the instalments to become due upon the respective shares beyond the sums actually due; and upon the instalments so paid in advance, or so much thereof as from time to time exceeds the amount of the calls then due upon the shares in respect of which such advance has been made, the Committee of Management may pay interest at the rate of five percent, per annum.
Forfeitures.
38. Any member (not having executed a mortgage to the Society as hereafter mentioned) continuing to neglect the payment of his monthly subscriptions, until the fines incurred thereby shall equal all the subscription moneys actually advanced and paid by him, exclusive of the entrance fee, shall thereupon be expelled the Society, and forfeit all his interest therein.
Arrears.
39. If any member shall be in arrear in respect of bis subscription or fines for more than one monthly general meeting, every payment afterwards made by such member, if not sufficient to discharge the whole thereof, shall be applied, first to the liquidation of what shall be owing at the first monthly general meeting, and then in discharge of the arrears at each succeeding meeting.
Sale of Shares.
40. As often as the funds of the Society shall amount to a share, or to a sum of £60 (or by anticipation, that is, before the funds actually amount to that sum, if the Committee so determine), the same shall be awarded to the highest bidder, by auction, at a monthly general meeting.
Realized Shares, Payments, and Fines.
41. Any member having purchased his shares, shall pay the sum of ten shillings per share, as and towards the redemption thereof, for each and every share he may have realized, at the then next Monthly General Meeting of the Society, after the purchase thereof, and shall continue paying the same during the continuance of the Society, at every succeeding Monthly General Meeting with and in addition to the monthly subscriptions, unless as provided for the cessation thereof, in Rule 44, and such member shall be liable to the payment of double the fines for non-payment of his redemption-money, per share, at the periods above specified, as he would be according to the provisions in Rule 36, for non-payment of his regular subscriptions.
Parts of Shares
42. The Committee shall have power to grant an additional page 11 quarter or half share, at the same premium, if required by the purchaser. The sale or bidding for shares shall commence at eight o'clock p.m., in exclusion of all other business.
Insufficient security.
Power to cancel Sale.
Re-sale of Shares.
Security.
Payment of advances.
Form of Mortgage.
Previous Mortgage.
49. In no case shall any property be deemed a sufficient security for any money to be advanced by the Society which shall be subject to any previous mortgage, unless to the Society.
Instalments.
50. Any member entitled to receive his share, as aforesaid, and being desirous to build, shall receive his share in such instalments as the Committee may determine, on executing a mortgage in manner aforesaid and depositing the title-deeds at the time of receiving the first instalment.
Power to collect rents or sell.
51. In the said deed of trust, mortgage, or other assurance, absolute covenants for title and further assurance shall be implied on the part of the member or mortgagor executing the same, and there shall also be implied therein on the part of such member or mortgagor as fully and effectually as if the same were set forth fully in words at length, the following powers and authorities, that is to say:—That in case the member or mortgagor shall at any time thereafter fail, neglect, or refuse, for three monthly meetings, to pay all or any of his subscriptions, payments, redcmption-money on his part to be paid, or to observe, perform, and keep these rules, or any of them; or all or any of the covenants contained, expressed, or implied in such deed of trust, mortgage or other assurance, then the Committee shall have power to appoint a person to collect the rents and profits of the premises therein mentioned; but should the same be insufficient to satisfy the purpose aforesaid, then the said Trustees shall have the power, without the concurrence or consent of the said member, absolutely to sell and dispose of all or any part of the said premises, either by public auction or private contract, as to them shall seem advisable, for such money as can be reasonably gotten for the same, and receive the purchase-money arising therefrom; and at such public sale the Trustees, or one of them, or some other person to be appointed by them, in writing, shall be allowed to buy in the premises on behalf of the Society, and to re-sell the same without being answerable for any loss to be occasioned by such re-sale; and out of the money to arise from such collections, rents, and profits, or such sale as aforesaid, the Trustees shall, in the first place, discharge all costs, charges, and expenses which may be incurred on account of such collection of rents or sale, or in anywise relating to the trusts; and in the next place, shall retain and reimburse themselves and the Society all such principal sums, subscriptions, and other payments as shall then be due, or thereafter shall become due, owing and payable by such member, under and by virtue of
page 13these rules, and the deed of mortgage or other assurance; and the money so retained for the Society shall immediately be placed in the Society's Bank, to the account of the Trustees, for the use and benefit of the Society; and they shall and will pay the surplus (if any) arising from such sale or collection of rents, to the said member, or such person as he shall, by writing under his hand, direct or appoint to receive the same. The receipt of the said Trustees acting under that deed shall be a sufficient discharge to all tenants and purchasers paying any money to such Trustees, and shall effectually discharge the person paying the same from seeing to the application thereof, or being answerable for the mis-application or non-application thereof, and from enquiring into the necessity or propriety of any transaction, in consequence whereof such money may have become payable.
Insurance.
Fire risks.
Insurance.
Repairs.
55. In every such deed of trust, mortgage, or other assurance, as aforesaid, there shall be implied as against the member or mortgagor named therein, a covenant that such member or mortgagor will, during the continuance of any money remaining outstanding upon the security of such deed of trust, mortgage, or other assurance, repair and keep in repair all page 15 buildings and other improvements erected and made upon such land, and that the Committee, or the Secretary thereof, or any person or persons appointed in writing by such Committee or Secretary, may at all times, until the moneys secured shall be repaid, be at liberty with or without surveyors or others to enter into and upon such mortgaged land and premises to view and inspect the state of repair of such buildings or improvements; and if such member or mortgagor shall not within a reasonable time after delivery to such member or mortgagor, or the affixing upon the mortgaged premises of a notice requiring him to make the repairs in such notice specified proceed to and make such repairs, it shall be lawful for the Committee to cause such repairs to be made, and for that purpose to employ workmen and others who shall be at liberty at all reasonable times to enter upon the mortgaged premises for the purpose of making such repairs. The moneys expended for such purpose shall be paid by such member or mortgagor on demand, together with interest thereon after the rate of .£10 per centum per annum, to be computed from the time or respective times of paying the same until repayment shall be made, and in the mean time such moneys and interest shall be a charge upon the mortgaged premises, and be recoverable in like manner as the subscriptions and other sums of money expressed to be secured by such deed of trust, mortgage, or other assurance as aforesaid.
Unfinished buildings.
Covenants may be modified.
Advances on Shares.
Debentures.
59. The Trustees, with the sanction and advice of the Committee, at any time after the expiration of six months from the commencement of the Society, may take up money on debentures for the purposes of the Society, at a rate of interest not exceeding £10 percent, per annum, provided the total amount of such debentures shall not exceed at any time the estimated receipts of the Society for the ensuing twelve months; such debentures shall be signed by one of the Trustees and the Treasurer, and countersigned by the Secretary.
Arrears of Mortgage payments.
60. If any property, mortgaged to the Trustees, and given by any member as security for shares, or money advanced, shall hereafter be taken possession of by the Trustees, by reason of the non-payment of subscriptions, or redemption-moneys, fines, or other payments, pursuant to the rules of the Society, or for any other cause, the Trustees shall have power to absolutely sell the same, as hereinbefore provided, or to sell the same upon condition that the purchaser or purchasers shall pay as and for the purchase-money of any such property, a certain monthly payment (to be fixed and determined upon by the Committee) at the Monthly General Meetings of the Society, so long as the Society shall exist, and until the final termination thereof, or to sell the same upon such other terms and conditions as to the payment of the purchase-money, or otherwise, as may by the Committee and Trustees be deemed expedient, or to make any arrangement with any member whose property shall be so forfeited, or liable to forfeiture, for his retention thereof, and for the remission, reduction, or cessation of all fines upon subscriptions, redemption moneys, fines, insurance premiums, and other payments then due and in arrear at the time of any such arrangement, or thereafter to become due to the Society.
Payment of charges on mortgaged property.
61. Whenever any property mortgaged to the Society shall be subject to any tax, chief, or ground rate, quit rent, fine, relief, or other payments, the mortgagor shall from time to time produce to the Secretary a receipt or acknowledgment thereof respectively, within thirty days after the same shall become due or payable, or in default thereof, the mortgagor shall pay a fine of five shillings, and in case any of the said payments shall not be duly made within such period as aforesaid, the Committee shall order the sum to be paid out of the funds of the Society, and the mortgagor shall repay the amount at the next monthly subscription meeting, together with the fine; and in default of payment thereof accordingly, he shall be fined in addition thereto as lor an equal amount of repayment in arrear, or at page 17 the option of the Committee his interest in the premises mortgaged to the Society shall become forfeited, and the powers of sale contained in the mortgage given by him to the Society mav be forthwith exercised.
Transfer of mortgaged property.
Transfer of mortgage.
Repayment of mortgage.
Transfer of unrealized Shares.
Transfer of bought Shares.
65. On the transfer of any share, for winch a premium has been offered previous to such transfer, the Secretary shall endorse on the scrip to be given to the party to whom such share is transferred, the amount of such premium, and shall state that the share is transferred on the condition that the said premium shall be deducted from such share; the party to whom such share is or may be transferred, shall be required to give his assent in writing to the conditions so specified.
Member withdrawing.
66. Any member not having received his share, and having been a member for one year, who may be desirous of withdrawing from the Society, shall, upon giving one calendar month's notice in writing to the Secretary at any Monthly General Meeting, be entitled to receive back the net amount of subscription money by him paid, exclusive of entrance fees, fines, and proportion of working expenses: and if the application to withdraw shall be made at any period subsequent to the end of the first year of the Society, the member so withdrawing from the Society, shall, be entitled to receive in addition to the subscription money as aforesaid, interest after the rate of five pounds per centum per annum upon such payments.
Rotation.
67. If more than one member shall give such notice, they shall be paid by rotation according to the priority of their notices, but in all cases, payment of all fines then due from such member shall be first deducted.
Loans to Trustees.
68. If any money shall have been borrowed by the Trustees for or on account of the Society, it shall be lawful for the Committee to direct the Trustees to repay such sum of money previously to any member withdrawing receiving the subscription and interest as aforesaid.
Member dying.
69. In case of a member dying, his widow, or orphans, or legatee shall be entitled to receive the net amount of subscription paid and such amount of interest on each share as is provided in Rule 63, up to the time of his death; the executor or administrator of such deceased member may, after payment of all fines and subscriptions due from the deceased, transfer (exempt from payment of transfer fee) such deceased member's interest to any person who shall be approved of by the Committee; or if such executor or administrator be desirous of continuing such interest in the Society, he may act and vote as a subscriber; nevertheless, one only shall vote, and the first executor named in the will shall be preferred. Provided always that no fines shall be incurred until the expiration of six months from the day of the decease of such member as aforesaid.
Member Member be comeing lunatic
70. In the event of any member becoming lunatic or of un page 19 sound mind (on written notice thereof being given to the Committee) no fines shall, during such lunacy or unsoundness of mind, be enforced, for arrears of subscription or otherwise, on any share he may hold; but the Committee of such lunatic or wife of such afflicted member shall be entitled, after the expiration of twelve calendar months from the commencement of the Society to receive the amount of the subscriptions actually paid in by such member, deducting such fines and proportion of working expenses as may have been incurred, subject to the Rules as to the withdrawal of members.
Fines.
Misconduot.
Annual statement.
Auditors.
Alteration of Rules.
Bye-laws
Disputes.
76. All questions which may arise upon the construction of the rules, and all matters in difference between any of the members of the Society, shall be referred to the award of two Justices of the Peace residing in or near the City of Wellington.
Surplus funds.
77. The Trustees may upon the resolution of the Committee lay out and invest surplus moneys of the Society which cannot otherwise be turned to profitable account amongst the members thereof, in such real or government securities as the Committee shall think fit, and all dividends and proceeds of such money shall be carried to the account of the Society and treated as part of the assets thereof.
Notices to Mombers.
78. Every member on admission and every mortgagor shall give his Christian and surname in full, together with his place of abode and address to the Secretary, who shall register the same in the books of the Society, and every member or mortgagor upon changing the place of his abode or address shall give notice thereof to the Secretary, who shall insert the same in the shareholders register, and all notices shall be deemed to be duly served by being delivered to a member or mortgagor or left at his place of abode or address, or by being put into the Post-office addressed to the member or mortgagor, at the place of abode or address given by him to the Secretary.
Arrears.
79. When it shall appear, by the books of the Society, that there is sufficient to pay each unrealized share £60, then all arrears of subscriptions, lines, and other payments, shall be payable immediately, and the Trustees shall enforce the payment thereof.
Termination Society.
80. When the value of each unrealized share shall amount to the sum of £60, and all expenses and liabilities of this Society shall be fully paid and satisfied, the accounts shall be finally audited; and the Trustees shall satisfy the legal claim of each member, whose liabilities to the Society have been paid or discharged, and the Society shall terminate; and the Trustees, with the advice of the Solicitor, shall deliver up to each member, or his legal representatives, the title-deeds and other documents which shall have been deposited with them by such member as a security to the Society, and shall, if required, execute all necessary conveyances, releases, or receipts of payment, at the expense of the member so requiring the same; and thereupon the major part in number of the members present at any any meeting specially convened by advertisement, by giving seven days' notice to each member, shall have full power to declare this Society at an end, and all the accounts thereof finally closed; and such dissolution shall be effectual in law and equity, and shall discharge and release all the members of the said Society.
page 21Release
E. W. Mills,
G. H. Vennell,
R. J. Duncan,
Members of The Wellington and Hutt Building Society,1875.
(Countersigned)Geo. H. Tribe,
Secretary of The Wellington and Hutt Building Society,1875.