The proposed amendment in the Building Societies Act of 1876 this sesiion is to give the registered societies power to borrow. Section 12, sab.section 1 will read:—Any society under this Act may increase deposits or loans, and borrow at interest within the limits in this section provided from the members or other persons or from corporate bodies, joint stock companies, or from any terminating bail dng society, to be applied to tbe purposes of the society,” Jt will thus be seen that the object of the new Act is to insert tbe words, “and borrow,” which were omitted from the Act of 1876, under which the societies are now incorporated. It is not proposed, so far as can be learnt, to Erovide this session for an inspection of nilding societies’ accounts by a Government auditor, though it is possible that attention will be called to tbe matter.
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Kumara Times, Issue 998, 11 December 1879, Page 4
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147Untitled Kumara Times, Issue 998, 11 December 1879, Page 4
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