WESTPORT BUILDING SOCIETY.

Westport Times, Volume VIII, Issue 1190, 3 July 1874, Page 4

WESTPORT BUILDING SOCIETY.

In terms of advertisement convening meeting, the shareholders in this society met 011 Tuesday evening to receive report of Provisional Committee, to adopt rules and take necessary steps for nomination of directors and ollicers. Mr W. D. Kerr in tho chair. The committee brought up a series of rules compiled and adopted from those

of existing societies, and the same were then read, seriatim, and adopted by tlio shareholders after minor amendments.

The rules provide, inter alia, that the society shall be called the Westport Permanent Land, Building, and Investment Society. That the ultimate value of shares shall be £25, and monthly payments thereon, 5s per share. That the interest allowed on investing shares shall be 5 per cent, guaranteed, with annual participation in profits after the second year ; and that interest charged to borrowing members shall be b per cent. Loans to be repayable at periods extending from one to six years at the option oi* the borrower. Investors will be permitted to withdraw their money at any time on giving one ninths' notice, or after the second year may borrow on the security of their shares, any sum not exceeding the then present value of such shares. It is calculated that with the 5 percent, interest and bonus added annually, investing shares will be realised in six years, or less, from time of first monthly payment. After the rules had been adopted it was moved by Mr Andrews seconded by Mr Simpson and carried unanimously : —"That Messrs James Wilson Humphcry, Arthur Dudley Dobsou, and Edward Fawcouer Tizard be appointed Trustees of the society. A ballot was then taken for the election of six directors, and the following members of the society were elected. Messrs Jno. Munro, (J. G. Andrews, \V. D. Kerr, E. Insis, M. Organ, and D. Day. The meeting then stood adjourned until Tuesday the 7th July, on which date members will pay their first monthly subscriptions. Arrangements are pending with the Westport School Committee for use of the school room for the purposes of the society.

Two hundred and fifty shares have been already subscribed for.