TE KUITI PERMANENT BUILDING AND INVESTMENT SOCIETY.

King Country Chronicle, Volume VI, Issue 453, 3 April 1912, Page 5

TE KUITI PERMANENT BUILDING AND INVESTMENT SOCIETY.

The Tp Kuiti IVrmanont Building and Investment. Society was formally constituted hist night. Ten days ago the first meeting was held and last night the provisional directors submitted a complete scheme for the working and constitution of the society. Only those who are familiar with the difficulty of obtaining capital to develop and improve the town will sufficiently appreciate the immense benefit of having a lending institution in our midst with its office in the town and the directorate men whose interests lie in the progress of this district. The provisional suggestion that the capital of the society should consist of 2000 shares of £5 was confirmed and special provisions relating to investment shares were considered and approved. The table for investment shares allows for the payment of 5s 3d per month per, share to realise with interest over £IOO at the end of -21 years, and smaller amounts at shorter intervals. The rules drawn up were passed and approved, and Mesßrs Mostyn Jones, E. H. Hardy and R. M. Somreville were appointed to sign the rules on behalf of the meeting. The following directors were elected:—Messrs E. H. Hardy, Motsyn Jones, R. M. Somerville, F. Darrow J. R. Graham, C. Stevens and C. P. Turner. The Union Bank was appointed bankers, Mr S. W. Fitzherbert solicitor and Mr L. C. Harton auditor. The secretary will be appointed by the directors. Shares will be open for application at an early date. This will be duly notified in our advertising columns.