CO-OPERATIVE FREEHOLD LAND ASSOCIATION.

South Canterbury Times, Issue 2664, 4 October 1881, Page 3

CO-OPERATIVE FREEHOLD LAND ASSOCIATION.

A short time ago a number of gentlemen in Christchurch met to consider the advisability of forming an association to assist persons with small incomes to obtain freeholds, and a committee was appointed to consider what was the best plan of operations to adopt. Yesterday this Committee presented their report, which was adopted. We republish it below, thinking that if such an association proves a success in Christchurch, there is no reason why a similar one should not do useful work in Timaru. There are numerous societies for enabling persons of small means to build houses for themselves, and it would seem that there is quite a* wide and useful a held for societies to assist those who need assistance in obtaining a piece of freehold land on which to build a house. The report, which was adopted, was as follows ; Its object shall be to afford a means of accumulating savings, wherewith to purchase blocks of land for sub division among the members. The entrance foe to be 2s (id per share ; the subscription to be 2s (Id per share per week ; the number of shares to be held by one member to he limited to five; one share approximately representing one quarter acre section. That as soon as the funds at the disposal of the committee shall be deemed sufficient to justify it in purchasing a block of land, an advertisement shall be inserted inviting offers from which it may select and purchase that which is considered must desirable. This shall bo surveyed and cut up into quarter-acre sections or thereabouts. The necessary roads shall be formed in accordance with the requirements of the borough or Boad Board in which the properties may be situated. The cost of survey, formation of roads, and other contingent expenses, together with 10 per cent on the entire cost to be shared proportionately by all allotments in the particular block. The price of each section shall be determined by the committee, prior to division among the I shareholders, and shall not be less than the average cost per section of the entire block. That when a block of land has been bought, surveyed, and cut up into suitable sections, a ballot shall be taken nt the office of the association or elsewhere as the committee may decide, in which ballot each shareholder shall have an equal chance, but no member shall be eligible to ballot until be nr she has paid bis or her subscription on the share or shares held by him or her for at least three months or thirteen weeks. The overplus from the sale or transfer to members of any section or sections more valuable than the aggregate value of a section shall he carried to (he credit of the^ profit and loss account of the association. Shares to he transferable on payment of a foe of 2s.Gd per share. All prod's that may accrue shall belong absolutely to the shareholders, and shall be divided proportionately among them, when it is deemed expedient on the recommendation of the committee that a division of the profits shall take place. The other recommendations of the committee referred to the details of the working of the proposed association.