PERMANENT INVESTMENT AND LOAN ASSOCIATION.

Globe, Volume XXIII, Issue 2345, 8 October 1881, Page 3

PERMANENT INVESTMENT AND LOAN ASSOCIATION.

A special general meeting of the members and shareholders of the Permanent Investment end Loan Association of Canterbury was held at the auction room of Mr Charles Clark, Hereford street, last evening at seven o’clock, for the purpose of considering and, if thought fit, altering, rescinding and adding to the rules of the association, as per copy forwarded to each of its members and shareholders. About thirty attended. Mr 0. W. Turner occupied the chair, and having read the advertisement convening the meeting, reminded those present that considerable dissatisfaction was expressed at a previous meeting respecting the inequality in the different classes of shares. The meeting would bo asked to alter the rules so as to render the two classes of shares a* nearly equal as possible. For some time past considerable difficulty had been found in investing the funds of the association. Under those circumstances the directors advertised they would lend money at fixed mortgage, and about £40,000 or £50,000 had been so invested, and although the consent of the shareholders had not been obtained to that step, yet it was thought that they would prefer it to the money remaining uninvested. The chairman then read the various alterations, as per statement circulated, com. menting upon them as he proceeded. A resolution had been drafted, which he would now read to the meeting, and perhaps some gentleman would propose and second it. Before that was done, however, it would be necessary in the fifth line of rule 14, after the word “ annum,” to add the words “ computed from January Ist, 1881 in rule 29, to erase “January, 1882,” and to substitute “November, 1881.” Perhaps some one would move an amendment to that effect, which was done accordingly, and carried nem con. After several questions had been put and satisfactorily answered, Mr John Lewis proposed—“ That the rules of the Permanent Investment and Loan Association of Canterbury, numbered respectively 2,5, 6, 13, 14, 17, 18, 20, 24. 26, 28, and 29, be amended and altered by striking out the words and clauses as struck out in red, and inserting the words and clauses in italics, as set forth in the foregoing printed notice.” Professor Cook seconded the resolution, which was carried. On the motion of Mr W. B. Mitchell, seconded by Mr G. Booth, it was unanimously agreed—“ That subject to the following proposed alterations and amendments, and until the rules as amended shall come into operation, the Board of Directors may invest all sums of money received by,the association and not required for the immediate use thereof upon real security, upon such terms as the directors shall think fit ; and that the action of the directors in making any such investments as may have been already made by them be approved. ’’ The chairman, on behalf of the directors, thanked them for passing the alterations and amendments. Mr John Lewis proposed a vote of thanks to the directors for the great trouble they had taken in the matter, which was sedonded by Mr W. , E. Mitchell and carried by acclamation. A i vote of thanks to tho chairman terminated the preceding®