Page 315 Advertisements Column 1

Hawke's Bay Times, Issue 1600, 7 August 1874, Page 315

PROSPECTUS OK THE HAWKE’S BAY PERMANENT Building*, and Investment Society. THE success of Permanent Land and Building Societies in this Colony and elsewhere, has been so fully established that it will not be necessary in introducing this Society to public notice to do more than enumerate its objects, and the advantage to bo derived from becoming members thereof. The objects are to encourage the exercise of foresight and economy, that by a small monthly payment persons are enabled to invest their surplus funds in a safe and profitable manner, to enable persons to pay off any existing mortgage, or to build on, or otherwise improve their properties ; also, to enable persons of limited means to acquire real property, which, unassisted by a Society of this description, they might be unable to accomplish. If a person has no capital he can join this Society as ;.n investor until a sufficient fund has accumulated to supply the difference between the amount advanced by the Society, and the purchase money of the property he is desirous of acquiring, thereby enabling him to become his own landlord in a fowycars at a trifling advance on his usual rent—the amount standing to his credit as an investor being transferred to his account as a borrower, and interest allowed thereon at such rate as the Committee may decide. Investing'members are allowed to join the Society every six months, or can take up shares within those periods on payment of back subscriptions, together with interest thereon, at a rate to be fixed by the Committee. Compound interest at 7 per centum per annum will be allowed to members, which will be computed annually, and added to each Share monthly after the first year of the Share’s duration. After the close of the third financial year of the Society, and each subsequent year, threefourths of the actual profits will be apportioned to the investing shareholders, the remaining one-fourth to be carried to a Reserve Fund, which will be charged with all losses that may happen to the Society, and may bo dealt with by the Committee subject to the approval of members at a general meeting. The subscription on an investment Share is 5s per calendar month, and the ultimate value thereof £5O. Entrance fees on all Shares are 3s for the first, and 2s 6d for each subsequent Share. Investing members will be allowed to withdraw on giving due notice, but should the Committee deem it advisable, no shares shall be withdrawn during a certain period. Thus, if a member withdraws during the first year, he receives the subscriptions he has paid in, after the first year interest thereon, and after the third year interest and profit. In the event of an accumulation of funds that cannot bo invested, the Committee may order the issue of investment Shares to cease during a certain period. After two years of the Shares’ duration the member can borrow money on security of his share, paying interest thereon, and receiving his share of interest and profit as heretofore. Borrowing members are allowed to take up Shares at any time. In the first place they make application for the Shares, pay the Entrance Fees, and a fee of 10s 6d for the Survey Committee, if the property offered as security is within 3 miles of the Post-ofiice, Napier, and if beyond that distance an extra charge fortravelling expenses. A form will then be filled up by the applicant shewing the nature and situation of the property offered as security, and under which table he wishes to pay the redemption money. The application will then be numbered by the Secretary, and a corresponding number given to the applicant; when the funds of the Society will allow, a draw on the Art Union principle will take place amongst the numbers of which the Committee have approved of the security offered. The member holding the number for which a prize has been drawn will be entitled to receive the amount applied for, on a mortgage being executed to secure such advance from the Society. The member to commence on the first monthly pay day to pay the redemption money, and continue to pay that amount during the specified time for every £5O advanced according to the following scale : If repayable in 6 years, £olBs Id per month do 8 do 0 14s Gd do do 10 do 0 12s od do do 12 do 0 Ils Id do do 14 do 0 10s 2d do Provision has been made to enable members to redeem their properties, the tables for which are published in the Rules ; also for the redemption of properties and withdrawal of Shares of deceased or insane members. Agents may be appointed in the country districts by members for the transmission of their subscriptions, &c., on the requisition, to the Committee, of at least six members in any district, hold’ng collective]}’ not less than 30 Shares; the agents to be remunerated by the Society, but the Society not to be responsible for any money until actually received by its duly appointed officer. Stringent rules have been made as to the affairs of members being kept secret; thus in the allotting of money to borrowers, numbers have been resorted to in drawing in lieu of names. Security will also be taken from officers having the custody for the time being of any of the Society’s funds. Fines are inflicted on members for nonpayment of subscription or redemption money, but persons should be careful and not take more Shares than they can afford to pay the subscriptions on. It is hoped that the Society proposed to be established in Napier will meet the requirements of investors and borrowers ; good security and profit to the former, and a moderate interest and easy mode of repayment by the latter. A PUBLIC MEETING of persorts desirous of forming a Society on the above principle will be held in the Council Chamber on SATURDAY, the Bth instant, at 7 p.m., when Rules will be submitted, members enrolled, and officers elected. J. B. FIELDER. KES3KEOY & 60. Have For Sale, ex Late Arrivals, nt TONS GRAVES’ OAMARU ZO FLOUR 4AA BUSHELS CRUSHED IUU WHEAT.