REG. No., 2,050 R, NORTHANTS.
RULES OF THE Rushden Industrial Co-operative Society LIMITED.
ALL PREVIOUS RULES RESCINDED.
(a) The rules hereto annexed, entitled "General Rules for an Industrial and Provident Society (Form 5)" and numbered 1 to 142, shall be the rules of this society, subject to the Special Rules thereof.
(b) The rules next following, numbered I. to XIX. are the Special Rules of the society, to which the General Rules therein referred to are respectfully subject, and the interpretation clause thereof applies.
THE SPECIAL RULES OF THE SOCIETY
I. General Rule 3.The Name of tin's society is the RtrsHDBN INDUSTRIAL CO-OPEEATIVE SOCIETY LIMITED.
II. General Rule 4.The Registered Office of the Society shall be at its stores in High Street, Rusbden, in the county of Northampton.
III. General Rules 2 (9), 7, 8, 69, 73, 87.The Society shall consist of the present members, and of all other such persons as may be admitted by the committee from time to time. The provisions as to "special members" shall not apply to this society.
IV. General Rules 8 and 22.Each Individtial Member shall be required to hold two transferable shares, payable at the rate of 6d. per week with a fine of 1s. per quarter on non-payment.
All shares held in excess of the two required to be held shall be withdrawable.
V. General Rule 26.The Interest and dividends payable
(1) Upon the share capital held by any member,
(2) Upon any purchases made by him, to the amount of 6s. 6d. per quarter, shall be applied in payment of the two transferable shares required to be held, and any balance may then be paid to him.
VI. General Rules 11, 38, and 67.Joint Share-holding by individual members shall not be permitted, but corporate bodies, trade unions, and other bodies may hold shares in the names of two or more appointed persons.
VII. General Rule 69.The Ordinary Business meetings of the society shall be held on the last Tuesday in the months of January, April, July, and October, in each year, and at such hours as the committee may
VIII. General Rules 87, 90, 104, 105, 106.The Committee of management shall consist of a president and eight committee-men who shall be elected by ballot, which shall be taken in such manner and at such times and places as the committee may from time to time direct. The office of treasurer is abolished. The secretary shall be appointed and removed by the committee of management who shall fix his duties in addition to those mentioned in Rule 105 and his remuneration.
No member shall be eligible to act on any committee in connection with the society, whose membership is for a period less than twelve months, and whose purchases, if a married person, do not exceed £30 per half year, and if a single person or a widow or widower, do not exceed £1.3 per half year. Where husband and wife are both members the joint purchases shall be taken to be the purchases of either.
No person shall be eligible to serve as president who has not previously served on the committee for two years.
Nominations for the general committee shall be made in writing and handed to the secretary at least 24 hours before the meeting; prior to that at which voting is to take place.
The retiring age of all committee members shall be 65 years, except that committee members of 65 years a lid over in office at the time when this rule is registered shall retire on reaching the age of 70 years. A committee-man reaching the retiring age shall retire at the quarterly meeting following his retiring birthday.
IX. General Rule 92.All employees of the society -hall be members of a Trade Union, and all permanent employees shall be members of their appropriate Trade Union.
X. General Rule 110.The Business of the society shall be conducted as far as possible for ready-money, but credit may be allowed at the discretion of the committee.
XI. General Rule 112.All Payments for sums exceeding £30 shall be made by cheques.
XII. General Rule 131 (1).Motors and Rolling Stock shall be depreciated at the rate of not less than 20 per cent per annum.
XIII. General Rule 131 (5).The Amount to beallocated in the Educational Fund shall be 1s. Per member per annum.
XIV. GeneralRule 131 (8) (c).This Rule shall not apply to the society.
XV. General Rule 131 (8).The Committee of management may allocate such sums as may be determined from time to time for the issue of bonus vouchers, which shall be subject to such regulations rind conditions of exchange as the committee of management decide.
XVI. General Rule 131 (11).All Dividends and Interest not withdrawn at the time appointed by the committee shall be added to share capital, and shall be subject to the same consitions as apply to all other shares of the Society.
XVII. General Tule 131.The Society shall have power to establish a pension or superannuation fund for the benefit of its employees, and to make contributions thereto and to enter into a trust deed for this purpose, and act as trustee to the fund. It shall act as such trustee through its committee of management.
XVIII. General Rule 132.The Educational Fund shall be administered by a special committee of 10 persons, four of whom shall be appointed by the members at the ordinary business meetings, two appointed by the committee of management, two appointed by the Women's Co-operative Guild, and two appointed by the employees of the society. This committee shall appoint a secretary who may be any member of the society.
XIX. General Rule 32.Building and Mortgage Department, Clauses (1) to (25).
(1) The committee may, subject only to such restrictions and limitations as shall from time to time be imposed by resolution of the members at a quarterly meeting, purchase or mortgage any land, with or without buildings thereon, and may build or erect any houses, cottages, or other , buildings, whether for the purposes of the society or not, and may dispose of, sell, mortgage, convey, or re-convey, to members of the society or other persons, any lands or buildings for the time being held by the society, and appropriate to the use of the society any moneys received in respect of such lands or buildings; but no committee-man shall vote on any question in which his individual interests are specially concerned.
The committee may also obtain advances from the society's bankers, for such period on such conditions, and at such interest as the business of the society may require, and may give continuing security therefor by mortgage, legal or equitable, of the society's property and effects or property mortgaged to the society, always provided that the interest payable upon any loan or loans contracted under this rule shall not exceed £5 per cent per annum, and that the total amount borrowed shall not exceed £100.000.
(2) The committee may, subject to the restrictions and limitations hereinbefore mentioned advance any moneys out of the society's finds to members of the society on the security of lands or buildings, subject to such rate of repayment and at such rate of interest as is hereafter mentioned, but no such advance shall in any case exceed 85 per cent of the ascertained value of the security given; no advance shall at any time be made upon the security of any property that shall be subject to any previous mortgage.
(3) Any member desirous of receiving an advance from the society shall fill up and sign an application paper or schedule in such form as the committee shall from time to time prescribe, comprising full particulars of the situation, tenure, and description of the property proposed to be mortgaged to the society, and stating the amount required to be borrowed; and such application paper or schedule shall, together with such plans, specifications, or other documents as shall from time to time be required by the committee, be given to the secretary, who shall deliver the same to the surveyor appointed by the committee, to survey the property who shall examine the property in case it is built, and if not built shall examine the intended site thereof, and the plans and specifications for the erection thereof, and report thereon to the committee in such form as they may prescribe.
(4) The fees to be paid to the society for the examination and survey of all properties offered as security to the society for examining plans and specifications and estimating the cost of proposed buildings, for making a block plan (if necessary) thereof, and furnishing the committee with a valuation, shall be prepaid by the member applying for the advance, and shall be according to the following scale, viz.:
When the property is situated at a distance of more than two miles from the registered office of the society, the society shall be paid all expenses incurred by the surveyor, and such additional fee for extra time as the committee may think reasonable. A further charge of two shillings and sixpence shall also be paid for each subsequent inspection of buildings in course of erection and for reporting thereon, or such other sum as the committee may prescribe.
(5) All legal and other expenses incurred in the mortgage of any property to the society as security shall be paid by the member immediately such mortgage is made. The scale of charges to be ascertained from the secretary.
(6) If any member of the society before applying for an advance shall be desirous of ascertaining what sum the committee are willing to lend upon any property, notice shall be given to the secretary in manner before mentioned, and the surveyor shall inspect the said property and make his report thereon, after which the committee shall make known to the said person the sum they will advance thereon, on the conditions herein contained, and the person on whose behalf the inspection and valuation has been made shall pay all the expenses thereof, whether a loan be effected or not.
(7) In the case of any building in course of erection, the member shall be entitled to receive a proportionate part of the advance agreed upon when the said building shall have been raised to the height of the first floor; a proportionate part thereof when the building shall have beer; covered in or fully slated, and the remaining portion when the said building shall be completed according to the plans and specifications thereof, and to the satisfaction and approval of the society’s surveyor; but 5 per cent of the last draw shall be retained for a period of three months after completion of the building to provide for contingencies.
(8) The committee shall have power to make a second advance on the same property to any member, provided that such advance shall not raise the total amount borrowed to more than 85 per cent of the ascertained value at the time of the second advance.
(9) Interest shall be charged at such rate as the committee may from time to time decide on all sums advanced by the society, and shall be calculated on the balance due to the society at the end of each calendar month.
(10) An account book, in which all deposits, contributions, fines, &c., shall be entered, shall be supplied to each member on whose behalf an advance has been made.
(11) All advances shall be repayable by weekly, monthly, or quarterly instalments, as may be arranged, the repayment to commence from the date of the advance. The member may pay more than such rate if he choose, and may cease to pay until such prepayments are exhausted.
(12) Should a member, owing to distress or inability, at any time be unable to make his repayments according to agreement, he shall be allowed exemption for any period of time at the discretion of the directors, and shall pay to the society during the period of his suspension interest at the rate of not exceeding 4¾ per cent per annum on the amount of his debt at the time of his suspension, and at the expiration of such period of suspension the member shall resume his re-payment as though no suspension had taken place.
(13) In addition to his ordinary repayments, each member shall pay all rates and taxes, tithe, ground rent, or other charges to which the property on which an advance has been made may be liable, the receipts for which must be produced when requested by the committee.
(14) Any member having neglected to pay the instalments due in accordance with the provisions of the foregoing rules and not being entitled to exemption, shall be fined for such neglect the sum of sixpence for every pound sterling, or part of a pound due on such instalments at the end of a quarter, which fine shall be enforced and added to such member's account, and considered a debt due to the society by the member personally. In the event of any member being in arrears with the payment of instalments for twelve months, the society may at once take possession of the property.
(15) In the event of any member failing to comply with any or all of the agreements entered into between him and the society relating to the mortgaged property or the mortgaged debt, the committee shall have power to evict such member and take immediate possession of his property and dispose of the same by public auction, private contract, or otherwise as the committee may deem advisable; and any cost thereby incurred shall lie added to the member's account with the society. Should a member be evicted under the powers aforesaid, and the property taken over does not realise the amount in which the said member is indebted, including all interest and fines due to the society, the difference between the amount so realised and the amount owing shall be a debt due from the said member to the society, recoverable by ordinary process of law; but should the amount realised be more than the amount owing, the balance after deducting the cost of putting the property in repair before such disposal as aforesaid, and any other charges that may have been incurred, shall be paid to such member without interest within six calendar months of his eviction
(19) When all the money secured by the mortgage (with all interest thereon) has been fully paid, the committee shall, at the expense of the member, cause an endorsement of release to be made upon the deeds, as provided by the Industrial and Provident Societies Act, 1893, sec. 43, or by the Law of Property Act, 1925.
(20) The member to whom an advance has been made shall keep the property in proper repair to the satisfaction of the committee, and shall not carry on any trade, or make any alteration therein, without having first received the permission of the committee in writing; the society to have the right of entry for inspection.
(21) All properties upon which the society has advanced or agreed to advance any money under the.re rules shall be insured in the name of the society. The cost of such insurance shall be repaid to the society (at such times as the committee may appoint) by the respective borrowers, who, in default thereof, shall be liable for the amount of the insurance as for an equal amount of subscription in arrears. The policy, and all receipts for payment of the annual premiums, shall be deposited with the society.
(22) When any transaction is entered into between the society and any person, and the society shall deem it necessary or expedient to grant or accept a conveyance, surrender, mortgage, transfer, agreement, bond, or other instrument for rendering such transaction valid and effectual, the society may enter into any such assurance, and it shall be in such form, and contain such clauses, conditions, and provisions as the committee may from time to time determine.
(23) Should a member to whom an advance has been made allow his share capital in the society capital to accumulate while any portion of the advance remains unpaid, the committee shall have the power to apply such share capital above £20 towards the repayment of the advance.
(24) Should a dispute arise between the society and any member to whom an advance has been made, it shall be settled by arbitration, as prescribed by the society's rule.
(25) The society shall hold itself responsible for the safe custody of all deeds.
E. A. SUGARS, J. H. PARAGEEEN, A. DRAGE Three Members of the Society.
WM. E. HIGHAM, Secretary.
Reg. No., 2,050 R, N'hants. Complete Amendment
Acknowledgment of Registry of Amendment of Rules.
The foregoing Amendment of the Rules of the RUSHDEN INDUSTRIAL CO-OPERATIVE SOCIETY LIMITED is registered under the Industrial and Provident Societies Act, 1893, this 29th day of July, 1947.
Copy kept. - B. K. W.
Note: By 1957 Industrial was dropped from the name and it became Rushden Co-operative Society Limited. Several rules were partially amended.