The constitution of these bodies, which can, of course, be described only in broad outline here, is somewhat startling.

They have no subscribed capital, but every member is liable for the entire debts of the association.

Consequently the association takes good care to admit men of approved character and capacity only.

It starts by borrowing a sum of money on the joint and several security of its members.

A member wishing to borrow from the association is not required to give tangible security, but must bring two sureties.