MANAWATU BUILDING SOCIETY

Chronicle (Levin), 24 July 1947, Page 6

MANAWATU BUILDING SOCIETY

In the unavoidable ^bdcncc- of! ;MrV G. B-. :(Jopb:-'(cJiairuian);' Mr, G. I. McGregor was voted to j the chair at the annual meeting of the Manawatu Cooperative . Burlding Society. There were 20 shareholders present. The report and balance slieet showcd free of interest loans totalling £343,455. The chairman said that the society had now cotnpleted 24 years of successful opera tion aud the success already achieved in the management was an assurance of efficiency and safety for the future. Five groups of 1000 shares each were uovv iu the course of tcrmiuatiou. Eleveu groups had been commenced and conducted successfully enabling hundreds of shareholders to purchase homes with the society 's cheap loans. Slection of directors: Messrs. G. B. Cope and G. I. McGregor were reeleeted unopposed; auditor, Mr. B. W. Priest. Votes of thanks were passed to the board of directors, society 's soiicitors, auditor and secretaries and their staff. Appropriations as follow were then decided:— No. 6 group (ballot), A. F. Mason, Hukanui, £100; F. W. Mason, Hukanui, £100. 0. P. . Gray, Otaki, £500. No. 7 Group (teuder): £500, £15 10s per £100. No. 8 Group (tender) £500, £15 per £100. No. 9 group (tender): £500, £10 per £100. No. 10 Group (ballot): Miss K. S. Galbrailh, Palmerston North, £500; M.?s B. J. Galpin, Levin, £500. No. 11 Group (tender): £1000, £10 per £100. At a meeting of the board of directors heid subsequently, Mr. W. E. Ward was elected chairman for the ensuing year. A loan free of interest for £G0U was approved in No. 6 Group, and a loan of *£800 was also approved in No. 8 Group, The chairman reinarked that 800 shares had now been allotted •in the new group, No. 11, and 1000 was the limit.