PERMANENT INVESTMENT AND LOAN ASSOCIATION.

Globe, Volume IV, Issue 324, 26 June 1875, Page 2

PERMANENT INVESTMENT AND LOAN ASSOCIATION.

A special general meeting of the shareholders of the above association was held at Mr C. Clark’s auction rooms last evening; Mr W. H. Lane, the chairman of the Board of Directors, occupied the chair. The minutes of last general meeting were read by the acting manager (Mr J. H. Herdson), and confirmed. The chairman said that the meeting had been called in compliance with a requisition from certain shareholders to consider the addition of certain rules to the rules of the association.

The requisition having been read by Mr Herdson, The chairman said it was necessary that resolutions embodying the proposed changes should be proposed by some shareholder. He might say that the change was rendered necessary on account of the increased value of money. Under the old tables the directors would not be able to lend out money at a profit to the association, but by the plan now proposed, the directors could do so. They must recollect that the association could not withdraw from their contract of lending the money until the end of the term, but that the borrower could, before the terra concluded, go into the market and borrow at a lower rate. He might say that the directors would only take this power as a discretionary one, and when circumstances warranted, they would return to the old rate. Mr G. Booth moved—“ That Table C and subjoined Tables E and G shall henceforth form part of the rules of the Permanent Investment and Loan Association of Can* terbury.”

Mr C. R. Blakiston seconded the motion.

In reply to a question from a shareholder, the chairman said that the old rate was 8 per cent. The motion was agreed to.

MrG. Booth then moved, “That any applicant for a loan upon mortgage shall, in addition to the matters required by the existing rules of the said Association to be set forth in the schedule to the application to be given to the manager of the said Association by such applicant, state under which class of the respective Tables G, E, or G he desires to repay the said loan, and that on the granting of any loan the repayment thereof may be made in instalments in accordance with either of the said Tables, as shall be agreed upon between such applicant and the Board of Directors of the said Association. And that all existing Rules and Regulations of the said Association shall apply, and all, mortgages which may hereafter be given by

any borrower from the said Associaion shall bo framed and made applicable in all respects, to loans repayable under any of the said Tables C, B, or G.” Mr R. Wilkin seconded the motion, which was agreed to. Tables B and G, with the explantory tables F and H, were then, on the motion of Mr Blakiston, put to the meeting, and agreed to. The certificate of carrying of the resolu. tions, for transmission to the revising barrister, having been signed by the shareholders present, the meeting terminated.