and by Purchase the first and every fourth one being by Drawing.

The security required for repayment of Ap propriations is not confined to Houses or Land, the Directors being empowered to accept any security, provided it be of sufficient value, with the exception of Personal Bonds, Bills of Ex change, and Promissory Notes.

Members residing at a distance may bid for Appropriations by Scaled Tenders, to be opened by the Directors at the time of allotment.

An Annual declaration of profit is made, and Bonuses in respect of cach Fund arc awarded, to be payable by instalments commencing from the time of closing such Fund, to the holder of such Certificates as shall be then valid and subsisting.

Arrangements have been entered into with one of the leading Life Assurance Societies, by means of which a Member may, by very small periodical payments, protect his representatives against all liability to continue repayments of Appropriations, and himself or his representatives against all loss of Bonus that may arise in the event of the premature death of any

nominee or nominces.

Members of the Society incur no liabilities whatever beyond the actual subscriptions paid in, and these, as mentioned above, may be withdrawn in full at any time, subject to the

*See page 55.

AN EXPLANATION

OF

Che Mutual Society,

AND OF THE

ADVANTAGES

ENJOYED BY ITS MEMBERS.