reason why a housekeeper who wishes an immediate resignation cannot transfer her stock to any but a new member coming in is, that if she transferred it to a member already holding a share, the latter would then have two, and the regulations concerning the amount to be held by each, and the dividends to be declared on the stock, would be impracticable; and one of the first principles of the society, which requires that there shall be an equality among members in their representation by votes, would be overturned.
Article V.—Payments.
Each housekeeper shall pay the sum of £2 (or such sum as the organizing committee may fix) per week, till the payments amount to a share of £20. The first payment shall be made on entering the society.
Article VI.—Balancing Accounts.
A balancing of accounts shall take place four times per annum, on the first Saturday after the end of the quarter.
Article VII.—Distribution of Profits.
The profits, as ascertained on balancing the books, shall be divided into two parts as follows: I. Say 2 per cent. on the amount of all the capital standing to the credit of each housekeeper at the last quarterly settlement shall be credited to such housekeeper's account. If the profits are not large enough to admit of 2 per cent. quarterly (which is of course 8 per cent. per annum) being thus credited, there shall be a credit given of such smaller percentage as will consume the entire profits. II. If, after crediting 2 per cent. on the capital of each housekeeper as ascertained at the last quarterly settlement, any portions of the profits shall remain undisposed of, such remaining portion shall be credited to all the housekeepers in proportion to the amount of each housekeeper's purchases during the quarter in which said profits were accumulated.
Article VIII.—Apportionment of Losses.
If, on balancing the books, loss shall appear to have occurred, it
shall be charged to all the housekeepers equally, and if such charge