173 



minus the interest for the current year and entrance fees. The 

 quality if shareholding is forfeited by resignation, by death, ex- 

 pulsion, or for any cause which would have prevented a share- 

 holder's admission to the society. 



DEPOSITS. 

 Savings deposits of as small an amount as 5 cents may be 

 made, and may be received, repayable on demand, or after notice, 

 at a specified date. Interest on savings deposits of all kind is 

 fixed by the council of administration, which has authority to 

 adopt special measures in connection with savings deposits and 

 deposits payable at a specified date, by allowing a higher rate of 

 interest on the latter, according to the length of the period at 

 which they are repayable. Every shareholder making a deposit 

 is given a pass-book. The rate of interest on the savings 

 deposits is fixed by the board of management and is posted up in 

 the office. It is paid and capitalized at the end of each year. The 

 society receives deposits to afford facilities to its shareholders for 

 the payment of their rent, contributions to mutual benefit societies, 

 life and fire insurance premiums, &c., which deposits are repayable 

 only at the date specified by the shareholder in opening his 

 account. 



LOANS AND ADVANCES. 



The society may make loans or advances on simple notes or 

 acknowledgments, but only such loans and advances as can 

 yield a profit or a saving for the beneficiary are allowed. All 

 applications for loans or advances are forwarded to the manager, 

 who is obliged to submit the applications to a committee on credit 

 and management, which committee decides whether the applica- 

 tion is to be granted or refused, and all decisions of the com- 

 mittee with regard to applications must be adopted unanimously. 

 Members of this committee are not allowed to borrow from the 

 society nor become security for any loan or advance. In the event 

 of a refusal by the committee on credit and management to grant 

 a loan or advance, the interested shareholder may appeal to the 

 council of administration, who, after hearing the members of the 

 committee as well as the shareholder, give their decision according 

 to the majority of the votes. The council of administration 

 determines the rate of commission and interest to be charged, as 

 well as the duration of loans and advances. Small loans and 

 advances are always to receive preference over large ones, when 

 the security for repayment is equal. 



It is generally agreed that the repayment of loans and advances 

 shall be by instalments which are as far as possible, of equal 

 amounts and are payable weekly, fortnightly or otherwise as agreed 

 upon. These instalments as paid are entered as deposits which 

 bear interest at the rate provided ; or, as instalments are paid in, 

 the interest charged on the loan is reduced in proportion to the 

 amount of the loan paid up. For example, a man borrowing $100 

 for five months, repayable in monthly instalments of $20 each, 

 will receive interest on the first instalment paid in for four months, 



