SOUTHLAND BUILDING, LAND, AND INVESTMENT SOCIETY.

Southland Times, Issue 1572, 3 May 1872, Page 3

SOUTHLAND BUILDING, LAND, AND INVESTMENT SOCIETY.

_ «> A special meeting of the above Society, convened for the purpose of considering a propoged remodelling of the rules, was held in the Court-house on Tuesday last It having heen explained that the business could net be proceeded with until one-fourth of the shareholders were present, and that the proposed alterations could not take effect unless they received the sanction of members- representing two-thirds of the total value of shares, it was decided, as the meeting did not represent the provisions of the Building Societies Amendment Act in the latter respect, to adjourn until the next evening at 9 o'clock, the business to tak» precedence of the annual meeting. On Wednesday evening, at 9 o'clock, the roll was called, when it was found that, although there was a very large attendance of shareholders, the requisite value was still unrepresented. After some delay, Mr W. Blackwood, on behalf of the committee, proposed a further adjournment of the meeting for a fortnight, in order to afford time to the committee to procure proxies from those members who were unable to attend the meeting, although favorable to the proposals sub mitted. In doing bo, Mr Blackwood explained at some length the nature of the proposed alterations. They comprised a change in the constitution of the Society, making it a permanent institution, instead of going on aB at present on the terminating principle ; the abolition of the auction system of disposing of the funds, and the substitution of a plan of receiving applications for loans ; provision for intending borrowers ascertaining from the committee the amount they might expect to receive on any security ; the formation of a reserve fund ; and the necessary details to give effect to the leading principles indicated. It was suggested that the feeling of the meeting should be tested as to the desirability of the alterations being made, and it was ultimately agreed to withdraw Mr Blackwood's motion in favor of the following resolution, proposed by Mr J. P. Joyce, and seconded by Mr W. H. Calder : — " That this meeting affirms the desirability of the. proposed alterations in the rules of the Society being carried into effect." Mr Calder made a few remarks to the effect that unless the change was made, another Society on the permanent principle would be started, as it was quite evident that the Society as at present constituted did not meet the requirements of the district. In that case, their Society would drag out a long and unprofitable existence, as it was only too apparent that if they had solely to depend upon their present members, the success achieved in the past could not be maintained. If the alterations were made, the Society would become a regular loan association, and its operations would be of vast benefit to the whole district. The motion on being put was carried unanimously, and it was thereafter decided to adjourn the meeting for a fortnight, shareholders being reminded that females and minors were entitled to vote on the question. ANNUAI. MEETING. The business of the annual general meeting wag next proceeded with, the following report and balance sheet being submitted : — In presenting the third annual report to their fellow members, the Committee have much pleasure in recording the steady progress the Society has made during the past jear.^

1 At the date of the last annual report, 1052 shares were held by 218 members ; they are now held by 195 members, 23 members having sold out during the year. The profit for the year ha3 been sufficient to enable the Committee to credit 15s per share to the members in the books of the Society, and carry forward £27 15s 9d to the credit of the profit and loss new account. On the present occasion all the members retire from the Committee in accordance with the rules, but are eligible for re-election. You hare also to elect a President and one auditor for the ensuing year. The power to borrow has enabled the Society to take up transactions which otherwise would not have come within its scope. It has not, however, been found necessary to issue debentures. During the year the Committee devoted a considerable time to the question of altering the Society's rules, with a view to adapting the Society to the requirements of the district, and the result of their labors is before you. The Committee can confidently state that the Society is in a sound position, the advances being amply covered by security.