Feb. 1907.] 



115 



Mince Llaneous. 



The Committee op Supervision. 



The general meeting selects yearly from amongst the shareholders, three 

 members who constitute a committee of supervision. This committee watches over 

 all the operations of the society and frequently checks the cash, investments and 

 securities ; sees to the carrying out of the bylaws and regulations and decisions of 

 the committee of credit and direction, especially as regards loans, renewals and 

 advances. They must ascertain frequently and at least once a month, the exact 

 value of the securities in hand, and have the right to examine and audit all the 

 books of the society. Where urgency demands it, they have power to suspend 

 officers and to call a general meeting of the shareholders. 



The members of this committee must be chosen from amongst the share- 

 holders, other than, those who are upon other committees, and are not allowed to 

 borrow from the society. They must meet at least once every month and draw up 

 a minute of their checking and auditing and submit a written report to every 

 annual geueral meeting. 



Funds and Resources of the Society. 



In carrying on its business the society has, by way of funds and resources :— 



(1) The entrance fees paid by each shareholder, which amounts to 10 cents 

 per share ; 



(2) The capital represented by the shares subscribed and paid up by the 

 shareholders (shares being of the value of §5 each) ; 



(3) The reserve fund, the provident fund, 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 leans or by rediscounts. 



A reserve fund is established to secure the soundness of the institution, and 

 to have ample security for deposists made, This fund is made up from 



(1) The entrance fee of ten 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 ; 



(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 operations are 

 forma ly prohibited. 



