PERMANENT BUILDING SOCIETY.

Tuapeka Times, Volume V, Issue 241, 12 September 1872, Page 7

PERMANENT BUILDING SOCIETY.

A meeting of shareholders of the Permanent Building Society was held in the Commercial Assembly Room, on the evening of Friday, the 6th inst. Mr. 11 . Bastings in the chair.

The minutes of the previous meeting were read and confirmed.

The Chairman stated that the Provisional Directors had placed themselves in communication with the various Permanent Building Societies, to ascertain on what terms the Tuapeka Society would be admitted as a branch. They had almost decided upon forming an independent society, when they received a letter from Mr. Webb offering very favorable terms ; and now they wished the meeting to adjourn till Monday, to give them an opportunity of considering Mr. Webb's offer.

The meeting then adjourned till Monday.

On Monday evening the adjourned meeting was held. Mr. H. Bastings in the chair.

The Secretary read the report of the Provisional Directors, as follows :—: —

" Your Committee have to report that having communicated with the various Permanent Building Societies in Dunedin, with the view of effecting an amalgamationiwith one of them ; and having considered their various propositions, are now prepared to recommend that the proposed Tuapeka Society be affiliated to the Permanent Building Society of Otago.

The terms upon which such affiliation may be effected, are briefly as follows :- Ist. The appointment of a Local Dh-ectory at Lawrence. 2nd. The appointment of a local Secretary and Resident Valuator. 3rd. Full participation in all the advantages of the Dunedin Society, thereby avoiding all the expenses contingent upon the formation of a new society. One of the advantages which will result from the adoption of the recommendation of your Committee, will be that the Local Directory will be in a position to receive applications for loans to a considerable amount immediately after the election of the Local Directory.

The shares of the Permanent Building Society are L 25 each, with the entrance fee of 2s, 6d. per share. But arrangements have been made with the Secretary of the Society before mentioned, that in the event of the approval of this report by the shareholders, each half-crown entrance money, already pai I, or that may be paid this evening, will be accepted as full payment as entrance fee for two shares ; orLSO worth of shares in that Society, thus offering a bonus to the early promoters of the movement now under consideration."

The Chairman in answer to questions, explained several points in connexion with the Otago Permanent Building Society, He stated that as shares of the Union were LSO, aud the Otago L 25. Mr. Webb had agreed that those who had paid two and sixpence at the first meeting, or would pay that night, would ha entitled to two shares. Afterwards the entrance would be 2s 6d per share.

After a disussion,

Mr. Jamison moved, "That the report of the Provisional Directors be adopted." Mr. Armstrong seconded the motion, which was carried.

The Chairnvin stated that a meeting of shareholders would be held next Friday, for the purpose of paying the first month's subscript! >n, and electing a Local Directory. The meeting then adjourned.