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That the number of Shareholders be limited to 224, and that the Holder of every Share do subscribe the sum of Two Pounds annually.
That every Holder of a Share do sign his assent to the Rules; but that he shall not be admitted to the use of the Institution until he shall have been approved of by the Committee, with a right of appeal to a Special General Meeting, to be called, on his request, by the Committee, if his admission be objected to.
That the Dean and Chapter of Exeter be Special Proprietors, by the payment of Four Subscriptions annually, and Two Pounds on the election of any new Member into their body; but that each Member be considered a Proprietor only while resident in Exeter, and that not more than Four do vote.
That the Property be vested in Six Trustees, appointed by the Proprietors at a General Meeting, and, when reduced to Three, that the vacancies be filled up at the next General Meeting.
That it be not lawful for the Shareholders of this Institution to make any dividend, gift, division, or bonus in money, unto or between any of its Members.
That Shareholders have equal rights in the Institution; that Shares may be transferred, or bequeathed as personal property; that each person becoming a Proprietor do pay on admission-by Transfer, Five Pounds-by Succession, Two Pounds.
That the Executors, or Administrators, of a Proprietor who has not bequeathed his Share, be bound to nominate a Successor, subject to the provision of Rule II. In the event of a neglect to nominate within twelve months, that the Committee may declare the Share unappropriated, and order its Sale for the benefit of the Society.
That Subscriptions be due on the 24th of June annually. That if a Proprietor neglect to pay his Subscription within three months from that date, (having been reminded by Letter from the Librarian, or Secretary) he be deprived of any use of the Institution until it be paid; that if he omit to pay his Subscription for two years, notice having been given him at least six months before the expiration of the second year, or of any subsequent year, he shall forfeit his Share for the benefit of the Society.
That any Person resident with a Proprietor may have access to the Rooms, by paying (if he be the Son of such Proprietor) on admission One Pound, and One Pound annually; and paying (if he be not such Son) on admission Two Pounds, and Two Pounds annually subject to the provision of Rule II. as to approval. The