PERMANENT INVESTMENT ASSOCIATION.

Globe, Volume VIII, Issue 1055, 14 November 1877, Page 3

PERMANENT INVESTMENT ASSOCIATION.

A general meeting of members of the Permanent Investment and Loan Association of Canterbury was held last evening in Mr Charles Clark’s rooms, for the purpose of considering a preliminary proposal to incorporate the association under the provisions of the Building Societies Act, 1876, and to mthoriso an application to the Registrar of •Joint Stock Companies for a certificate of incorporation in that behalf. Mr R. Wilkin, chairman of the board of directors, presided, and there was a moderate attendance. The chairman stated the purpose of the meeting, and Mr F, J. Garrick, solicitor to tire association, explained the alteration which it was intended to make in its constitution by bringing it under the new Act, and read the clause giving power to issue permanent shares. The association would thus be enabled to receive the benefit of incorporation under the Act of 1876, and be enabled to work as an ordinary corporation. If the meeting approved of the proposed course a future meeting would have to be called, for which seven days’ notice must bo given, and the intended all orations stated therein. He personally had a large interest in the association, and as a shareholder would move—- “ That it is expedient to incorporate the Permanent Investment Loan Association of Canterbury under the provision of the Building Societies’ Act, 1876 ; and that this meeting authorises the Board of directors of the said association to apply to the Registrar of Joint Stock Companies at Christchurch, or other lawful authority in that behalf, for a certificate of incorporation under the above mentioned Act.” Mr W. R. Mitchell seconded the resolution. In reply to a shareholder, the chairman said the proposed course would in no way affect the shareholders regarding their money in the association. Mr Lewis, manager, explained that it was not competent for the association at present to hold any capital. Under the new Act shares could be issued, and it was the intention of the directors to raise £SOOO capital on fixed shares of £lO each, for which debentures would be given, which would be negotiable in the market, A dividend would be paid on these every half year, and an additional bonus at the end of the year in proportion to tho profits. It was not the intention of the directors at present to go outside the shareholders with these paid up shares. It was not intended to convert permanent shares. By the course proposed the association would be able to extend their operations. In reply to Mr McConnell, Mr Garrick said there was nothing in the rules of the association to conflict with tho provisions of tho new Act. Mr Garrick also stated that the estates would simply pass from Mr Hart as trustee to the corporation. In reply to a member, tho chairman said it would not bo compulsory for a shareholder to take up any of the £lO shares. The shareholders might go on paying up as at present. The resolution was then put and carried unanimously. In reply to a shareholder the chairman said he was glad to inform him that all Herdson’s available property had been attached, and a thousand pounds and perhaps one or two hundred pounds more would be paid into the defalcations account. The chairman said that the services of the trustees had never been recognised by the association, and it was probable that at the next meeting the directors would bring this matter before the shareholders. The meeting then ad journod.