HAWKE'S BAY PERMANENT BUILDING AND INVESTMENT SOCIETY.

Daily Telegraph (Napier), Issue 3860, 30 November 1883, Page 2

HAWKE'S BAY PERMANENT BUILDING AND INVESTMENT SOCIETY.

A special general meeting of shai'eholders of the Hawko'n Bay Permanent Building and Investment Society was held last evening in the society's oflicc, Mr C. B. Winter in the chair, when it was unanimously resolved to repeal the rule relative to tho reservo fund, and to allot tho sum of £579 7s lid to the shares of the first to thirteenth issues, who were the contributors thereof, tho proportion allotted per share to the several series being as follows:—The first, 18s Gd; second, lGs 9d; third, 15s 2d; fourth, 13s 3d ; fifth, 12a Id; sixth, 10s 7d, seventh, 9s sd; eighth, 8s 3d: ninth, 7s Id j tenth, 5s lid; eleventh, 4s lid; twelfth, ■Is ; thirteenth, 3s. The Chairman stated that it had been found from experience in the working of the socioty that the fund was unnecessary, as a loss of only £5 had been sustained in realising properties in nine years, and any further loss that might accrue could be met out of tho annual profits. As each series of shares had contributed to the fund, their proportion would have to he taken out of it previous to the withdrawal of their shares, which would greatly complicate the accounts, hence another necessity of extinguishing the fund. Tho next matter dealt with was tho termination of the shares of tho first issue, which now amounted to £46 9s 6d, and it was decided to allow the holders of jjha-L series the option of withdrawing that sum\ at once, or remaining in the society till tho' termination of the next financial year. Tho Chairman stated that the shares would amount to £50 in tho course of a few months, but to arrive at their then valuo would necessitate striking another balance. At the annual mooting provision would ho made for dealing with tho shares of tho subsequent issues in tho same way when they wore approaching , maturity. The Charman intimated that at the next annual meeting a proposition would bo made that the rules of the society should bo amended to make the shares of all futu.ro issues £25 each, to be paid out at the termination of six years from date of issue, the monthly subscriptions being the samo as at present, namely, 5s per share.

A vote of thanks to tho committee, tho officers of the society, and to the chair terminated the proceedings.