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Some doubt evidently prevails as to the feasibility of the proposals lately made for the formation of a Building Society in Westport, and as usual in all local matters of public interest, a spirit of malicious mischievousncss and ill intent is already actively at work to throw cold water upon the well intentioned efi'orts of the promoters. It is much to be regretted that such a spirit prevails and finds encouragement, but it is inevitable, in the present circumstances of Westport society. To those who are interested in the subject and yet need some little information to clear away any doubts they may yet entertain, it will be well to precisely define the preliminary steps necessary to be taken before a Building Society can be floated. A Provisional Committee ha 3 been already appointed at a public meeting, and of the members the majority arc prepared and will try to actively promote the object in view. Their duty will be first to obtain applications for shares and payment of deposit fees. Then to convene a meeting of shareholders and lay before them a code of rules for regulating the business of the Society. Each rule will be read seriatim and discussed, adopted, amended, or rejected, on the voices of the shareholders. This business concluded it will rest with the shareholders to appoint from among tJtemseloes, Directors and Trustees, whose appointments will be honorary; These officers when appointed will select their Bankers, Solicitor, Treasurer and Secretary, will control tho expenditure of every shill : ng necessary to be expended on behalf of the Society, and will be accountable to the shareholders for economically administering the funds at their disposal. As a check on their every action in this respect the shareholders will appoint annually from amony themselves, auditors to audit the accounts, and each shareholder will be entitled to receive a copy of the annual debtor arid creditor statement of transactions. In a word the whole business or the Society from beginning to end will be always under the strict control of the shareholders, no person not a shareholder can have any voice therein and any insinuation of jobbery, or covert intentions against the present movement indicates either gross ignorance or a deliberate attempt at falsehood.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/WEST18740407.2.8

Bibliographic details
Ngā taipitopito pukapuka

Westport Times, Volume VIII, Issue 1165, 7 April 1874, Page 2

Word count
Tapeke kupu
374

Untitled Westport Times, Volume VIII, Issue 1165, 7 April 1874, Page 2

Untitled Westport Times, Volume VIII, Issue 1165, 7 April 1874, Page 2

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