TUAPEKA M.B. BUILDING AND INVESTMENT SOCIETY.

Tuapeka Times, Volume V, Issue 223, 9 May 1872, Page 7

TUAPEKA M.B. BUILDING AND INVESTMENT SOCIETY.

The adjourned fifth annual meeting of the above Bociety was held in the Commercial Assembly Room, on Monday evening — the President, H. Bastings, Esq., in the chair. The report read and received at the previous meeting, was adopted. Mr. Mears rdad resolutions passed at a meeting of borrowers and investing shareholders, held on the evening of the 2nd inst., for the purpose of considering the best means for shortening the existence of the society. The purport of the resoluresolutiohs is as follows : — That with a view of shortening the existence of the society, a clause be added to the bye-laws, empowering the directors to ballot out investing shareholders who decline to sell at the amount shown in the society's books, and that all moneys received in future be devoted to the purpose of buying in such shares. That' a .change- of trustees is desirable, as one of them resides at a distance, and the other has not at all times shown, a disposition to work harmoniously with the directory. That the present legal charges are excessively high. It was hoped the new directory would take the matter into consideration. That the salary paid to the secretary is too high, and that it should be reduced t0 .£50 per annum ; also, that the charge for rent ought to be reduced to £5 per annum. That the present system of valuating properties is unsatisfactory, and that competent valuators ought to be appointed. That they would wish to know if the bonds of the treasurer, secretary, and trustees are in existence ; and if so, where are they kept and why were they not produced for the inspection of the auditors. That in presenting these resolutions, those signing them did. not wish to dictate to the directory, but to draw the attention of its members to evils which they considered required immediate remedy. Mr. Mears spoke at some length- on the resolutions. The President stated that he had re- • ceived a letter from Messrs. R. It. Jones and P. M'Gill, of Tokomairiro, on the subject of the expenses of managing the Society. The President asked the meeting to nominate candidates for the vice-presi-dency of the Society Mr. Harrop was nominated, and there being no other candidate, was declared duly elected. The President then called upon the meeting to nominate the candidates to fill six vacancies in the directory. . In answer to an enquiry, the. President ruled that persons could vote as executors or under power of attorney. The following candidates were proposed : — George Morison, C. Bryant, W. Mears. E. Williams, Neil Colquhun, J. Tuckey, and S. Wootton. There being one candidate in excess of the number required, it was resolved to ballot oue out. The ballot resulted in Mr. Williams being, rejected, and the others were declared duly elected. Mr. Mears entered, into a statement regarding the action of Dr. Stewart, as trustee, in preventing a unanimous decision of the directors being carried into effect. He said that 5 years ago he had borrowed Lll2 from the Society, and had paid back L 135. Since he had procured the advance, he had erected other buildings on his land more valuable than the one the advance was made on. In order to facilitate the carrying on of his business, he had requested permission to remove the original building, which the directors agreed to give, considering that, even it removed, there would remain ample security. Dr. Stewart, however, vetoed this decision of the directors, aud obtained a legal opinion, the purport of which he had not been informed, He had received no written intimation of the fiinal decision of the directors, and he (Mr. Mears) had been put unnecessarily to great inconvenience. He animadverted strongly on Dr. Stewart's conduct in the matter, and said that it had better be decided whether the trustees were to rule the directors or the directors the trustees. The President stated that on Mr. Mears' application .being first made* it was unanimously agreed to. Dr. Stewart, however, objected to the granting of the application, and obtained legal advice. In consequence of that advice, the directors passed a resolution to the effect that their former decision could not be carried out. Dr. Stewart said, as trustee, he was personally responsible to the shareholders, and had to find security for the proper fulfilment of his duties, and the directors were not so responsible. On Mr. Mears' application he had obtained legal advice, and had found it could not be granted in the manner proposed. The proper way would be to call a general meeting of the shareholders and submit ib to them. The legal opinion of Mr. Gooday, the Society's solicitor, was read, and was to the effect that the trustees were the proper parties to receive applications such as Mr. Mears made ; that they had the power to grant them, but it would not be advisable for them to do so r without first receiving tha sanction of the Society at a duly convened meeting. After some further discussion, and some inquiries relative to the bonds of officers of the Society, a vote of thanks to the President was passed, and the meeting concluded. ,