177 



and such other funds as may be established ; (4.) instalments paid 

 on shares not yet fully paid ; (5.) the moneys at any time deposited 

 by shareholders, and the resources obtained by temporary loans 

 or by rediscounts. 



A reserve fund is established to secure the soundness of the 

 institution, and to have ample security for deposits made. This 

 fund is made up from (i) the entrance fee of 10 cents on each 

 share; (2.) an assessment of 25 per cent, of the net profits of the 

 year until the fund amounts to at least double the maximum 

 obtained by the paid up capital at any time ; (3.) the interest on 

 investments effected with the resources pertaining to such fund ; 

 and (4.) the amounts received from the subsequent payment of 

 debts written off as loss on a previous year's account. This 

 fund so established remains the exclusive property of the society, 

 which is obliged by its constitution not to adopt any decision 

 calculated to weaken the fund so established. The resources of 

 this fund are laid out and invested at the discretion of the council 

 of administration to the best advantage for the interests of the 

 society. As it is established chiefly for the securing of deposits 

 and for assuring a proper working of the society, it is affected only 

 by extraordinary losses extending beyond other resources at the 

 disposal of the society. 



A provident fund is established to cover extraordinary losses 

 resulting from the operations of the society. It is constituted by 

 means of an assessment of 5 per cent, on the net profits of the 

 year until the fund is equal to at least one-half of the paid up 

 capital. 



Speculation by the society in stocks and all hazardous opera- 

 tions are formally prohibited. 



PROFITS. 



After providing for all the costs of management and for losses, 

 the net yearly profits are divided as follows : — 



(I.) Twenty-five (25) per cent, to the reserve fund; (subject to 

 previous provision.) 



(2.) Five (5) per cent, to the provident fund. 



(3.) Five (5) per cent, to local benevolent or charitable works. 



(4.) Four (4) per cent, in the discretion of the council of adminis- 

 tration as additional remuneration to the salaried employees of 

 the association as a reward for good conduct in the performance 

 of their duties. 



The balance is divided amongst the shareholders in proportion 

 to the period and amount of paid up shares. This amount is not 

 to exceed 8 per cent, until the reserve fund reaches double the 

 maximum attained by the capital at any time. 



FINANCIAL SITUATION OF LEVIS SOCIETY. 

 To show the practical working and financial condition of *La 

 Caisse Populaire de Levis', a statement may be given of the situation 

 of this institution as it stood on February 14 of the present year. 

 On that date the amount of paid up subscribed capital was 

 $24,584.62 ; the amount of savings deposits, $5,529.70 ; amount 



