in a book as hereinafter required, and has subscribed his name as a shareholder for one or more shares, shall from the time of such subscription and signification be a member of such society. R.S.M. c. 15, s. 15.) membership. 16. The production of the book containing the rules for Evidence of the management of such society, kept in the manner hereinafter mentioned, or the stock book of such society, either such book being signed by any person or by his duly authorized attorney on his behalf and duly witnessed, shall at all times and for all purposes be sufficient evidence of the membership of such person in the society. R.S.M. c. 15, s. 16. members. 17. Members of the society shall not be personally Liability of responsible in respect of the liabilities of the corporation beyond the amount of the sum unpaid on shares. This section shall not operate to impose a liability inconsistent with the nature of a permanent building society as herein before stated. R.S.M. c. 15, s. 17. receive a vances made 18. Every such society may receive from any member Society may any sum of money by way of bonus on any share, for the bonus for adprivilege of receiving the same in advance prior to its being to members. realized, besides interest for the share so received or any part thereof. R.S.M. c. 15, s. 18. which shares clared 19. Every such society may forfeit and declare for- cases in feited to the society the shares of any member who neglects may be deto pay, or is in arrear in respect of, such number of instal- forfeited. ments as may be fixed by any stipulation or by-law, but no such stipulation or by-law shall authorize or provide for any forfeiture to a greater extent than five per cent. of all moneys paid by each member. No forfeiture (2) No society incorporated under this Act, and no com- beyond 5 per pany or corporation incorporated under any other Act and cent. carrying on the business of lending money, shall be entitled to forfeit any moneys paid by members or borrowers, on account of shares or on account of moneys received by them in advance by way of loan, beyond five per cent. of such moneys so paid, and in all cases such moneys so paid, less any amount legally forfeited, shall be credited upon any mortgage given to secure such loan notwithstanding any stipulation to the contrary. R.S.M. c. 15, s. 19; 3 Geo. 5, c. 3, s. 2. of permanent societies to be 20. When any share in any permanent building society Certain shares has been fully paid up or is in course of being paid up building according to the rules of the society, the same shall be transferable regarded as fixed and permanent capital or shares in the ent capital. and perman Member or investor in building society may nominate a successor. Society not bound to see tion of trusts shares may be subject. said society, transferable in the usual manner in the stock transfer book of the said society, and may be withdrawn in accordance with the by-laws of the society. R.S.M. c. 15, s. 20. 21. A member of, or investor in, or depositor with, any society, having a sum of money in the funds thereof not exceeding five hundred dollars, may, from time to time, nominate any person or persons (such person or persons being within "The Devolution of Estates Act") as successor or successors at death of such member or depositor, provided that such nomination is made in writing, executed and witnessed in the manner provided by law in case of wills, and duly deposited with the secretary or manager of the society; and, upon receiving a statutory declaration of the death of the nominator, the society shall substitute the name of the nominee on its books in the place of the nominator, or may immediately pay to the nominee the amount due to the deceased depositor. R.S.M. c. 15, s. 21. 22. No such society shall be bound to see to the executo the execution of any trust, whether expressed, implied or constructive, to which any to which any share of its stock is subject; and the receipt of the party in whose name any such share stands in the books of the society (or if such share stands in the names of more than one, the receipt of one of the parties) shall be sufficient discharge to the society for any payment of any kind made in respect of such share, notwithstanding any trust to which such share is then subject, and whether or not the society has had notice of such trust; and the society shall not be bound to see to the application of the money paid upon such receipt. R.S.M. c. 15, s. 22. Directors of permanent societies may close subscription list for shares 23. The directors of any permanent building society, at any time and from time to time as they may think expedient, may by resolution close for any specified time, or until for a specified further order, the subscription of shares to be held for investment in the society; and thereafter, until the expiration of such specified time or until such further order, no new shares shall be subscribed for investment in the society. R.S.M. c. 15, s. 23. time. Allotment of new shares. 24. Such new issue of shares shall be allotted to the then existing shareholders pro rata as nearly as possible without fractions; but, in case such new shares are not taken up within thirty days, then the said shares or the remaining shares shall be sold and any premium thereon applied to the general benefit of the society. R.S.M. c. 15, s. 24. proxy. 25. Any member entitled to vote at any meeting of any Voting by permanent building society may be represented and vote at such meeting by his proxy, such proxy being a member of such society. R.S.M. c. 15, s. 25. dividends stock. 26. No member shall receive from the funds of any such Interest or society any interest or dividend, by way of annual or other on instalment periodical profit, upon any instalment stock in the society until the amount or value of his instalment stock has been realized, except in accordance with the rules of the society then in force. 3 Ed. 7, c. 4, s. 1. kind of stock 27. Any such society may issue stock on which profits Issue of new may be either added to the amount paid thereon or paid to authorized. the shareholders in whole or in part at stated periods. R.S.M. c. 15, s. 27. RULES, REGULATIONS AND BY-LAWS. government to be made 28. The several members of such society may, from time Rules for the to time, assemble together and make, ordain and constitute of the society such proper and wholesome rules and regulations for the by its government and guidance of the same as to a majority of members. the members thereof, so assembled together, may seem meet, so as such rules be not repugnant to the express provisions hereof or to law; and may impose and inflict reasonable fines, penalties and forfeitures upon members of the society offending against such rules, to be respectively paid to such uses and the benefit of the said society, as the said society by such rules shall direct; and may also, from time to time, amend and alter such rules as occasion may require, or annul or repeal the same, and make new rules in lieu thereof, subject to the provisions hereinafter contained. R.S.M. c. 15, s. 28. clare certain their rules. 29. Every such society shall, by one or more of its said Society to derules, declare all and every the interests and purposes for particulars in which such society is established; and shall also in and by such rules direct all and every the uses and purposes to which the money, from time to time subscribed, paid or given to or for the use or benefit of the society, or arising therefrom, or in any wise belonging to the society, shall be appropriated and applied, and in what shares or proportions and under what circumstances any member of the society, or other person, shall become entitled to the same, or any part thereof; but the application of such money shall not in any wise be repugnant to the uses, interests or purposes of the society, or any of them, to be declared as aforesaid; and moneys all such rules, during their continuance, shall be complied Application of restricted. Place of meeting, etc., to bé specified. Rules to be entered in a inspection. with and enforced; and no such moneys as aforesaid shall be diverted or mis-applied either by the directors or treasurer or any other officer or member of the society entrusted therewith, under such penalty or forfeiture as the society may by any rule lawfully inflict for such offence. R.S.M. c. 15, s. 29. 30. The rules of every such society shall specify the place or places at which it is intended that the society shall hold its meetings, and shall contain provisions with respect to the powers and duties of the members at large, and of such officers as may be appointed for the management f the affairs of the society. R.S.M. c. 15, s. 30. 31. The rules for the management of each such society book open for shall be entered and recorded in a book to be kept for that purpose, which book shall be open at all seasonable times for the inspection of the members, but nothing in this section shall prevent any alteration or amendment of any such rules, or the making of any new rules for the management of the society, in such manner as by the rules of the society may from time to time be provided. R.S.M. c. 15, s. 31. Such entry to be deemed sufficient notice and to make rules binding. How rules or by-laws may or repealed. 32. All rules from time to time made and in force for the management of such society, and entered and recorded as aforesaid, shall be binding on the several members and officers of the society, and the several contributors thereto, and their representatives, all of whom shall be held to have full notice thereof by such entry and record. R.S.M. c. 15, s. 32. 33. The rules or by-laws of the society may be amended, be amended rescinded or repealed by a two-thirds vote of the shareholders, represented in person or by proxy, at any meeting of the shareholders, each shareholder to have one vote for each share of stock registered in his name; and notice of such meeting shall be mailed through the post office to each shareholder thirty days, at least, before the date of such meeting, and such notice shall state the proposed alterations or repeals to be made in the rules or by-laws. R.S.M. c. 15, s. 33. How by-laws of permanent building societies may be passed or amended. 34. The directors of any permanent building society may, from time to time, alter, amend, repeal or create any regulation, rule or by-law for the working of such society, and such action shall have binding force until the next general meeting of shareholders, when the same, in order to continue in force, must be confirmed upon a majority vote of shareholders. R.S.M. c. 15, s. 34. 35. All by-laws, rules and regulations of any such society By-laws, etc. shall be reduced to writing and shall have affixed thereto the common seal of the society, and any copy or extract therefrom, certified under the signature of the secretary or manager, shall be evidence in all civil courts of justice in Manitoba of such by-laws, rules or regulations or extracts from them, and that the same were duly made and are in force; and in any civil action or proceeding it shall not be necessary Corporate seal to give any evidence to prove the seal of such society, and proved. all documents purporting to be sealed with the seal of any such society, and to be attested by the president, secretary or manager thereof, shall be held prima facie to have been duly sealed with the seal of such society. R.S.M. c. 15, s. 35. need not be rules. 36. The entry of any by-laws, rules or regulations in the Evidence of book or books of the society as aforesaid, or a true copy of the same examined with the original and proved to be a true copy, shall be received as evidence of such by-laws, rules and regulations respectively in all cases. R.S.M. c. 15, s. 36. DIRECTORS. of board of 37. Each such society shall, from time to time, elect and Appointment appoint any number of its members to be a board of directors, directors. who shall choose a president and vice-president, the number and qualification of such directors to be declared in the rules of such society, and may delegate to such directors the exercise and execution of all lawful powers. R.S.M. c. 15, s. 37. office. 38. Such directors being so elected shall continue to act Term of during such time as shall be appointed by the rules of the society. R.S.M. c. 15, s. 38. President, to have cer 39. The president, vice-president and directors of any society shall have and exercise the powers, privileges and and directors authorities set forth and vested in them by this Act or any tain powers. other Act regulating such society, subject to the rules and by-laws of the society, and they shall be subject to and governed by such rules, regulations and provisions as are herein contained with respect thereto, and by the by-laws of the society; and the directors shall and may lawfully exercise all the powers of the society, except as to such matters as are directed by law to be transacted by a general meeting of the society. R.S.M. c. 15, s. 39. powers. 40. In all cases where directors are appointed for any Record of particular purpose, the powers delegated to them shall be reduced to writing and entered in a book by the secretary of the society. R.S.M. c. 15, s. 40. |