AUCKLAND PERMANENT COOPERATIVE BUILDINNG AND INVESTMENT SOCIETY-

Auckland Star, Volume XXX, Issue 57, 9 March 1899, Page 3

AUCKLAND PERMANENT COOPERATIVE BUILDINNG AND INVESTMENT SOCIETY-

Yesterday meetings of the various classes of creditors and shareholders of the Auckland Permanent Co-opera-tive Building- and Investment Society, called by order of the Supreme Court, was held in the Chamber of Mines. Mr John Batger presided at all the meetings. The first was a meeting of the creditors who hold the society's debentures bearing interest. The following resolution was unanimously carried: 'It is the wish of this meeting of the creditors (debenture-holders) of the Auckland Permanent Co-operative Building and Investment Society in liquidation that Mr Hugh Falconer Anderson, one of the said creditors, be appointed by His Honor Mr Justice Conolly to represent them before the said Judge at the expense of the said society, upon the hearing of an application intended to be made to the Supreme Court of New Zealand by the official liquidators in the said society to determine the rights of the respective creditors and shareholders of the said society in and to the assets of the said society, and the manner in which such assets shall be determined, and the class of debts or claims which carry interest.' It was also agreed, 'That this meeting is in favour of Mr Hugh Campbell being appointed as solicitor to protect the interests of the debfcnture-holders.' At a meeting of the creditors other than debenture-holders similar resolutions were passed appointing Mr Henry Nelson Garland to represent this section of the creditors, and Mr Hugh Campbell to act as solicitor. A meeting of the shareholders, who had given notice of the withdrawal of their shares prior to the society's liquidation, was subsequently held, and a resolution passed appointing Mr Theo. Cooper to represent this class of shareholders before the Court. At a meeting1 of the shareholders who had not given notice of the withdrawal, but whose shares had fully matured prior to the liquidation, Mr Geo. Squirrell was appointed the representative. The last meeting was one of shareholders whose shares were not fully paid up, and who had not. given notice of withdrawal. Mr F. G. Ewington was appointed the representative, and it was resolved, 'That in the opinion of this meeting it would be most inequitable that those shareholders who gave notice of the withdrawal of their money from the society, thereby jeopardising their own and the society's interests, should have a prior claim over those who did not give notice.' It was also unanimously resolved, 'That it is desirable

that a general meeting of all the shareholders of the society be held to consider the present position of the society's affairs.' In the course of the meeting a letter was read from one of the shareholders who had given notice of withdrawal, expressing the opinion, that there should be no distinction made in the division of the assets between those shareholders who had given notice and those who had not. It was also stated that several others of the creditors who had given notice were unwilling to avail themselves of any legal claim they might have to more than an equal share of the assets of the society.