An Explanation OF THE MUTUAL SOCIETY, AND OF THE Advantages Enjoyed by its Members. CONSTITUTION OF THE SOCIETY. THE MUTUAL SOCIETY is an association of individuals, each of whom pays a small monthly subscription. A Capital Fund is thus accumulated, and as often as it amounts to £500 the Directors summon an "Appropriation-meeting" of the Members, to determine to whom the same shall be advanced. This is decided at every fourth Appropriation by ballot, and in that case the Member whose name is drawn is entitled to receive his advance free of all interest or premium. At all other Appropriation-Meetings the right to the advance is determined by every Member who so chooses handing in a statement of the premium which he is disposed to give for the same, and by the Appropriation being then allotted to whichever Meinber thus tenders the highest premium. Members residing in the country or unable from any other cause to attend the Meeting, may send their tenders by post. The right to these advances is confined to the holders of Appropriatic-Certificates, that is, to those Members who pay a monthly subscription of Five Shillings per Certificate. This entitles them to receive an advance of £100 from the Funds for every Appropriation-Certificate thus held, as well as to an equal number of shares in the Profits of the Society, and to interest at the rate of three per cent. per annum upon all subscriptions until an Appropriation is obtained. Any number of Appropriation-Certificates may be held by a Member, but not more than £500 can be advanced at a time. All Appropriations are free of interest, and are repayable by quarterly instalments extending over twenty years. The security lodged with the Society for the due repayment of these advances may consist not only of Houses or Land, but of Consols, Colonial Bonds, or any security of substantial and sufficient value, except Personal Bonds, Bills of Exchange or Promissory Notes. Also the Premiums given for Appropriations need not be paid down at once, but may be paid by instalments similar to those by which the Appropriations are discharged. In addition to the Certificates described above, there is another class issued by the Society, viz., Bonus-Certificates, the monthly subscription upon which is only Two Shillings and Sixpence per Certificate. These entitle their Holders to Interest at Three per cent. per annum upon all subscriptions paid, and to a share in the Profits of the Society for each Certificate held. Any |