Societies, in England, where the members commence their monthly contributions on a particular day, and continue to pay them until the realization of shares to a given amount for each member, by the advance of the capital of the society to such members as required it, and the payment of interest as well as principal by them, so as to insure such realization within a given peri- od of years. They have been almost superseded by permanent building societies. Wharton.
Black’s Law Online Dictionary
