TRADING CEASES
Proposal For Winding-up The Credit Union of Canterbury has, on legal advice, ceased trading, and its shareholders will be asked to consider winding up the organisation. Formed in Christchurch little more than a year ago, the union was called a "selfhelp group of people,” Its aim was to buy goods for shareholder members at wholesale prices and make personal loans. It also accepted deposits and paid 4 per cent interest.
Profits were to go back to members by way of bigger rebates on purchases and increased loans at lower interest.
The formation of the union in Christchurch came after the spread of the movement in New South Wales. Notices were sent to shareholders on Thursday telling them of a meeting on July 12 when they will consider a special resolution asking the Supreme Court to wind up the union.
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Bibliographic details
Press, Volume CVI, Issue 31089, 18 June 1966, Page 20
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141TRADING CEASES Press, Volume CVI, Issue 31089, 18 June 1966, Page 20
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