Proposed Building Society

Feilding Star, Volume XV, Issue 19, 22 July 1893, Page 2

Proposed Building Society

: i&. lifeeting was held last night at th^\ Fore^fa.! Hall to receive the report of the <ojpmmittee appointed to draw up a scheme for the formation of a Building Society in Feilding. Mr E. Goodbehere was voted to the chair, and in opening the proceedings stated that the Committee had gone fully into the subject, the results of their efforts being seen in the appended report, which he then proceeded to read. The Chairman then said that it would be^equisitethatiiotn^fiinlJeman present should move the adoption of the report. /. » ■ /. i Mr Bastings said he expected to have seen a larger .meeting^^iftta^ had been very bountiful, and had done much for the people of Feilding, but it seemed to him that they were rather apathetic in taking these matters up. He had much pleasure iu»n£Ojring4jhe adoption of J •; &eirHpo&,l* tfnd . Inat power be given to the provisional Directors appointed that evening, to modify any rules which they might think necessary. : ;; ,-; Mr Kir ton, in rising to second the motion, remarked that he was sure tjhe Society would be a great success, and that the public Were perfectly satisfied with the Committee appointed. '....,';. . l ' I The motion was carried unanimously* ; ■ :! // f\/;.r Mr Bastings proposed, and Mr Sandilarids seconded, That'&fcr Wil- ' Ham Bailey b* elected President of the Society—Carried. The next question' Was the appointment of seven provisional Directors; ! Messrs Walter Bailey j Cart, Barfaud, " Bastings, Cooper, Kirton, Matheson, and Allen were proposed; arid on a ballot being taken, the first seven gentlemen were duly elected as provisional Directors for twelve months from the date of the registration of the SSociety„..:.■. „..:.■ A large number of shares were; taken up by the gentlemen present,' bo that tho success of the Society is assured. , A cordial vote of thanks to Mr E. Goodbehere for presiding, concluded a most satisfactory meeting. MEPORT OF COMMITTEE. , Your committee report as follows: ! —That the operations of the Society be of a permanent nature, and that it be styled "The Feilding Permanent, Building and InvestmentSSociety,l" 1 its object being: I. To provide for its members the means of investment (a) by monthly instalments, they alldwing their payments to accumulate at interest and profit, until each subscribed share shall be of the value of LSO ; (6) by capital shares of L 5 each, payable as follows: Ll on application, LI 09 allotment, and the balance by calk, of Ll per share, at intervals of not less than three months, or the full amount may be paid up at once at the option of the shareholder. 11. To grant loans of money to members and others, upon security of freehold property, they repaying the sums borrowed wifti interest thereon by monthly payments extending over a series of years from one to fourteen, ; at the option of borrowers, and .a,<K * cording to tables. ! ' v IIL By taking up money,on in-* 4 terest, and repayable either at call or at fixed periods to the extent allowed by "The Building Societies Act." The question of capital is one which '; has been carefully considered by your Committee, who have unanimously agreed to recommend that the nominal capital of the Society be Llo,ooo. A- ; set of rules have, been adopted, and are attached to this report. It is proposed that both ,capitaT;and invest, ment shares shall bear interest at the rate of 7 per cent, per annum, provided the profits of the yeir will admit thereof, and after provision of interest on A and B shares l, the'pro- , fit to be rateably divided as provided jby the rules. It is not proposed to : pay interest on investment snares for " the first twelve months. The payment on an .investment!share is $n*oposed to be as follows; 5s on each share per month! in addition to ?s 6d; entrance fee on each share and Is per share additional on entrance, and once i in each succeeding ye« in advance * for working expenses,. ' ' The number of Directors as recommended by your Committee js seten,' and, the qualification for such office is that he hold twenty capital shares, or four investment shares. •,: . : The provisional Directors should be appointed at this meeting. By the suggested rules, the appointment of manager, solicitor, and bankers is left in the hands of the Directors. , '^ That there is a grand opening for a society of this kind in Feilding is , without doubt, and we are of opinion j: that the shares will be eagerly taken *' UP- t E. J.Ajjjsn, , I Chairman of Committee. After the general meeting, a meet- " ing of the ProvisionaL Director* was ; held, when some formal business wais transacted. • ■.'./• Tho following, appointments, yer.e made :—Manager and secretary^' Mr E. Goodhehere; bankers, Colonial „■ < Bank ; auditor, Mr H. L. Shenrillv ,v The meeting adjourned until Monday next at Mr Goodbohere's office. '»