The Foxton Co-operative Building Society.

Manawatu Herald, Volume XXIX, Issue 3748, 7 February 1907, Page 4

The Foxton Co-operative Building Society.

K' OBJECTS AND RULES mHE objects of the Society shall bo [■JL to raise by subscriptions of ti.e Members a stock or fund for making adto members upon security if 'fteeliold properly, by way of mortgage jyfthout interest; for assisting its imm .here to obtain freehold properly, ;nd generally for the purposes contemplated (§ the “ Building Societys’ Act 188 O.” ’Che society shall be terminating. The dumber of shares in force at any time fduring the existence of the soc : ety : j}fiall not exceed 999. Each share shall .entitle the holder to an advance of Tioo, &tld the society shall be considered llprmed as soon as 150 shares are applied for, No preferential, paid up, or ■promoter’s shares shall be issued. No shall he issued after the fifth he society’s existence, and the s caused by withdrawals after e shall not be filled up. Minors ome members, but their parent linn shall act for them during nority. The signature ot each >r guardian shall be sufficient •imposes and his or her receipt a sufficient discharge to the Such parent or guardian shall wer in the name of the infant or transfer shares, and may all the privileges of a No member shall hold vn three shares. Each member y an entrance fee of Is for each fii sharej is for ja printed copy ot 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 may, on formal application obtain a certificate t 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and the members, stating the amount standing ' to the credit of his share or shares, and such shares cannot be withdrawn or otherwise dealt with by the members ■ until the return of such ccrtiiicate for : cancellation. The fee for the issue of - share certificates shall be (id tor cadi I copy. Each member shall pay a subscription of is per share per week, I payable fortnightly. Any person joinr, ing the society after the first subscrip- | tion meeting, or members taking addi- | tional shares, shall be entitled to all its ' benefits, but he shall be required to t pay up the full amount of subscriptions due and payable from the commence !. rhent 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 representing the shares, for the purpose of determining which share shall entitle the owner to the advance of /hOO. 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 £izo, an appropriation of J-100 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 sum of i£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 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 mcmbqr who may obatin an appropriation by ballot in respect of shares held by him in the society, shall bo 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 njay 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 of subscriptions already paid in upon such shares, after payment of all fines or subscriptions then due, shall be placed to his credit in substitii 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 mem berlor five years, and any such mem her shall forego all the profits in tin funds. The society shall be terminatec or dissolved when each share thereo: not cancelled or withdrawn shall hav< received or become entitled to an ap propriation free of interest except as tc repayments - still to be made by mem hers, and.all moneys to the credit of thi seociety after the payment of all ex peases shall be divided amongst the members constituting such fund at th< date of its termination or dissolution Any member who has not repaid th< whole amount of their advance shal have the dividends placed to theii credit, thereby shortening the time o their repayments, after which shall receive dividends with the othe) members- Members holding shares ir respect to which the whole advances and other moneys due thereon hav< been paid, may, at the discretion of th( Board of Directors, receive dividends ii: cash upon such shares, although sucl members may hold other shares in th< society, upon which money may stil be payable;' s *. The society shall also b( ' terminated or dissolved by a resclulior , passed by three fourths of the members holdiug.tiot less than two-thirds of th< - number of shares, such consent to b« tAfltified bv their signatures to ths menlrof dissolution shall set forth thi Be .era I malfera end things speo.fiedir Societies’ Act 1830, lIMu s v A a PP- 1 y to