Page 3 Advertisements Column 4

Manawatu Herald, Volume XXVII, Issue 3733, 18 December 1906, Page 3

The Foxton Co-operative Building Society. OBJECTS AND RULES. THE objects of the Society shall be to raise by subscriptions of the members a stock or fund for making advances to members upon security of freehold property, by way of mortgage without interest; for assisting its members to obtain freehold properly, and generally for the purposes contemplated by the “ Building Societys’ Act 188 O.” The society shall be terminating. The number of shares in force at any time during the existence of the society shall not exceed 999. Each share shall entitle the holder to an advance of £IOO, and the society shall be considered formed as soon as 150 shares are applied for. No preferential, paid up, or promoter’s shares shall be issued. No shares shall be issued after the fifth year of the society’s existence, and the vacancies caused by withdrawals after that time shall not be filled up. Minors may become members, but their parent or guardian shall act for them during their minority. The signature ot each parent or guardian shall bo sufficient for all purposes and his or her receipt shall be a sufficient discharge to the society. Such parent or guardian shall have power in the name of the infant to sell or transfer shares, and may exercise all the privileges of a member. No member shall hold more than three shares. Each member shall pay an entrance fee of Is for each share, is for a printed copy of the rules, fid for each contribution book, and shall also pay each year for working expenses the sum ot 2s per share payable yearly in advance. A shareholder may, on formal application obtain a certificate signed jointly by the secretary and the members, stating the amount standing to the credits of his share or shares, and such shares cannot be withdrawn or otherwise dealt with by the members until the return of such certificate for cancellation. The fee for the issue of share certificates shall be fid tor each copy. Each member shall pay a subscription of is per share pyr week, payable fortnightly. Any person joining the society after the first subscription meeting, or members taking additional shares, shall be entitled to all its benefits, but he shall be required to pay up the full amount of subscriptions due and payable from the commence ment of the society, without fines either ir, one sum, or at the rate of not less than one shilling per share per week, in addition to the current subscription, and such entrance fee per share as the Board of Directors may from time to

time determine. When* of the society shall amou: of£i2o, the Directors sh take a ballot among all representing the shares, t of determining which sh title the owner to the ad’ Provided he is a membei than two months in arret advance from the funds being made by ballot i scribed, the next time th society amount to £l2O, tion of £IOO shall be mac but by sale—that is to s man shall offer by oompi of £IOO, and the raembe half-an-hour offers the h of premium for such sun purchaser, The sum of shall always be made e ballot and by sale, until t of the society in good 1 have received by ballot t advance for each share 0 Thereafter the ballots si the society shall contiuui until all the advances k (or liquidated) by foreclc profits divided among 1 pro rata. The society s itself of the borrowing po l in “ The Building Societi and shall have no power posits. No director shal question which relates to interest or conduct, or member of his family, nt present when any such q be put to the vote. Wha of shares any member mi member shall have but on meeting of the society, who may obatin an app ballot in respect of shares in the society, shall be 1 foyego his claim thereto, any subsequent time, b month’s notice in writin<. to receive the first £l5O 01 case may be, available by by ballot, which shall be c the receipt of such notice to the priority of previous notice. Such foregoing shall be declared upon t ment of the member’s taining the appropriation, her having obtained priation, and who h member of the society cc appropriated share or s least five years, may elect his future fortnightly subs the shares in respect of w propriation has been mac case the amount of subscr paid in upon such shares,; of all fines or subscriptic shall be placed to his crei tion of his last ultimate no member can, howevt privilege who has uod obt to an appropriation, and ber for five years, and ar