MUTUAL BENEFIT BUILDING SOCIETY.

Globe, Volume XXII, Issue 1895, 20 March 1880, Page 4

MUTUAL BENEFIT BUILDING SOCIETY.

A special general meeting of the Mutual Benefit Building and Investment Society of Canterbury was held last night in dee's schoolroom, for the purpose of considering the proposed amendment of rules and the advisability of issuing £lO fully paid up shares.

The secretary haying read the advertisement convening the meeting, it was resolved that the amended rales should be taken as read. The secretary now read the proposed amendments.

The Chairman pointed out the advantages which would be derived from having a paid up capital, which would render it unnecessary to capitalise so many shares. A discussion took place on the advisability of allowing any existing investing member to become a capital shareholder. Mr Seager, referring to rule 17, raised the question of the advisability of allowing investing shareholders to capitalise their shares at once. Mr Booth said they could do so now, but they would lose their interest in the reserve fund.

Mr Seager pointed out that the meeting had no power to make any alterations in the rules without first advertising their intention to do so.

Mr Cunningham said that in the interest of investing shareholders, as it was probable that the present meeting would be adjourned, a modification should be made in rule 17 with regard to the apportionment of surplus profits, as no profit was allowed on a fractional part of a year. The Chairman suggested that a resolution should bo passed to facilitate investing shareholders capitalising their shares. Mr Seager did not think that it was in the power of the meeting-to pass a resolution over-riding the rules of the society, A Member remarked that they had not met to swallow the rules as drawn up, but to consider and amend thorn if necessary. Mr Seager was in favor of adjourning the meeting, and, after advertising their intention of altering the rules, to cal! another meeting to make his proposed alteration. Mi T. B. Craig said the difficulty could not bo met at the present meeting, but it was agreeable to the rules of the society to adopt all the rules as amended, with the exception of the objectionable one, and then adjourn the meeting, and subsequently on the same day call another special one to deal with the obnoxious rule. The Chairman said that the difficulty could be met in that way. The consideration of the other rules was then proceeded with, leaving rule 17 to be dealt with afterwards. The meeting subsequently adjourned until Friday, April 16th, for the further consideration of the proposed new rules.