UNKNOWN

Manawatu Herald, Volume XXIX, Issue 3742, 24 January 1907, Page 4

UNKNOWN

rules of the Society shall be by. subscriptions of the stock or fund for making admembers upon security cf | by way- of mortgage ; for assisting its memobtain freehold properly, and for the purposes contemplated “ Building Societys’ Act 188. O.” shall be terminating. The of shares in force at any time the existence of the society exceed 999. Each share shall holder to an advance of £ 100, B^^Bje'society 1 ’shall be considered as soon as 150 shares are apNo preferential, paid up, or shares shall be issued. No shall be issued after the fifth existence, and the caused by withdrawals after shall not he filled up. Minors members, but their parent shall act for them during minority. The signature ot each or guardian shall be sufficient purposes and his or her receipt be a sufficient discharge to the HHpety. Such parent or guardian shall power in the name of the infant transfer shares, and may ■■Eiso all.' tbo* —privileges of a No member shall hold IH|re than three shares. Each member ■Hal) pay an entrance fee of Is for each ■■Barr, is for a printed copy of the rules, ■■jl for each contribution book, and shall IHIaW each V ear for working expenses BBpsom ot 2s per share payable yearly ■K adyanqe. A shareholder may, on ■Bkrmal application obtain a certificate ■Hg ned jointly by the secretary and the ■Bfcmbers, stating the amount standing ■■ybe credit of his share or shares, and ■Bpb shares cannot be withdrawn or IKherwise dealt with by the members ■■Lhi the return of such certificate for ■■kneel!ation. The fee for the issue of certificates shall be fid for each Each member shall pay a ■Subscription of is per share per week, fortnightly. Any person join■Hsg£he‘society 'alter' the first subscrip■Kfion meeting, or members taking addi■Kiohal shares,.shall be entitled to all its ■benefits, blit he shall be required to ■ijpay up the.full amount of subscriptions Hirdue and payable from the commenceHpnent of the society, without fines either ■Spi/one sum, or at rate of not less jiTtban one shilling per share per week, in fy addition to the current subscription, |; and such entrance fee per share as the I; Board of Directors may from time to cletefmine. Whenever the funds * of the society shall amount to the sum B‘ of £t2o, 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. jj Provided he is a member of not more ■A than two months in arrears.- -The first I® advance from the funds of the society 1) being made bv ballot as above de L. scribed, the next time the funds ot the society amount to £l2O, an .appropriation of .£IOO shall be made not by ballot B-' but by'sale —that is to say, the Chairman shall offer by competition the sum i of £IOO, and the member who, within R, half-an-hour offers the highest amount ih of premium for such sum shah be the The sum of £l2o in hand ■■Khali always be made alternately by and by sale, until every member ■■f 4he . society in good standing shall received- by ballot the right to an for each share owned by him. the ballots shall cease, but society shall continue in existence all the advances have been paid liquidated) by foreclosure and the divided among the members, rata. The society shall not avail the borrowing powers contained Building Societies’ Act 1880,” have no power to receive deNo director shall vote on any which relates to his individual or conduct, or that of any PBHBr of his family, nor shall he be pxe* nt when any such questions shall be put tfi 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 Y who may obatih 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 £ls° °r £3OO, as the case may be, available by appropriation bv 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 , A shall be declared upon the announcement of the member’s name obtaining the appropriation. Any member having obtained .an appro- ' priation, 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 oi subscriptions already paid in upon such shares, after payment of all fines or subscriptions then due, shall be placed to his.credit in substitu•tion 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 mem bers, and all moneys to the credit of the seociety after the payment of all expenses shall be divided amongst the v,, members constituting such fund at the , ■ dale 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 1 shall receive dividends with the other * member#. : Members bolding 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 Cash upon such shares, although such members may hold other shares in the society, upon which money may still r /. bepayable. The society shall also be' -U terminated or dissolved by a resolution by three fourths of the members biding not less than two.thirds_ of the , . number of shares, such consent to be testified 'by their signatures to the ■lissolution. The mstrution shall set forth the ami things specified in »f section 36 of “The ties’ Act 188 o.”