Foxton Co-operative Building Society.

Manawatu Herald, Volume XXIX, Issue 3744, 29 January 1907, Page 4

Foxton Co-operative Building Society.

AND RULES objects of the Society shall bo to raise by subscriptions of tl.e a stock or fund for making ar* > to members tupon security «f property, by way of mortgac e interest; for assisting its nn niobtain freehold properly, and for the purposes contemplated “ Building Societys’ Act 188 O.” society shall be terminating. The of shares in force at any time the existence of the society not exceed 999. Each share shall the holder to an advance of ihoo, society shall be considered as soon as .150 shares are apfor. No preferential, paid up, or shares shall be issued. No shall be. issued after the fifth QjPtlie society’s existence, and the HK»jj|(cies caused by withdrawals after Hnfaftime shall not be filled up. Minors become members, but their parent guardian shall act for them during HReir minority. The signature ot each pLicnt or guardian shall b)‘ sufficient jpr all purposes and his or her receipt pall be a sufficient 'discharge to the Beiety, Such parent or guardian shall nave power in the name of the infant to, sell or transfer shares, and may gscrc'.so all the privileges of a member. -No member shall hold pore than three shares. Each member Shall pay an entrance fee of Is for each share, is for a printed copy of the rules, reach contribution book, and shall Weo. pay each year for working expenses I'tho sum ol 25 per share payable yearly liu advance. A shareholder may, on -formal application obtain a certiticate signed jointly by the secretary and the 1 members, stating the amount standing to the credit of his share or shat es, atm such shares cannot be withdrawn or 1 otherwise dealt wuh by the members [ until the return of such certificate for ■ .pancellation. The fee for the issue of ''share certificates shall be fid lor each [ copy. Each member shall pay a .subscription of is per share per week, payable fortnightly. Any person joiningthe society after the first subscription meeting, or members taking additional shares, shall be entitled to all its but he shall be required to Lpay up the full amount of subscriptions 1 due and.payable from the commence--6 ment ot the society, without fines either in one sum, or at the rale of not less than one shilling per share per week, in *" addition to the current subscription, [- and such entrance fee per share as the f Board of Directors may from time to ■ time determine. Whenever the funds of the society shall amount to the sum

of the Directors shall proceed to take a ballot among all the members representing the shares, lor the purpose of determining which, share shall enj title 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 i scribed, the next time the funds of the society amount to £l2O, an appropria- —- tion of £IOO shall be made not by ballot but by sale—that is to say, the Chair- ' man shall offer by competition the sum of £roo, and the member who, within half-an-hour offers the highest amount of premium for such sum shall be the purchaser. The sum of £I2o 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 nuniber of shares any member may have, such

member shall have but one vote at anv 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 or JtllOO, 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 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 thereof Dotbafficfelled or withdrawn shall have rSßSived or become entitled to an appifbpri'atio'n free of interest except as to repayments still to be made by mem bers, and all moneys to the Credit of the sftooiety-aftor. the payment of all expHasesu’shall be divided amongst the nmtabecs constituting such fund at the datotpfidts termination or dissolution. Afjw-pagfnber who has not repaid the of their advance shall - btW-'lhV ■ dividends Pl Qcec i to . t “ eir cifedlti thereby shortening the time of tbelr .repayments, after, which they shall rgcqive dividends-with the other ' members, Members holding shares in respect to which the whole advances and other moneys duo 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 he payable. The society shall also be terminated or dissolved by a resolution passed by three fourths of he members holding not.less than, two-thirds of the number of shares, such consent to be teaSfibd' by their signatures to the SstSment Of dissolution. Thel instrument of dissolution shall set forth the . several matters and things specific. im / 'nb.»«tios3.rt * e 2”36,, 0f . TIK Building Societies Act 1000. . . 1 : ',v. • . ’ •’ • • -