BUILDING SOCIETY FORMED.

Shannon News, 19 September 1924, Page 3

BUILDING SOCIETY FORMED.

OVER 150 SHARES TAKEN . AT THE meeting. A PROGRESSIVE MOVEA meeting was Reid last evening in tile MuQniand Theatre, of persons interested oin'. me fqiiuuUon oi a, Terminating Building .Society m SHunnon. Mr linwaitesf president oi Uie Unaniber qi Commerce, presided. The chairman stated met the pro-

posal to. iorui such a socle iy Had beenDrought iqrward by Mr Hyde a (recent meeting oi the Chamber oi

i Commence odd it had been decided lto call the meeting. Mr Harrington, Oi Palmeii'.si'On North, who was well up in such matters;, had been asxod to address them. Mr Ham igt.on was then introduced by the chairman and addressed the meeting, pointing out that the aim oi such a society was to assist the worker in securiag ,i nome for himself ny being able tQ obtain a loan l'ree oi interest. He then fully explained the working oi such a society, which is ag follows:—-The subscription is is per share ior a term oi iiiteeai years at title end. of which the Society automatically terminates; during which time each shareholder will receive an appropriation of £IOO per share, which is paid back at the rate oi 3s Id per share per week, being wiped out in 12£* years. A ballot is taken when sufficient money is available. For instance it the maximum number oi shares for each person should be seven with a group oi 1000 shares, the sum oi £SO would be received weekly, therefore in 14 weeks’ time a draw Would he available and as .time went on and the. repayment of loans began fo come iii the drawing would take place more frequently. The general rule with such societies is to sell each alternate lot to any shareholder, at a premium, so as tq derive revenue for management. This enables any shareholder who i!s in urgent need ol a loan to obtain same at a low premium, these lots going to the highest tender. He recommended, if possible, to secure a group of 1009 shares. Then the Society would be on a .very sound looting. He did not think it advisable to form a society with less than 700 shares. In reply iq a question he stated that irom one share to the number fixed could be taken up, each share entitling a shareholder to £IOO free of interest. Messrs Hyde and Gunning also spoke in support of forming a Society on the lines outlined by the previous speaker. It Was then decided by those present that a committee be set up to go on with the project. The following committee was then appointed:— Messrs Hyde, Thwaites, Gunning, Mason, H. Hook, Hudson; Hansmann, L. Martin and Mo.ody (secretary pi'o tern). All those present signified their intention of taking shares and oyer 150 shares were booked up in the room.

The committee then met and decided to form a Society to be known as the Shannon Terminating Building Society, with a group of 1000 shares and a maximum number of seven shares to each person. The secretary, and Messrs Thwaites and Hyde were appointed to go through the rules, after which they will be forwarded to the Registrar with a view to registering the Society. ' / Mr L, Martin was apomted to canvass the district for shares.

■ The next meeting of the ooihmittee will be on Thursday evening.