BUILDING SOCIETY.

Auckland Star, Volume LVI, Issue 124, 28 May 1925, Page 12

BUILDING SOCIETY.

AUCKLAND TERMINATING. r ANNUAL MEETING HELD. There ms a large and representative attendance at the annual meeting of the Auckland Co-operative Terminating Building Society last evening. Tlie chairman of directors, Mr. J. M. Barr.. presided. Chairman's Remarks. In moving the adoption of the 28th annual report. Mr. Barr said the past year had been quite a successful one. A new group. Xo. lid, had been opened, and there had been J 1 r>o applications, lie expressed the opinion that it was till' duty of the directors to open another group seeing that No. til) had been over subscribed. Referring to the new premises of the society tlie chairman remarked that, by lotting tlie two lloors in the basement, the society was "living practically rent free." If increases went on as tliey had been doing then additions would have to be made. Referring to tho closing of certain groups about which there had been some apprehension as tj finality, Mr. Barr said that the directors had had the matter under consideration for some considerable time. It had been hoped to make some recommendation at tho annual meeting, but it had been found impossible to do so. Every shareholder had to be consulted in the matter of closing the, groups, and as they were all over New Zealand and Australia it could be seen that it was a difficult matter. He pointed out thnt if one shareholder objected to the closure that would bo sufficient to hold the matter up, and the winding-up process could not be proceeded with. The directors had a suggestion to put before shareholders in the Bis groups concerned, and it was likely that within two or three months an announcement would be made. One group at a time had to lie dealt with, because every individual group was distinct and separate. The report was adopted without discussion. It was decided that the directors' remuneration be the same as last year, namely, one guinea per meeting for each director, with an extra half-guinea per meeting for the chairman. Election of Directors. The result of the election for directors resulted in the return of the three who had retired, namely, Messrs. J. M. Barr, J. W. Wiseman, and Walter Lambourne. The voting was as follows:— J. M. Barr, 2200; J. W. Wiseman, ]ou4; Walter Lambourne, Ifll.V, C. Blomfield 537; E. J. Carr, 537. Informal, 04. Messrs. J. C. Entrican and 8. M. Taylor acted as scrutineers. Messrs. Morris, Duncan and Gyllies were re-appointed auditors. Request to the Directors. Mr. A. S. Reid moved:—"That the directors be requested to consider means of combating the excess of withdrawals from various groups resulting in less frequent allocations, either by offering special inducements to members to take up lapsed shares, or by limitation of new groups." In explaining the motion the chairman pointed out that shareholders took up shares, paid something on them, and then dropped their payments. Consequently the shares lapsed. The effect of the resolution, if carried, would be that if someone drew a share, of. say fo the party who took it up would have to' pay that £20 before he could claim it. The motion lapsed for the want of a seconder.