Page 4 Advertisements Column 1

Manawatu Herald, Volume XXVII, Issue 3739, 8 January 1907, Page 4

Tit© Foxtail 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 i 860.” 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 £ zoo, •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 be sufficient for all purposes and his or her receipt shall be a sufficient discharge to the society. Such parent or euardian shall have power in the name of the infant to sell or transter shares, and may exercise' all the privileges of a member. No member shall hold more than three shares. Each member shall pay an entrance lee of Is for each share, is for a printed copy of the rules, 6d for each contribution booK, and shall afso pay each year for working expenses the sum of 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secretary and the members, stating the amount standing to the credit of his share or shares, and such shares canuot be withdrawn or otherwise dealt with by the members until the return of such certificate for cancellation.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 6d for each copy. Each member shall pay a subscription of is per share per 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 commencement of the society, without fines either In 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. Whenever the funds of the society shall amount to the sum of £ i2o, the Directors shall proceed to take a ballot among all the members representing the shares, for thepurpose of determining which share shall entitle the owner to the advance of £ioo. Provided he is a member of not more than two months in arrears. The first advance from the funds of the society being made by ballot as above de scribed, the next time the funds of the society amount to £l2O, an appropriation of £IOO shall be made not by ballot but by sale—that is to say, the Chairman shall offer by competition the sum of £IOO, and the member who, within balf-an-hour offers the highest amount of premium for such sum shall be the purchaser. The sum of £l2o in hand shall always be made alternately by ballot and by sale, until every member of the society in good standing shall have received by ballot the right to an advance for each share owned by him. Thereafter the ballots shall cease, but the society shall continue in existence until all the advances have been paid (or liquidated) by foreclosure and the profits divided among the members, pro rata. The society shall not avail itself of the borrowing powers contained in " The Building Societies’ Act i 880,” and shall have no power to receive deposits. No director shall vote on any question which relates to his individual interest or conduct, or that of any member of his family, nor shall he be present when any such questions shall

be pat to the vote. Whatever number of shares any member may have, such member shall have but one vote at any meeting of the society. Any member who may obatin an appropriation by ballot in respect of shares held by him in. the society, shall be at liberty to forego his claim thereto, and shall at any subsequent time, by giving one month’s notice in writing, be entitled to receive the first £l5O or JE3OO, as the case may be, available by appropriation by ballot, which shall be' collected after the receipt of such notice, but subject to the priority of previously given such notice. Such foregoing as aforesaid shall be declared upon the announcement of the member’s name obtaining the appropriation. Any member having obtained an appropriation, and who has been a member of the society comprising the appropriated share or shares for at least five years, may elect to discsntinue his future fortnightly subscriptions upon the shares in respect of which any appropriation has been made, and in such case the amount of subscriptions already paid in upon such shares, after payment of all fines or subscriptions then due, shall be placed to his credit in substitution of his last ultimate repayments; no member can, however,.-claim this privilege who has not obtained the right to an appropriation, and been a member for five years, and any such member shall forego all the profits in the funds. . The society shall be terminated . or dissolved when each share thereoi not cancelled or withdrawn shall have received or become entitled to an appropriation free of interest except as tc repayments still to be made by mem hers, and all moneys to the credit of the seociety after the payment of all ex psnses shall be divided amongst the members constituting such fund at the date of its termination or dissolution Any member who has not repaid thi whole amount of their advance shal have the dividends placed to thei; credit, thereby shortening the time o their repayments, after which the] shall receive dividends with the othe: members. Members bolding shares ii respect to which the whole advance; and other moneys due thereon havi been paid, may, at the discretion of th Board of Directors, receive dividends ii cash upon such shares, although sucl members may hold other shares in thi society, upon which money may stil be payable. The society shall also be terminated or dissolved by a resolutior passed by three fourths of the inemben holding not less than two-thirds of th* number of shares, such consent to be testified by - their signatures to the instrument of dissolution. The instrument of dissolution shall set forth the several mattefs and things specified ir sub-section 3 of section 36 of “ The Building Societies! Act 1880.”

'i?or further particulars app’y to P. it. KAE-HOW AED, * Secretary.