Rule 3, ‘That all repayments of amounts drawn out over and above a member’s own subscription be made within eight weeks.’
Rule 4, ‘That every member before drawing out money must pledge his word that the circumstances are urgent. Such urgent circumstances must be taken to mean the entire lack of money on the borrower’s part, and the immediate necessity for a loan. Urgent circumstances do not include the need of theatre tickets, bouquets, suppers, payments of accounts before a solicitor’s letter has been received, or payment to any tailor or photographer.’
Rule 5, ‘That no money be borrowed during the first two weeks of term, and that no member who has failed to make repayment within eight weeks may avail himself of the privileges of membership until such repayment be made.’
Rule 6, ‘That in the event of all funds being exhausted before the last week of term, the Treasurer—who shall be elected terminally—shall call a meeting to announce the fact.’
Rule 7, ‘That any money left over—’
‘We can dispense with that rule,’ remarked Squiff, ‘there never will be any money left over.’
‘That’s all I’ve got down,’ said Reggie, ‘discussion may now commence.’
‘Supposing,’ remarked the Pilot, who is always ready with an objection, ‘supposing that the Treasurer himself borrows all the available funds at the beginning of the third week, or that he goes away leaving the money locked up, what is to happen?’
‘I propose rule seven,’ said Squiff. ‘The Treasurer to be unable to borrow without consulting two members, and in case of absence to appoint a deputy.’