Feilding Building Society

Feilding Star, Volume VII, Issue 5, 23 June 1885, Page 2

Feilding Building Society

A meeting of persons interested in the formation of the Feilding Mutual Building and Investment Society was held in the Foresters' Hall last evening for the purpose of receiving the report of the provisional directorate. Mr J. C. Thompson, Chairman of the directorate, was voted to the chair, and introduced tho business by calling upon Mr Hill to read the report, which was as follows : — BEPOBT OF PROVISIONAL DIRECTORS. Tour Directors have to report that having fully considered the question of forming a local Building Society, and the basis upon which such society should be worked, and as the outcome of their deliberations beg to submit the following statements and recommendations : — (1.) The Directors are fully convinced that is is essential to the prosperity of the town such a soeiety be formed, and its success is assured, numerous offers of support having already been promised. f_2.) That the society be Permanent. (3.) That the objects of the society be (a) To .afford its. members a safe and profitable investment fer money. (bATo assist its members to acquire freenold property, (c) To enable persons possessed of land to erect buildings thereon, (d) To grant loans on freehold or leasehold properties, (e) To grant loans to members on the security of their shares, (f) To receive money on deposit. (4.) That the value of investing shares be £50. (5.) That the monthly subscription be 5s per share. (6.) That the value of capital shares be .£lO. (7.) That the entrance fee be 2s 6d per share for the Ist share, and ls per share for each additional share. (8.) That the society be managed by a Board of Directors, eight in number, four to retire annually. ' ' (9;) That with the object 7of niaking the institution popular with borrowers on rural and town property, the directors are ef opinion that no commission should be charged. Further, that the valuation fees be fixed at a low rate, or similar to those of the Marlborough Building Society. (10.) That members be allowed to withdraw investing shares after the expiration of the lßt year, by giving three months' notice thereof, and that they receive profits calculated from the end of the Ist year ; the directors to reserve to themselves the right of limiting the total amount to be withdrawn during any given period. (11.) That interest be allowed on capital and investment shares at the rate of 7 per. cent, per annum, to which amount the annual profits shall be added. (12.) That members have the power of transferring capital and investment shares on paying 2s 6d per share. (13.) That the scale of fines be similar to those of the Manawatu Building Society, these having been found somewhat lighter than fines adopted by many other colonial societies. (14.) That in making advances, the applications for leans be considered in the order in which they are received. (15.) That the scale of monthly repayments extend over a period of at least ten years, (16.) That the preliminary expenses which would be incurred in floating a society such as that now contemplated would be comparatively small, and probably will not exceed £25. (17.) That an immediate canvass for shares be made, and such other arrangements entered into for forming the proposed society as the directors may deem necessary. J. C. Thompson, Chairman. The chairman remarked that the report had been very carefully prepared, and was founded on the basis of the rules and reports of several Building Societies, which had been very successful. The report as read was adopted. Mr Curtis proposed, and Mr Sandilands seconded,. that Messrs Wright, Hill, Pope and Watts be appointed canvassers for shares. — Carried. Mr Kirton proposed, and Mr Wright seconded, that the provisional directors be requested' to continue their duties until the legal directorate be elected. — Carried. It was resolved that the canvassing committee bring up their report that night fortnight, at the same hour and place. A vote of thanks to the chairman concluded the meeting.