PERMANENT INVESTMENT AND LOAN ASSOCIATION OF CANTERBURY.

Globe, Volume VIII, Issue 1092, 29 December 1877, Page 2

PERMANENT INVESTMENT AND LOAN ASSOCIATION OF CANTERBURY.

A special general meeting of the above association was held last evening, at Mr Chas. Clark’s rooms ; Mr R. Wilkin, chairman of the Board of Directors, presided. There was a large attendance of shareholders. The Chairman explained that the meeting had been called for the purpose of passing the rules, with amendments, as proposed by the directors consequent upon the association having been brought under the provisions of the Building Societies’ Act, 1876. As copies of the rules had been forwarded to each shareholder there would be no necessity to read them.

Mr Stevens, after a few remarks, moved a resolution approving of the rules as submitted, and adopting them as the rules of the association.

Mr Wright seconded the motion. Mr McConnell pointed out that some portions of the rules did not conform with the Act, and moved as an amendment —“ That the rules proposed to be adopted bo not adopted in their present form.” The amendment was seconded, pro forma, by Mr L. Harper, who sUuded to the want of

provision in the new rules for the appointment of directors in the first instance. Mr Turner said that the old rules had been incorporated in the new rules. After a long discussion of a technical nature, the resolution and amendment were withdrawn by the wish of the meeting. Mr Turner moved as follows : —“ That this meeting approves and adopts as the rules of the association those now submitted by the directors, and of which a copy has been sent to the address of each shareholder in terms of the Building Societies Act, 1876, with the insertion of the following words under rule 5 —‘That the directors whose names are prefixed hereto shall continue to be directors of this association, subject to retirement as hereinafter provided for.’ That to rule 14 the following words be added —‘The profits on A shares shall bepaid annually.’ That the meetings referred to in rule 6 may be convened by a written memorial to the chairman, signed by shareholders representing in the aggregate £IO,OOO paid up. That on page 5 the blank annual allowance to directors shall be filled up with £3OO. That the following clause be inserted in rule 12 :— * A shares shall not be withdrawn.’ That in rule 7, as to mode of voting, the proxies shall be appointed by writing, and be held by shareholders only. That in rule 18 the provision as to advances on B shares be struck out, and the following words inserted in lieu thereof :— ‘ That, no advances shall be made on A shares.’ That the profits on A shares shall be paid annually; and that these rules shall take effect on Ist January, 1878.” Mr Mitchell seconded the resolution, which was agreed to. On the motion of Mr McConnell, it was decided that the securities to be taken from each officer of the society should be fixed by the directors. In reply to a question, Mr Turner said that the capital shares ought immediately after issue to command a premium of from 12 to 14 per cent. The Chairman said the meeting would be pleased to hear that Herdson’s property had been sold, and brought £1460. The outside expenses would not be more than £IOO, which would give over £I3OO for the benefit of shareholders. [Applause.] This concluded the business of the meeting.