The Foxton Co-operative Building Society.

Manawatu Herald, Volume XXIX, Issue 3747, 5 February 1907, Page 4

The Foxton Co-operative Building Society.

HpOBJECTS AND RULES objects of the Society shall be Hp. to raise by subscriptions of the H®|nbcrs a stock or fund for making adBBjfces to members upon security « f Bphold property, by way of mortgage interest; for assisting its mini- ■ Mrs to obtain freehold properly, and ■Mherally for the purposes contemplated ngfitho “ Building Society’s’ Act 188 O.” ype society shall be terminating. The Bpmber of shares in force at any time ■Muring the existence of the society |all not exceed 999. Each share shall Kptitle the holder to an advance of £IOO, the society shall be considered Manned as soon as 150 shares are apjaSlied for. No preferential, paid up, or Promoter’s shares shall be issued. No SSt-Kirea shall be issued after the fifth of the society’s existence, and the caused by withdrawals after fehat.time shall not be filled up. Minors members, but their parent Pbr%uardian shall act for them during ilfieir minority. The signature ol each p parent or guardian shall be sufficient f for all purposes and his or her receipt [ shaTUbe a sufficient discharge to the (Society. Such parent or puardian shall phave 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, f)d for each contribution book, and shall also pay each year for working expenses the sum of as per share payable yearly in advance. A shareholder may, on formal application obtain a certificate ■ signed jointly b}’ the secretary and the members, stating the amount standing to the emtit of his share or shares, and such shares cannot be withdrawn or otherwise dealt with by the members until the return of such certificate for cancellation. The fee for the issue of shave certificates shall be fid tor each copy. Each member shall pay a subscription.of is per share per week, payable fortnightly. Anv person joining the society after the first snbscrip- ■ tion meeting, or members taking additional shares, shall be entitled to all its benefits, but he shall he required to pay up the full amount of subscriptions due and paj'ablc from the commence ment of the society, without fines either ir. 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 societ}' shall amount to the sum of£x2o, the Directors shall proceed to take a ballot among all the members representing the shares, lor the purpose of determining which share shall entitle the owner to the advance of £xoo. 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 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£xoo, and the member who, within balf-an-honr 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 wlxich 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 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 £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 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 alreadypaid in upon such shares, after payment .of.all fines or subscriptions then due, shall be placed to his credit in substitution *f 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 mem- • her shall forego all the profits in the funds. The society shall be terminated or dissolved when each share thereof not cancelled nr 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 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 to their credit, thereby shortening the. time of tlieir repayments, after which they shall receive dividends with the other members. Members holding shares in respect to which (he whole advances * an( i 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 he 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 m sub-section 3of section 36 j of The • Building Societies Act 1000. 'I 1 I'll ill II i"’ I in I fA'.Vf— •:. „i. . 1 -1