FOXTON TERMINATING BUILDING SOCIETY.

Manawatu Herald, Volume XXVIII, Issue 3722, 30 October 1906, Page 2

FOXTON TERMINATING BUILDING SOCIETY.

A Short Explanation of How to Acquire a Home of Your Own without Paying Extra Rent.

The Explanation in a Nutshell.

You subscribe is per week per share, which entitles you to a loan of per share, repayable at the rate of five shillings per week, without interest, by fortnightly instalments, with the return of your subscriptions and profits at the termination of the Society.

From amongst the questions of numerous correspondents, the following have been selected, considering the answers to them would be of most general interest, —

Q —Does a member purchasing an advance forfeit his right to a ballot ?

A—Yes; for every member can only receive it once, either by bal* lot or purchase. Q —Can a member withdraw his subscription at any time ?

A—-Under the rules a member cannot withdraw under five years, when he may receive his subscriptions back less is per share only. A very necessary and cautious provision.

Q —ln the event of sickness or misfortune can the subscriptions on shares be suspended without fines or forfeiture ?

A—Yes ; for six months, and when payments are re-commenced the shares are entitled to a free loan, should the cluster be drawn in a ballot.

Q —ln the event of a member obtaining a loan by ballot and not having property to submit to the Society, how long would be given to obtain a suitable security? A—Two months; or he could avail himself of the privilege of having the amount placed in the bank on fixed deposit until required, and be credited with, the interest earned.

Q —Suppose a member obtains an appropriation by ballot of ,£3OO, and the security submitted is only sufficient for an advancement of ,£250, what would be done with the remaining £SO ? A — (a) This sum of £SO could be placed to the ultimate credit of the loan, and thus allow it to be paid off in less time, or (6) Placed in the bank at fixed deposit, the member being credited with the interest earned, or ( c ) Could be sold at a considerable profit, or ( d ) Would be paid to the member as soon as his repayments reached the amount.

Q —ls a member who mortgages a property compelled to retain it in the Society for the full term ? A—No; he may redeem it at any time he pleases. Q —ln the case of the death of the member, what becomes of the money paid into the Society ?

A —ln this case the total subscriptions paid are refunded to the heirs.

Q —ln the case of my drawing or purchasing a loan, am I obliged to continue my subscriptions ? A—Yes; for five years; at the end of which time in the case of a purchase the amount paid in subscriptions may be placed to the last ultimate repayments of the loan, and in the case of a free ballot, after a small deduction. This is done to prevent members on receipt of their loan withdrawing and depriving others of the advantages they are enjoying.

Q—From whence are the profits derived ?

A—Chiefly from the proceeds of sales, which at an average premium of per /150 would realise £7,500 during the existence of the Society, this amount being supplemented by the proceeds from transfer fees, fines, &c.

Q —How are the working expenses met?

A—By a levy of 2s pet share per annum, payable half-yearly. .