NO. 2 BUILDING SOCIETY

Hokitika Guardian, 15 September 1925, Page 4

NO. 2 BUILDING SOCIETY

\YINDtXO-n* AIEETINH. The winding-up meeting of No Building Society tva- held at the r.fliee of .Mr \Y. Jeffries ( Liquidator) at I o'clock yesterday afternoon. There was a small attendance of .shareholder', and Dr. Teiehelmann was voted to the chair. .Mr C. J. R. Sellers. Society's solicitor, was al- i present. The l.irpiiihitor. Air AV. Jeffries, submitted a report briefly relerriitg to the work - of the Soiiety. It was founded in July. IDOL the provisional directors. Alc-o's Stevenson. A. .Mahan. J.. 1. Bn D. J. Evans and ti. L. .Michel being the first directorate appointed permanently. Ihe capital ol the Society was fixed at AtU £IOO shares in groups ol three, and 18.) shares were applied lor and allotted at the inception. At the end of live years, a number of shareholders took advantage of wie provision in the rules, and withdrew, drawing their subscriptions. This restricted the operations of the Society for a time. During its ,-olive years the Society collected rp.j-'i; Js rid ill suit'.-ripl ions. and granted loans to the amount ot LDI.PTJ. The cost of the loans over the whole period averaged less than It per t cut. to shareholders. The war further interfered with the operations ni flm soctelv. it was resolved to liquidate. The process of liquidation has gone on since, and the whole of the Society's securities have been realised on without any loss. The amount available at tint ijosc of accounts is £.031 Ms ii_uiiii»t which D chargeable, t-riain fees to eonneetion with ihe liquidation, bavin" £l'_M 1-ls dd for division ■.tinoitg it’-" remaining shareholders. ihe - 11 1 [> 111' leaves a bonus of £8 8s_ per share tor those remaining in the Society. Ii is inf ‘.»r#vst injr t ;t rn<-nn! tliat ii’* two Building Societies while in existence limned £37.30!) <’» !‘>vpcnwhere fur ! lie b -it. fit . f lh> -uticbotJ--1 ’ The report of th- ! .iituida i ion was received and adopted, and Mr Jehri - eoitgraiulal' I on lit' : ‘ 1 '’’ 11 ‘" iltg the liipiidati' u. titer- 1 on securities. ~ . Tile fullest inl’orieat mil w:t< ■anniU' - in ai"-w;er to quest ions, and a vole ol thanks ~et moled to all concerned in th" liquidation on the motion ot Air It.limes. 1 , , l The 'hare pt-Hit U u r,\ payable, am, upon t'.e t! t'/uia r; e■ - a■ I ’■' ■ t lie lira! statement-' v. dl bo it.c . v,-;t a the Registrar of Cuntpanie'. Before the meeting dis- .vo-l i n’ suegestion was made that an ellurt might be made to inaugurate aimlber Society of the same nal tiro. Acting' on the experience gained m tne post it was thought the organisation emil'.l I:,. inanjruraiod. and moan-; provided fur' thrift on the I a; d 1 1 111 se who cared to he interested m such a self-helping institution.