Rules

Extracted from the Articles of Association of the Society.*

DEFINITION OF MEMBERS.

1. Every person shall be deemed to be a Member of the Society whose name is entered in the Register of Members, and who shall have paid all subscriptions and moneys for the time being due to the Society in pursuance of the regulations hereinafter contained.

REGISTERED OFFICE.

2. The Registered Office of the Society shall be at 2, Gresham Buildings, Guildhall, and the business of the Society shall for the present be carried on there; but the Directors may, when and as they shall think fit, substitute some other place in London in lieu thereof; and also establish such branch or other offices in the United Kingdom as they shall think fit, and appoint thereto such officers and servants as they may deem advisable.

Any Member may, on payment of One Shilling, obtain from the Secretary a complete Copy of the Articles of Association of the Society.

SUBSCRIPTIONS.

3. The subscriptions payable by each Member shall be Two Shillings and Sixpence per calendar month for every Bonus - Certificate held by him. A Bonus-Certificate shall be a document issued to a Member on his entering the Society, and shall certify his title to participate in the profits of the Society, pursuant to the conditions and regulations hereinafter contained.

4. Each Bonus-Certificate shall be under the common seal of the Society, and shall be signed by one Director and by the Consulting Actuary, and be countersigned by the Secretary.

5. If a Member wishes to entitle himself to receive an Advance, as well as to participate in the Profits of the Society, his subscription shall be Five Shillings per calendar month for every Appropriation-Certificate held by him.

6. An Appropriation - Certificate shall be a document issued to every such Member on his entering the Society, and shall certify his title to receive an Advance of One Hundred Pounds out of the Funds of the Society, as well as to participate in the Profits, pursuant to the conditions and regulations hereinafter contained.

7. Each Appropriation-Certificate shall be under the common seal of the Society, and shall be signed by one Director and by the Consulting Actuary, and be countersigned by the Secretary.

8. Every Member is required before the issue of any Certificate to nominate a life upon which such Certificate shall be held, provided

that not more than Twenty Certificates issued in the same year shall be placed on any one life.

9. If any Certificate be at any time worn out or lost, the Directors may renew or replace it by another Certificate, on payment of such sum, not exceeding Two Shillings and Sixpence, as they shall think fit. If such Certificate, however, be lost, the Directors may require proof of such loss, and a sufficient indemnity before they grant a new Certificate.

10. All subscriptions shall be paid monthly, either at the Registered Office of the Society or to an Agent regularly appointed by the Directors to receive the same.

11. Every receipt for a subscription shall be on a printed form approved by the Directors, and shall be signed by one of the Directors or by the Consulting Actuary, and shall be countersigned by the Secretary.

12. All subscriptions shall be due on the first day of each calendar month, and shall be paid in the course of such month, otherwise the subscription shall be deemed to have fallen into arrear.

13. Any person becoming a Member in any month other than the month of January in any year, shall within such time and in such manner as the Directors may determine, pay the total amount of subscriptions which shall have become payable on the Certificate or Certificates taken by him as from the commencement of the then current year.

14. Subject to the 30th Rule, Interest at the rate of Three per cent. per annum shall be

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allowed on all subscriptions, and shall be payable in such manner as the Directors may from time to time appoint; but such rate of interest may be augmented or reduced by a Resolution of the Society in General Meeting, on a recommendation from the Directors.

15. The Directors may, if they think fit, receive from any Member willing to advance the same, all or any part of the moneys which he may be prospectively liable to pay upon any Certificate or Certificates held by him; and upon the moneys so paid in advance, or upon so much thereof as for the time being shall exceed the amount of subscriptions then already due upon the Certificate or Certificates in respect of which such advance shall have been made, the Directors may, out of the funds of the Society, pay or allow such discount, or interest at such rate, as they may deem expedient.

ARREARS AND FINES.

16. Any Member whose subscriptions are in arrear shall not be entitled to any interest or to participate in any allotment of Appropriations or of Bonuses which may take place while such arrears continue.

17. If any Member's subscriptions continue in arrear for a period exceeding six calendar months, he shall be deemed to have ceased to be a Member, and all moneys_received from him, together with all interest, Bonuses and benefits, to which he would otherwise be entitled, shall be absolutely forfeited to the Funds of the

Society. And in case any moneys shall be then owing from him to the Society, the same shall become immediately payable, and the Directors may proceed to realise all his securities held by the Society.

18. No arrears of subscription shall be received unless accompanied by a fine of Threepence per month for every Bonus-Certificate, and of Sixpence per month for every Appropriation-Certificate; any fraction of a month being reckoned as a complete month.

ACCUMULATION OF FUNDS.

19. All subscriptions and other moneys paid in by the Members shall be accumulated in separate Funds, according to the respective years of entry of the Members: the first Fund shall be composed of all moneys paid in respect of all Certificates issued from the commencement of the Society until the 31st day of December, 1869, and shall be called the 1869 Fund: the second Fund shall be composed of all moneys paid in respect of all Certificates issued during the year 1870, and shall be called the 1870 Fund; and so in like manner for each year thereafter.

APPROPRIATIONS.

20. As often as the unappropriated moneys standing to the credit of any Fund shall amount to Five Hundred Pounds, the Directors shall fix upon a day within the period of two calendar months thereafter for appropriating such

moneys.