COMPANY AFFAIRS.

Auckland Star, Volume LXV, Issue 56, 7 March 1934, Page 4

COMPANY AFFAIRS.

BUILDING SOCIETY. PROPOSED LIQUIDATION. Mr. S. J. Harbutt, chairman of directors, presided at a special general meeting of shareholders in the Permanent Building Society of New Zealand. A resolution was passed in the form 01 an additional rule that "the society shall terminate upon the passing of a resolution by the directors that in their opinion renders it impracticable or inadvisable to continue operations." It was pointed out to members that, although the society was registered under the Building Societies Act, 1008, legislation paseed at the. last session of Parliament made it impossible for the society to carry on. This legislation provided that building societies must produce a certificate from an actuary certifying that every member had a reasonable prospect of receiving appropriations within 110 more than 30 years from the date of his admission to membership. The conditions governing tile society s operations made it impossible to do this. It was stated subsequently that the next step would be to wind up the society. Several thousand pounds had been subscribed in the short time the society had been in existence, and this money would be returned to shareholders. Shares were issued at a subscription of £1, with 5/ entrance fee, and it was expected the entrance fee would serve to pay expenses to date.