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JUllT‘S thlS, QUEEN’S PRINTER.

‘—

LAWS OF PRINCE EDWARD ISLAND.

W

CAP. XXXVII.

An Act for the regulation of Benefit Building

Societies. ’ [Passed May 11, 1866.]

V HEREAS certain Societies, Commonly called

Building Societies, have been established in different parts of the United Kingdom of Great Britain, and in the l’roviners of British North Ameri- ca, principally amongst the industrious classes, for the purpose ofraising, by small periodical subscrip- tions, a fund to assist the members thereof in obtain— ing a small freehold or leasehold property; and it is expedient to afford encouragement and protection to such Societies, and the property obtained therewith in this Island.

I. Be it therefore enacted by the Lieutenant Governor, Council and Assembly : That it shall and may be lawful for any number of persons in this Island to form themselves into and establish Societies for the purpose of raising, by the monthly or other subscriptions of the several members of such Societies, shares not exceeding the value of one hundred and fifty pounds for each share; such sub- scriptions not to exceed in the whole twenty shillings per month for each share, or stock or fund, for the purpose of enabling each member thereof to receive out ofthe funds of such Society the amount or value of his or her share or shares therein, to erect or purchase one or more dwelling house or dwelling houses. or other real or_ leasehold estate, to be secured by way of mortgage to such Society until the amount or value of his or her shares shall have been fully repaid to such society, with the interest thereon, and all fines or other payments incurred in respect thereof; and to and for the several mem- bers of suoh Society, from time to time, to assemble together and to make, ordain and constitute such wholesome and proper rules and regulations for the gOVernment and guidance of the same as to the major part of the members of such Society, so as- sembled together, shall seem meet, so as such rules shall not be repugnant to the express provisions of

this Act and to the general laws of this Island; and‘

to impose and inflict such reasonable fines, penalties and forfeitures upon the several members of any such Society who shall offend against any such rules as the members may think fit, to be reSpeetfully paid

Charlottetown, Prince Edward Island, September

,‘ ~ ,‘,‘ ,‘MI‘J‘A/‘M r" "I‘

12, 1866.

I‘r‘

VOL. VlII.—N0. 385

to such uses for the benefit of such Society, as such Society by such rules shall direct; and also, from time to time, to alter and amend such rules as oc- casion shall require, or annnl or repeal the same, and to make new rules in lieu thereof, under such restrictions as are in this Act contained : Provided that no member shall receive, or be entitled to re- ceive, from the funds of such Society, any interest or dividend, by way of annual or other periodical profit, upon any shares in such Society until the amount or value of his or her share shall have been realizad, except on the withdrawal of such member accm'ding to the rules of such Society then in force.

II. It shall and may be lawful to and forany such Society, in and by the rules thereof, to describe the form or forms of conveyance, mortgage, transfer, agreement, bond or other instrument which may be necessary for carrying the purposes of the said Society into execution, and which shall be specified and set forth in a Schedule to be annexed to the rules of such Society, and duly certified and deposit- ed as hereinafter provided.

III. There shall be made two transcripts, fairly written on paper or parchment, of all rules made in pursuance ofthis Act, signed by three members, and countersigned by the Secretary of any such Society, (accompanied, in the case of an alteration or amend- ment of rules, with an affidavit of the Secretary or one of the officers of the said Society, that the pro- visions of this Act have been duly complied witlfl, with all convenient speed after the same shall be made, altered or amended; and so, from time to time, after every making, altering or amending thereof, shall be transmitted to Her Majesty’s Attor- ney General ofthis Island for the purpose of ascer- taining whether the said rules of such Society, or alteration or amendment thereof, are calculated to carry into effect the intention of the parties framing such rules, alterations or amendments, and are in conformity to law and to the provisions of this Act; and that the said Attorney General shall advise with the Secretary if required, and shall give a certificate on each ofthe said transcripts, that the same are in conformity to law and to the provisions of this Act, or point out in what part or parts the said rules are repugnant thereto; and that the Attorney General, for advising as aforesaid, and perusing the rules or alterations, or amendments of the rules of each re-

’spective Society, and giving such certificates as

aforesaid, shall demand no further fee than the sum of one. guinea, which shall be defrayed by each