The Constitution of the Society is such that the general body of its members hold the directing power. The Board of Business Directors is elected by it, and their powers and duties, as well as those of the officers, are clearly defined by the laws and rules of the Institute, which are in strict conformity with the elaborate requirements of the Friendly Societies' Act (14th and 15th Victoria, chap. 115.).
The Qualification of Membership is authorship in some shape, but a large and liberal will be the most just interpretation of the term. As close a definition as can be given perhaps is, that it intends to include all who use the pen with an intellectual aim, women as well as men. The printed forms (which can be had on application) will show more minutely what is required to constitute membership.
REVENUE.
The distinguishing feature of the Institute is its applying the principle of Life Assurance in all its transactions.
The Subscriptions of the Honorary Subscribers are applied to an Assurance of the Life of the Donors.
For instance,—The Right Honourable Benjamin Disraeli, Esq., sends a Donation of Twenty-five Pounds, which is immediately invested on an Assurance on his life, and will ultimately produce to the Institute an Endowment of 42l. Or to take another instance,—The Right Hon. Lord Viscount Goderich subscribes Two Guineas per year, which is invested in like manner on an Assurance on his life, and will ultimately Endow the Institute with 100l. And thus the Honorary Subscriptions, instead of being spent as soon as received, are made to form a Capital Fund, which will be ultimately available, as the Lives fall in, to the Provident Members and Participating Subscribers.
The application of the subscriptions of the Honorary Members to assuring their lives, has these advantages:—It tends to create a large capital fund—It enables the Honorary subscribers to see that the undertaking is successful, before their money is expended—It transforms such subscriptions from being an alms-giving for personal purposes, into an Endowment for the general benefit of Literature—It is not like most alms subscriptions to go in casual relief, but to produce a permanent result; such as the foundation of a Hall and chambers, and ultimately the complete organisation of Literature as a recognised profession; to endow permanent annuities, and otherwise aid Literature by succouring Authors.
By this arrangement a very strong inducement is given to the Working Literary Men to subscribe to this Institute and Society beyond all others: as they will not only have all the benefits and profits arising from their own subscriptions, but participate in the Capital Fund, which, there can be no doubt, will be augmented by Donations, Legacies, and Endowments. There is also the special advantage peculiar to such an Institution, of NOMINATING A WIFE OR CHILD to receive immediately the Amount ASSURED at decease IRRESPECTIVE OF ALL OTHER CLAIMS.
The Subscriptions of the Participating Class are as follows:—
One Guinea must be subscribed by every member, which goes towards the expenses of the Institute and the support of the Philanthropic Fund. For this he is entitled to be a candidate for assistance from the Philanthropic Fund; has a Vote at all the General Meetings of the Institute; and will be entitled to certain benefits from the Education and Protective Branches of the Institute when they are brought into operation.