MUTUAL BUILDING SOCIETY.

Globe, Volume XXII, Issue 1918, 17 April 1880, Page 3

MUTUAL BUILDING SOCIETY.

A meeting of the Mutual Benefit Building Society was held la3fc night at Gee's Schoolroom. Mr A. Duncan occupied the chair. The Secretary, Mr J. A. Bird, read the alterations proposed to be made in the rules of the society, as advertised for some time past. Mr T. B. Craig apoke as to the proposed alteration of rule 17, which he contended did not show clearly that borrowers up to the present time participated in the profits. He moved—" That after the word ' shares ' in the propos d rule 17 the following be inserted, 'proportionately between the A and B shares and the borrowing Bhares which may be in existence at the time of the coming into force of these rule?, but that borrowing shares which may come into force after the passing of these rules shall not so participate.' " Mr G. Booth seconded the motion pro forma, to bring the matter before the meeting. He thought that the rule was sufficiently explicit. He deaired to point out, however, that the investing members would not be likely to become borrowing members, as after the passing of these rules they would cease to have a share in the profits. Mr W. Harris thought the rule as it stood was perfectly cleai. To alter it now would involve a month's delay and another meeting. The motion was then put and lost. Mr Cunningham moved—" That the meeting approves and adopts as the rules of the society the rules as now brought forward by the directors, a copy of which has been forwarded to each shareholder under the Building Societies Act." Mr Harris seconded the resolution, which was carried with one dissentient. " The Chairman stated that the directors would undertake, if the present shareholders gave notice of their intention to capitalise their shares to reserve enough for them. Tne meeting then terminated.