CO-OPERATIVE FREEHOLD LAND ASSOCIATION.

Globe, Volume XXIII, Issue 2341, 4 October 1881, Page 4

CO-OPERATIVE FREEHOLD LAND ASSOCIATION.

The adjourned mooting of the promoters of the above was hold at the Coffee Palace last evening. Mr H. Wagstoff occupied the ohair, and there was a good attendance. The Chairman having read the advertisement convening the meeting, proceeded to lay before the meeting the report of the provisional committee as follows : That the name be " The Canterbury Co-opera-tive Freehold Land Association." That its object shall be to afford a means of accumulating savings, wherewith to purchase blocks of land for sub-division among the members. The entrance fee to be 2s 6d per share; the subscription to be 2s 6d per share per week ; the number of shares to be held by one member to be limited to five; one share approximately representing one qnarter acre section. That contributions in respect of shares become due and payable weekly, and if not paid at the expiration of the fourth week, a fine accordiag to a "scale to be agreed upon shall be inflicted. The time for payment (as above) shall be between the hours of 8 and 10 p.m. on Saturdays. The place of payment shall be at the office or offices of the association, and said payments shall be made to the secretary, or his deputy, in the presence of two members of the committee or other officers. That as soon as the funds at the disposal of the committee shall be deemed sufficient to justify it in purchasing a block of land, an advertisement shall be inserted inviting offers from which it may select and purchase that which is considered most desirable. This shall be surveyed and cut up into quarter-acre sections or thereabouts. The necessary roads shall be formed in accordance with the requirements of the borough or Boad Board in which the properties may be situated. The coat of survey, formation of roads, and other contingent expenses, together with 10 per cent, on the entire cost to be shared proportionately by ali allotments in the particular block The price of each section shall be determined by the committee, prior to division among the shareholders, and shall not be less than the average cost per section of the entire block. That when a block of land has been bought, surveyed, and cut up into suitable sections, a ballot shall take place at the office of the association or elsewhere as the committee may decide, in which ballot each shareholder shall have an equal chance, but no member shall be eligible to ballot until he or she has paid his or her subscription on the share or shares held by him or her for at least three months or thirteen weeks. The overplus from the sale or transfer to members of any section or sections more valuable than the aggregate value of a section shall be carried to the credit of the profit and loss account of the association. Shares to be transferable on payment of a fee of 2s 6d per share. All profits that may accrue shall belong absolutely to the shareholders, and shall be divided proportionately among them when it is deemed expedient on the recommendation of the committee that a division of the profits shall tako place. The other recommendations of the the committee referred to the details of the working of the proposed association. The Chairman said that this was as far as the provisional committee had thought it necessary to go in tho matter. If any one wished to ask any questions, he would be willing to answer them. In reply to questions, the Chairman stated that the committee were in favor of having the association under the Limited Liability Act, The working expenses would, he thought, be amply covered by the 2s 6d entrance fee, taken in conjunction with the 10 per cent, profit on all transactions. Tho proposition at present was to confine tho operations within an easy distance of Ohristohurch, though it might ultimately assume larger proportions. Ho thought that the Association was not quite on the lines proposed by Mr Hill.—Mr Hill said that if this was so they should not take the name ho had at first proposed.—The Chairman pointed out that the name was different from that proposed by Mr Hill, which was " The Star of Canterbury Cooperative Freehold Land Society." Mr Christie suggested that a limit of a radius oi so many miles round Ohristehu7ch should be fixed —Mr Parry pointed out before purchasing any land the selection would bo brought beforo a meeting of the shareholders —Mr Parry moved tho adoption of the report. —Mr Cooper seconded the motion, which was agreod to.—Mr Christie moved—" That the Association be brought under the Limited Liability Act,"—Tho chairman said he thought that it was a matter to be decided by the shareholders. A number of names were enrolled, and the following resolutions agreed to: Proposed by Mr Christie, and seconded by Mr TJnwin—" That the provisional committe.e hold office for one month ;" carried unanimously. Proposed by the chairman, and seconded by Mr Parry—" That a vote of thanks be accorded to Mr Forster for the use of the Coffee Palace, and for his valuable assistar.ee in our deliberations " Proposed by Mr Sisson, and seconded by Mr Brown—- " That tho thanks of the meeting bo fliven to the provisional committee." It was resolved —"That shares be taken up at any time on application to Mr Forster of the CoHeo Palace, or any member of tho committee," and after transaoting[oome other busineso the meeting adjourned.