THE MANAWATU BUILDING SOCIETY.

Manawatu Times, Volume IV, Issue 52, 30 June 1880, Page 2

THE MANAWATU BUILDING SOCIETY.

A special general meeting of the. »hare- v holders m th* Manawatu Permanent Equit.able Building and Investment Society wa» held eit Saturday afternoon, tkt'Towh/ Hall, Palme«tqn. ; The Qhairman of th»* Society, D. Hi^Macarthur, ESq., presided, > and then) wer& alto, present the following. shareholders;.— Messrs: M'Neil, Walde-1 graYej*liinton, Coleman, Metard, Palmer.son, IP. Mowlem, Haybittle, Perkins, 'and Carroll. Me. W*litegrftve : held proxies for, the «ndermenluoned shareholders 'r-^-Messrs. Levin, Stevenson, Sanson, Sfcrakor, Manaotf and Lewj». Mr. Macartiiur acted by proxy ,;for Meista, T.odd, Ilajcdmbe.and Sherwill, ; ; arid 'Harding. '.'*"-■'■■■ " ■■ ; -.. "J:i.. ' '-■:* _ Mr. vM^EiJk-r-Bef ore; proceeding. to ,con* aider the resolution* for which'this-jineatiag. is convened, I think it would be acceptable. , to the, share holders present if the Chairman . would kindly ' explain their object; as^ "although the nepessity for the alterations m ;the v rules wjiich these resolutions propose, • to" effect is. sufficiently obvious -to the di-. rectors/ it may not be bo clear to other. 'shareholders, wjiohave'hot had- the opppr- - tunit.y;of beebiningjsQ^eU apftuainted With, them/ .■-..,.:. • Mr.. Macaethtjb. — £q accordance with, ' ttiiLproposal of Mr. M'lfeil, ■£ will, with the, kind, permission of the -meeting, explain as far as I am able, the objects proposed to be. obtained by the suggested alterations— , copies of . ,w.hich ;'. ha^ye , ba»n distributed: among»t "members;" • Wheh the- Society* started, the preient Building Societies' Act, -introducing oapital shares,- was notia force; consequently it was necessary, as members will remember, |Ti;hen>the -Society was re;giflfcered under it^ to revise i pur iules An ac-_ cordtnee with its provisions, but m doing, to, : the regblation as- tol withdrawal froml , .membership wasleft.at before, m so- far a»* . debarring members : withdrawing from any \ participation m the accumulated prbfita ofthe Society.. „It, It -j», thought -now by. your Direotors,. that any member, withdrawing for the. purpose %f' investing, .the, amount w/thdrawn m capital' shares/ 'should for such a purpose bt entitled to the j .profits which up to such a tim». has been added to tlie Value of- his iharesMas the; capital will apt be withdrawn from the, ; Society— the prevention 61^^ which is the. " object of the : rule as it stands, Vbut will bo_ jmade m effect permanent capital. The. i second proposal,— to ; receive pajEmept of - 'capital shares by instalments— is aaaddition ' to the. present rults, and is intended simply!? to give greater .facilities for investment, m, these capital shares. The next is an uniair pprtant amendment of the present Rule .-Nb,' XV-., which, mtmbers wjll recollect, deals exclusively with the ,. division of tha^ profits made by tlie Society. This' Tule ap-_ pears to the directors to have been drawn without due r»g«rd to that clearness and" definiteness, which , would, .precluae thet possibility of more than one iiitevpretation, whereas, . the' intention of the rule'was fee-~ ■ liered-to be. very "ctiffe^nf froni that ta_ which Messrs. Thynne and Flower— -who; ; were^appointed by the Directors 'to divide,; the- first profits of the.Society-— attached '.to \ it; and again, the later. division, Messrs. , Keeling and'Beattie, though adopting theT •general' principle laid down bf r Messrs. Thynne ajid Flower, madea material al( era-, tioh m- taking the value of a; share to b».: \ that at which it stood at the beginning of -the year, instead of-at the end of^ the year.' The interprptation^ _given to the rule by . these latter gentlemen is, m the opioion ofthe., directors, the most equitable, and it is ; - this which is emboaied-itf the^firsV part of- . the, proposed- amendment. The latter clause; 'of-the amendment,, viz.^-to strike out cer-£ tain words-r-refers to the clause dealing, with t,he portion of the profits set . aside as^. a Rr^arve. Fund; Xour s Directors areofopinipn that, at all events- for the present, such a reservation is unnecessary, and there- * fore unfair to the existing sharenelders, aa, should ;t be not dealt with, it wouldi simply, be producing- a fundj^'tovbe ultimately divided by shareholders, who had m no, way . CQntributed to its accumulation, at it would, never be used as a reserve m case of reverses," it being dealfc/witb^ m the; same .manner ail other funds 6t the* SbcietyVnaniely, ad- " va-nced on securities, and would exist as a separate fund only on paiper» The -Directory have not thought fit to propose doing away, with the provision altogether, as it may be _ found useful as the Society progresses,' but. we propose to give the power ojf .- dealing, with it directly to the Board of Directori," instead of the Annual Meeting, as m prac-" I tice this lutteri3 found to in terfeV*. greatly . with the production. of • the.';balanGe-Bheet. With these few. retnarks by-way of explana-" tion, I will ieave:t^e- proposals i m the. hand*, of the meeting, - • iProposed- by Mr. Mowirm, aeopnded hr. Mb. Linton-z-' That Rule XIV; shall not. apply to, i withdrawal of Investment Shares' for "the purpose .of converting tb« sam* into Capital Shares. Any Investing; Meniber, . desirous of so converting his Investment Shares; shall for such, a purpose be, entitled, tpthft whole of the profits and interest ■which shall have, been actually added- to,, such shares at the "time of such conversion."^Carried.; .-:.""•; .'.■■.; * ; ;' Proposed by Mr. Cobbmak, seconded by Mr. PAtatMtspi!^— ".That instal«n«into o^ijofc., less than '£1 may be' paid to thi Managing .Director, at -any time, and; as soon as the ', sum of such instalments' shall amount to £10 — the value of a CapitaljShare— interest and', profit shaUJbe paid; on such share as pefc Rule XV. amendea as hereafter mentioned." Carried. Proposed by Mr. CAJSBOJiii, seconded byMr M'Nbii.-^'* That all the words from, the» tenth line commsneing " Oue-forth shall be "to the word* .,." added t» their talus'N on the nineteenth line shall be struck out. and the following substituted :— One-fourth b hall be carried to a B^serVeiPund,' and th«L remayjing three- fourths divided-proportion-ately between th» Capital and = Investment; Shares. The profits on Capital ShartsshalL be payable : after, each Annual General Meeting of Sharehplde ■ and ado}.ion o|Balance Sheet fo*, the "Fmanciftl year then past ; and m. the. ca*e of Capital Shares takea.' up during the said Einancia^. year, the p TO < fits shall "hi. oalculated proportionately to the time l6r which i siioh ■hares have been heldduring the said, year^ and on Invest. 1 ment" Sharei, Jtto >p"r6fi)b»>h r all be calbulatedon the value of a ■hare.»t the beginning of theiffinaHcial then past, »nj4 added to thoir valut m tt* f bllbwing manner, that i» to »ay,— T« ffte. >«la«of dl In+Mtment Shares of thn* years' standing shnil b* md<«

kh» foregoing clause. The '_ frprHs on the lines^ w«, " subject neiertkeless to (the approval^ ;^ Hip anRu«J .™fPWng " !»• ptruok outM* Garriedl. ' r ; ~ ■ - : i :'" . • Propoied by Mr. PlßKisrs, seconded bj JUr. MBiAßaj-r^' Thrt the additions to, and, '|in«ndments of, the existing xulas of the jtfanawttu Permanent »nd Equitable Build - Jng ; »nd-InTe»tment Society, as set forth m . the foregoing resolutions, passed at a special 'Meeting of -the Society, held, at the Town Hall, PalmtMton, on the 26th of 1880J be adopted as pact ot the rules •i the Society." Carried. This being all tha business before the meeting, a rote of ■ thanks to the Cbairman - ir** moved bj Mr. M'Neij, sftconded by Mr. Waldegrave, *nd carried unanimously.