CHRISTCHURCH, SYDENHAM, AND SUBURBAN BUILDING SOCIETY.

Globe, Volume XXIII, Issue 2244, 11 June 1881, Page 3

CHRISTCHURCH, SYDENHAM, AND SUBURBAN BUILDING SOCIETY.

The second adjourned annual meeting of the above was held in the offices of Mr E. J. T. Ford, last evening, at eight o’clock. There were about sixteen present, Mr W. S. Xing, obsinnan of directors, occupying the chair. An account of the proceedings up to the date of the last general meeting having been read by the manager, Mr Whitelaw, a state* mont was laid before the meeting showing moneys due by borrowers and moneys borrowed by the directors, which demonstrated that, giving credit for the amount of defalcations, the directorate had kept within the limit of the borrowing power prescribed by the rules of the society. A lengthy discussion followed of a rather acrimonious character, in which Mr McOonnel stated his views, which, in brief, were that the defalcations in connection with the management of the society were due to the negligence of the directors; that they (the directors) were liable to the shareholders for the deficit; and that he (Mr McOonnel) intended to test the question, as a shareholder, by way of endeavoring to secure 20a in the & of the money by him invested. The Chairman and Mr Baird pointed out that childish bickering was not calculated to advance the interests of the society, and the former announced (in the which he was fully supported by his colleagues on the directorate) that they were prepared to try the question, maintaining, as they did, that under all the circumstances, they could not bo held in any way responsible for the defalcations disclosed. More was said on the subject of a personal character. After a good deal of discussion pro and con, Mr Baird proposed—“ That a special general meeting of the society be called for the 14tb of July, to consider the most advantageous method of winding up the society, in conformity with the Building Societies Act, 1880, and the rules of the Christchurch, Sydenham, and Suburban Building Society.” The resolution was seconded by Mr Dunbar and carried unanimously. Mr Pearce proposed—“ That the assets as realised be placed to the credit of the society’s trust account in some Bank to be prescribed by the directors, for the purpose of paying the liabilities of the society as prescribed by the Building Societies Act, 1880.” Some discussion of a conversational character ensued, and it was suggested that the directors should consent to state a case to show why they should not bo held liable to the shareholders, Mr McOonnel suggesting that the tribunal to settle the issue was the Supreme Court. [lt should bo stated that the Chairman announced that Messrs Joynt and Perceval had been retained on behalf of the directors]. Eventually the resolution of Mr Pearoo was withdrawn, and after a conversation among the shareholders present, the meeting adjourned till the 14th of July.