The Foxton Co-operative Building Society.

Manawatu Herald, Volume XXIX, Issue 3745, 31 January 1907, Page 4

The Foxton Co-operative Building Society.

AND EULES objects of the Society shall be raise by subscriptions of the a stock or fund for making ad ■ to members upon security of property, by way of mortgage interest; for assisting its meinobtain 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 exceed 999. Each share shall the holder no an advance of £ too, the 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 H&r of the society’s existence, and the caused by withdrawals after ■pt time shall not be filled up. Minors Hnay become members, but their parent Kffguardian shall act for them during Ip'eir minority. The signature ot each ■parent or guardian shall be sufficient Kpr all purposes and his or her receipt Khali be a sufficient discharge to the ■society. Such parent- or guardian shall H&HtVhpo\?hr an the name of the infant Kb sell or tapster shares, and may Kxerciso all the privileges of a ■member. No member shall hold Kbore than.three shares. Each member Khali pay an entrance fee of Is for each Ehare, is for a printed copy of the rules, B|i<J for each contribution book, and shall ■ltso pay each year for working expensss Kbo sum of 2s per share payable yearly Bin advance.- A shareholder may, on fformal application obtain a certificate ; signed jointly by the secretary and the ; members, stating the amount standing jto the credit of Ins share or shares, and j such shares cannot be withdrawn or dealt with by the members •’until the return of such certificate for I cancellation. The fee for the issue of • share certificates shall be fid tor each f/copy. Each member shall pay a of is per share per week, [;payable fortnightly. Any person jointing the society after the first subscripI- tion meeting, or taking addij- tional shares, shall be entitled to all its but he shall be required to pay up the full amount of subscriptions f due and payable from the commence . ment 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 of desenting the shares, lor the purpose etermining which share skall 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 bv ballot as above dc 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 sum shall be the purchaser. The stun 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 a,vail 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 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° 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 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 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 seoeiety 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 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 ' passed by three fourths of the members holding not less than two-thirds of the 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 matters and things specified in ' sub-section 3of section 36 of the Building Societies’ Act 1830. - 1 ■' A”