The Foxton Co-operative Building Society.

Manawatu Herald, Volume XXIX, Issue 3739, 10 January 1907, Page 4

The Foxton Co-operative Building Society.

OBJECTS AND EUI.ES THE objects o! the Society shall be to raise by subscriptions of the

members a stock or fund for making ao* vances to members upon security ex 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 1880. [Che 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 advanc 3 of Jeioo, 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 tho fifth year of the society’s existence, and the i vacancies caused by withdrawals alter that time shall not be filled up. Mmois may become members, but their parent 1 or guardian shall act for thorn 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 smardian 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, 6d for each contribution book, and shall also pay each year for working expenses tho sum oi 2s per share payable yearly in advance. A shareholder may, on formal application obtain a certificate signed jointly by tho secretary and the members, stating the amount standing to the credit of his share or shares, and such shares cannot bo withdrawn or otherwise dealt with by the uiembeis until tho return of such certificate for cancellation. The fee for the issue of share certificates shall be 6d ior 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 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 sSCiety shall amount to the sum of £i2o, the Directors shall proceed to take a. ballot among all the members representing the shares, for the purpose 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 tho 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 half-an-hour offers the highest amount of premium for such sura 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 1880,” 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 put 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 bo 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 £3OO, as the case may be, available by appropriation by ballot, which shall be collected after fhe 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 disesntinue 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, alter 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 thereof not cancelled or withdrawn shall have -received or become entitled to an appropriation free of interest except as to repayments still to be made by m&n bers, and all moneys to the credit of the seooiety after the payment of -all expenses shall be divided amongst the members constituting such fund at the date of its termination or dissolution. Any member who has not repaid the whole amount of their advance shall have the dividends placed to their credit, thereby shortening the time of their repayments, after which they shall receive dividends with the other members. Members holding shares in respect to which the whole advances and other moneys due thereon have been paid, may, at the discretion of the Board of Directors, receive dividends in Dash'upon such shares, although such members may hoid other shares in the society, upon which money may still be payable. The society shall also be terminated or dissolved by a resolution passed by three fourths of the members holding not less than two-lhirds of the number of shares, such consent to be testified fay . their signatures to the instrument of dissolution. The instrument of dissolution shall set forth the several matters and things specified in sab-seotion 3 of section 36 of. “ Tho Building Societies’- Act IBBo.’’ '