21. Every receipt for subscriptions shall be endorsed with a Notice giving the date of every Appropriation to be made in the course of the then current month from the particular Fund in respect of which such subscriptions shall have become payable.

22. Every Appropriation shall take place at the Registered Office of the Society, on the day and hour stated in such Notices, which shall be fixed by the Directors.

23. Any Member may attend at and witness any Appropriation.

24. Appropriations shall be allotted in two ways: The first and every fourth one thereafter shall be allotted by Drawing, while those intermediate shall be allotted to the Member tendering the highest premium for the same; but in no case shall such premium be less than Thirty per cent.

25. The tender of a premium for an Appropriation shall be made personally at the time of allotment, or by a sealed letter to the Directors, to be then opened.

26. Any Member whose name is drawn or whose tender is accepted, shall receive an Appropriation of One Hundred Pounds in respect of each Appropriation-Certificate, not exceeding five at any one time, of the Fund under allotment held by him. If he hold more than five of such Certificates, he shall be entitled to participate in future allotments in respect of such surplus Certificates.

27. No Member shall receive more than one Appropriation in respect of the same Certificate.

28. All Members receiving Appropriations free of premium, by their names having been drawn, shall continue their subscriptions in respect of the same until the closing of the Fund to which they belong.

29. Any Member receiving an Appropriation by the payment of premiums shall be at liberty, if he so choose, to discontinue his subscriptions in respect of any Certificate upon which an Appropriation shall have been made from the date of the allotment of such Appropriation; and in such case the total amount of subscriptions standing to his credit, together with the then value (as certified by the Consulting Aetuary) of any Bonus or Bonuses which may have been awarded upon such Certificate, shall be deducted from the sum due as Premium.

30. No subscription which shall be paid upon any Certificate, in respect of which an Appropriation shall have been allotted, shall carry interest after the day of the date of such Appropriation.

31. Immediately after the allotment of every Appropriation, the Secretary shall notify to the Member entitled to the same that the Directors are prepared to advance the amount allotted, upon sufficient security being given for its due repayment, and that unless such security be provided within three calendar months from the date of the allotment, the right to the Appropriation shall be forfeited; but the Directors shall have power to extend the said period of three calendar months in case they may think proper so to do.

32. The security to be provided, as abovementioned, may be of any nature, excepting personal securities, either by Bond, Bill of Exchange or Promissory Note, that, upon the report of the Consulting Actuary, or Surveyor and Solicitor, the Directors may deem to be proper and sufficient.

REPAYMENT OF APPROPRIATIONS.

32. All Appropriations shall be repaid by equal quarterly instalments, extending over a period of twenty years from the completion of the advance; the first instalment being payable on the usual quarter-day next succeeding the date of such completion.

34. All Premiums on Appropriations shall be payable in like manner.

35. All instalments of Principal or Premium shall be paid within twenty-one days of their falling due.

36. A fine of One Shilling per cent. upon the amount of the Appropriation and Premium (if any) shall be paid for each week beyond the above-mentioned twenty-one days that any instalment thereof respectively may remain in

arrear.

37. If any instalment or fine remain in arrear for three calendar months, the Directors shail declare the whole amount of the Appropriation and Premium, if any, to be at once repayable and payable respectively, and shall proceed to realise the securities held by the Society in respect thereof; but the Directors shall have

power to extend the said period of three calendar months in case they may think proper so to do.

38. If any Member desire to repay or pay in advance all or any portion of an Appropriation or Premium, he shall be at liberty to do so, and shall be entitled to such discount as the Consulting Actuary may recommend the Directors to grant.

DETERMINATION AND DIVISION
OF PROFITS.

39. At the close of each calendar year, and previously to each Ordinary General Meeting, the Consulting Actuary shall make an accurate and complete valuation of the entire assets and liabilities of the Society, and shall report to the Directors the exact state of each Fund, specifying the amount of Profits realised in respect thereof, and shall recommend such a sum to be allotted in Bonuses to the subscribers thereto, as, in his judgment, will be prudent and expedient.

40. The Sum thus divisible in respect of each Fund shall be distributed amongst the subscribers thereto, as follows: In the first place, the total Sum shall be divided into two portions, in the precise ratio of the numbers of Bonus and Appropriation-Certificates, respectively held by such subscribers; and in the next place, each portion shall be allotted amongst the class of subscribers entitled thereto, an equal sum being allotted in respect of each Certificate held by subscribers of the same class.

41. All Bonuses in respect of cach Fund

shall, after the Directors shall have announced the closing of such Fund, be payable to the then continuing subscribers thereto.

CLOSING OF FUNDS.

42. As soon as the requisite advance has been made on every subsisting Appropriation-Certificate issued in any year, the Fund of that year shall be declared to be closed, and all subscriptions in respect thereof shall cease.

43. All instalments of Appropriations and Premiums, and other moneys (if any), which shall thereafter be received in respect of such Fund shall be annually distributed amongst the registered holders of such Certificates (issued in respect of such Fund) as shall be valid and subsisting at the time of such distribution.

TRUSTS AND EQUITABLE
INTERESTS, &c.

44. The Society shall not be bound to see to the execution of any trusts, whether expressed, implied, or constructive, to which any Certificate, or any moneys pay able in respect thereof may be subject, and the receipt of the person or of the first of several persons in whose name or names any such Certificate shall stand in the Register of Members, shall from time to time be a sufficient discharge to the Society for any sum of money payable in respect of such Cortificate, notwithstanding any trusts to which such Certificate or money may then be subject, and whether or not the Society shall have had