The Foxton Co-operative Building Society.

Manawatu Herald, Volume XXIX, Issue 3740, 12 January 1907, Page 4

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 a ■ vances to members upon security ti 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. 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 iron, and the society shall be considered formed as scon as 150 sliaics 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. Mmois mav become members, but their parent or guardian shall act for them dm mg 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 guardian shall have power in the name of the infant to cell or transter shares, and may exercise all the P" of ho ,S member. No member shall hold more than three shares. Each member shall pay an entrance fee of ls fo J shared is for a printed copy of the rules, 6d for each contribution book, and shall also pay each year for working expenses the sum of 2s per share payable yearly in advance. A shareholder mav, 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secretary and the members, stating the amount standing to the credit of his share or shares, and such shares cannot be withdrawn or otherwise dealt with by tho until the return of such certifioa-o for cancellation. The fee for the issue of chare 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, of members taking additional shares, shall be entitled to al its benefits, but he shall be required to pay up the fall 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 pei 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 A2O, 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 being made by ballot as above de scribed, the next time the funds of the society amount to £l2O, an appropriation ot £IOO shall be made not by ballot but by sale—that is to say, the Chairman shall offer by competition the stun offxoo, and the member who, within half-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 sts*nding 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 bis individual interest or conduct, or that of any member of his family, nor shall he be raresent 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 amy meeting of the society. Any menaber 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 £3OO, 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 disesntinue his future fortnightly subscriptions upon the shares in respect of which any appropriation has been made, and in such case the amount ot subscriptions already paid in upon such shares, afterpayment of all fines or subscriptions then due, shall bo 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 members, and all moneys to the credit of the seociety after the payment of all expenses shall be divided amongst the members constituting such fund at the date of its termination of 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 iu . .cash upon such shares, although such members may hold other shares in the society, upon- which money may still be payable,: The society shall also be terminated or dissolved by a. resolution passedJiy three fourths of the members holding, not less than two-thirds of the number of shares, sudh consent to be .testified by. their signatures to the instrument of dissolution. The instrument of dissolution shall set forth the several matters afid things specified in sub-section 3 of section 36 of “ The Building Societies’ Act I 880.”