Miscellaneous. 



112 



[Feb. 1907. 



or women may become shareholders, but female shareholders are not allowed to 

 hold office. Shareholders ar e liable for the debts of the society only to the amout 

 of their shares, and each share entitles the holder to a proportion of the yearly 

 profits. The shares are of the value of $5. each, and amounts may be paid in weekly 

 or monthly instalments, and until the full amount of the share has been paid off, the 

 holder is not entitled to participate in profits. A fee of 10 cents is charged as an 

 entrance tax on each share subscribed for. 



Any shareholder may cease to belong to the society and withdraw the instal- 

 ments he has paid on the shares subscribed by him by giving a written notice of 

 thirty days to the council of administration, and a member may be expelled if he 

 becomes bankrupt or insolvent or his property is liquidated judicially because of 

 refusal to pay his debts, or failure punctually to fulfil obligations he has undertaken 

 towards the society or has in other ways attempted to abuse the privileges of the 

 society or deceive its officers. Instalments paid by a shareholder up to his explusion 

 are repaid him, minus the interest for the current year and entrance fees. The 

 quality of shareholdh:g is forfeited by resignation, by death, explusion. or for any 

 cause which would have prevented a shareholder'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 saviugs 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 share- 

 holders 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 acknowledge, 

 ments, 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 application is to be granted or 

 refused, and all decisions of the committee 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 in- 

 terested shareholder may appeal to the council of administration, who, after hearing 

 the members of the committee as well as the shareholder, give their decision accord- 

 ing to the majority of the votes. The council of administration determines the rate 

 of commision and interest to be charged, as Avell 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 



