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The MUTUAL SOCIETY is calculated to comprise all such features of Credit Companies, Building Societies, and Tontines, as are undoubtedly beneficial, and to exclude the numer ous liabilities and other drawbacks to which experience has shewn all of them to be subject, and which have prevented the full realization of the benefits which they were originally projected to confer.

The object for which it has been established is to afford to the individual prudence and enterprise of its Members that aid and those facilities, the enjoyment of which has been hitherto for the most part confined to Joint-Stock Companies in their corporate capacity. Its aim is, on the one hand, to accumulate a series of capital sums, to be employed by the Members desirous of so doing, and on the other to provide such an organization for the fructification of savings that the utmost possible results may be attained.

The manner in which its operations are conducted is as follows:

There are two classes of Members, viz., the Bonus-class and the Appropriation-class.

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The subscriptions of the Bonus-class are 2s. 6d. per month for each Bonus-Certificate, which Certificate will entitle the registered holder thereof to one share in the profits of the Society. The subscriptions of the Appropriationclass are 5s. per month for each Appropriation-Certificate, which Certificate will entitle the registered holder thereof to an advance or appropriation of £100 from the Funds of the Society, as well as to one share in its profits.

All subscriptions become due on the first day of each month, but may be paid at any time during the month.

All subscriptions upon Bonus-Certificates, and likewise upon Appropriation-Certificates, until an Appropriation shall be allotted in respect thereof, will carry interest at the rate of £3 per cent. per annum.

The Directors are empowered to receive subscriptions in advance to any amount, and to allow such discount or interest upon such advances as they may deem expedient.

Every Member is required, upon entering the Society, to nominate a life or lives upon which his Certificate or Certificates will be held, and he may nominate himself if so desired.

Upon the death of any nominee all subscriptions which shall have been paid upon Certificates held upon the life of such nominee will be returned to the registered holder of such Certificates.

Upon the withdrawal or death of a Member, the Member withdrawing, or his legal personal representatives, as the case may be, will be

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entitled to have the total amount of subscriptions paid in respect of all Certificates returned to him or them, and (in case of the good health of the nominees upon whose life such Certificates respectively are held) together with the then value of any bonus or bonuses which may have been awarded in respect of such Certificates.

All Certificates are transferable, subject to such conditions as are expressed in the Articles of Association of the Society.

All subscriptions and other monies will be accumulated in separate Funds, according to the respective years of entry of the Members paying the same, the accounts of each Fund being kept distinct.

The 1869 Fund will comprise all subscriptions and other moneys which shall be paid by Members who shall enter the Society from its incorporation to the last day of December, 1869.

Persons becoming Members at any time, except at the commencement of any Fund will be required to pay all back subscriptions which shall have become due upon their Certificates, such Certificates to be considered as having been issued at the commencement of such Fund. The Directors are, however, empowered to receive the back subscriptions by instalments, or to allow them to remain as a debt cn the Certificates, if desired.

At the closing of cach Fund the whole of the subscriptions will be returned to the then existing Subscribers thereto, together with the entire profits which shall have been realized.

Appropriations are obtained both by Drawing

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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.

Regulations respecting the same contained in the Articles of Association.

Every Member has a right of attending and voting, in person or by proxy, at all Meetings of the Society; of attending at all Appropria tions; and of inspecting the accounts of the Society.

Forms of Application, and every information may be obtained at the Registered Office of the Society, or from any of its Agents.

By order of the Board,



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