Year: 1867

ceedings Of the Metropolitan Police Force in
reference to the organization Of Cooperative
Building Association. The committee ap-
pointed at m, citing, q short time since, and
charged with the duty, have carefully exam
ined most OF the schemes now in Washington
and vicinity. They say they have been unable
They are oelieved to be peculiarly harsh upon
the borrower, which In turn operates, Of course,
to the benefit and advantage OF Inc lender; and
such are those who bid high or buy out In as
sociations generally, while those who purchase
no favors become the real lenders and receive
the greater benefits. BY all those plans values
are forced to accumulate rap1diy-too rapidly
Endeavoring to profit by the plans of the
various building associations and the
cooperative principle adopted In New York,
and aided still more by an examinattsp of the
scheme Of the new cooperative association
here, the committee have presentedSA plan
which they believe to be far superior to any
yet named or known to be in operation IN this
Vicinity 1t not only prov iaes good invest
out either the risks or hardshlps attending the
workings Of the old plans, provides easy and
safe means for the acquisition OF properly or
home. The proposition requires longer time,
but is attended with so many apparent BEN
eficial results as to appeal to the good sense
and humanity of man.


The association will be known as the Metro.
politan Police cooperative Union, organized
upon the plan which has been sosucceSs full in
England and in New York. Among the pro-
visions OF the constitution are the following:


The members of the Metropolitan Police 90


operative Union shall be composed sxclu-
sively of persons connected with the depart
ment Of metropolitan police, or any one MEM


ber of the family of such person, in bis or ner
own right, by trustee, who is shareholder.
provided there be no legal disc qualification.
But upon the death or disability of any such
member, his heirs or legal representatives shall


be entitled to assume his rights through q
trustee. ..


All persons to become members Of this Union
shall take not less than two 4 or more tnan ten
shares OF one thousand dollars each, upon


which be shall pay an entrance fee of twenty
five cents per share. to be used On account of
expenses under the control of the Board Of Di-
rectors, and subject to the provisions contained


in article eight. The subscription for each
share shall be two dollars and fifty cents lin
bankable fupds) per month, to be paid as here
matter provided. Ii such subscription be not
paid when due fine Of fifty cents per month
shall be added on every share Tor every month
that II shall remain unpaid. But If such fail
ure be caused by reason OF the deah Of or Sc
rious casualty to the owner of theshares thus
dereiict, the same may be RENTED upon the
vote Of u majority OF shareholders at any reg


ular meeting when such IS Pre- ssnted. The
arrears cannot otherwise be received without
the fines, nor can member participate in ap-
priation until all arrears and fines are paid.
ANY member failing to pay his monthly SUBJ
scrIptions and fines for six months shall for
felt all his interest in said Union.


For each and every one thousand dollars
loaned to a shareholder, he shall pay in addi.
ton to the monthly subscription OF two and q
half doliars per share, and resulting fines for
non payment, a premium in monthly install.
ments of ten per centum, or eight dollars and
thiEty-tkree and one third cents per month,
On each share of one thousand dollars thas
loarned.


A member receiving an appropriation and
failing TO pay SAID premium when due or
within one day thereafter, shall forfeit and pay
a fine OF five per cent thereon per month until
paid; and such failure continuing for the term
OF six months shall work forfeiture of the
shares and sureties held thereon. In such case
the failure will be reported to the solicitor,
who will Immediately enter proceedings ON
the deed OF trust or other securities to recover
such loss and forfeItures.


Any member having two or more shares
and NO arrears or fines remaining charged
against him, may have an appropriation OF q
sum equal thereto, bnr not exceeding Eve
shares Of one thousand dollars each, If other
shareholders also de sire loan. All such loans
shall be made TO applicants there for, at the
regular monthly or adjourned meetings in the
presence OF not less than quorum: and il two
or more members desire precedence, they shall
decide such priority by lot Fer such purpose
ested,) hall place In box prepared tor such
object, O number Of tickets OF the same size
equal to the number OF persons thus seeking
an appropriation-one of said tickets only
having written thereon in plain figures the
smallest sum asked to be appropriated.
Whereupon the box and contents shall be
t0OfOQgQly sQdkSn, Wueu tne appllc8QtS. IN
alphabetical order, shall proceed to draw
tberefrom each one ticket, and the member
who shall thus draw the ticket on which the
said figures are written, shall have precedence.


II the successful members reQuisition, in
pursuance OF the Aforesaid limit, 70 greater
than the sum drawn. the funds Of the Union
will be absorbed until the same is filed. But
# there shall stlll be funds in bank, In excess
Of such requisition, equal to one thousand dol
lars, q second drawing may be taken in like
manner. to determine who shall be the next
successful member. The premium shall be
paid from the date Of the drawing, upon SO
much Of the sums drawn as are then in bank,
and that upon any deficit therein, from the
date OF Its payment or deposit in bank. and
subject to use on completion OF securities
thereof


If at any regular meeting Of this Union the
sum OF S2,0O0 or more be r eeived or remain
In bank unappropriated, and NO shareholder
shall apply for the same, 1t shall be disposed
Of by lot in like manner as herein provided in
cases of applicants for precedence, except that
in this case the nance Of all the shareholders
who have not had loan shall be placed in
the box, and the drawing for absentess shall
be made by the president or vice president.
All members who do not attend said meeting
ehall be bound to assent to the proceedings
thus taken. . .EE Il


All loans or appropriations male must be
secured by liens upon real estate Of other nm
incumbered insured property, approved by
the appraisers as ample and sufcient from
which 10 Re alize the whole amount OF such
appropriations, with attendant expenses.
Shareholders having such property may hrve
loans thereon according to the terms hersin
provided. q ,


1t shareholder, having no proper securi-
ties, desires an appropriation to enable him TO
purchase real estate, he may select the prem
ises desired, ascertain the sum and terms at
which 1t may be Obtained. and report the same,
with fee Of s3. to the secretary The same
shall be handed to the chairman OF appraisers,
and majority OF whom shall proceed to ap.
praise the true cash value Of the property SO


eported; and II, in their judgment, the same
be worth the sum demanded. they shall So
duly certify, or il not of such value. they shall
state Its true value. This certificate will be
returned to the secretary, VINO, II the sum de-.
next regular meeting, hand the same to the
presiding officer. The solicitor may In the
meantime, at the cost OF and upon the request
OF such shareholder, eDBmtne ana report upon
the title of such property. II 1t be iound I'M.
incumbered, and such shareholder has prece.
dence therefor, an approprtafaon may be made
equal to the amount required, provided the
terms OF this constitution otherwise allow It.


The solicitor will be required to provide
proper FORMS Of deed to the purchaser, and q
deed of trust from him to the trustees to secure
payment to the Union, as herein provided.
Said trustees will cause 70 be duly executed
and recorded, and return the same, with bill
OF costs therefor, to the secretary, to be fled
But II appropriations be made upon the
OF any shareholder, they Will re-.
and completed. And during the period Of de-.
lay ON account thereof the applicant shall pay
the same monthly premium, or fines, II there
be such. while tt 70 lying In bank that he would
nav n in his possession; such charges TO con.
ttnue until such appropriation be secured or