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IMPERIAL BUILDING AND INVESTMENT SOCIETY.

A special meetiug of shareholders in the Imperial Building and Investment Society was held in the Chamber of Commerce lost evening, for the purpose of considering a resolution providing for the dissolution of the society. There were twenty shareholders present, and Mr Adam Gibson (president of the society) occupied the chair. The directors reported inter alia :—

In furtherance tf your resolution of April 4 last,—viz., “To convene a special meeting of the shareholders, and submit resolutions 'for the dissolution of the society,’” the directors, after fully considering the position of the society, resolved that it be dissolved, and that the best course in the circumstances would be to terminate the society in the manner prescribed by section 36 subsection 3 of the Building Societies Act, 1880. The directors recommend these steps accordingly. In view of the object stated, an instrument of dissolution — embodying the necessary provisions, prepared by the society’s solicitors—will be submitted for your consideration and signature. The Chairman said he had little to add to the report. The subject of the reconstruction of the society had not been lost sight of, but the difficulties in the way were so great that it could not be entertained. As regarded the Princes street property, the agents were asked if they would accept a surrender of the lease. They were unable to do so, and subsequently the society succeeded in assigning these leases, so that matter was off their hands now. The shareholders would notice that the report simply asked them to affirm two propositions—(l) The dissolution of the society. (2) The manner in which it should be dissolved. He moved the adoption of the report. gMr J. M, Jones inquired the terms of the assignment of the lease.

The Chairman ; Simply parting with the property. The company has assigned the lease without consideration. It has got nothing for it—it is all loss. The motion for the adoption of the report was seconded by Mr D. Brent, and carried. Mr R. J. Gaikdneb moved—" That this society be dissolved in manner provided by subsection 3 of section 36 of the Building Societies Act, 1880.” Carried unanimously! It was resolved, on the motion of Mr J. M. Jones, seconded by Mr H. W. Mitchell, to adopt the deed of dissolution, and to appoint Mr William Brown as trustee at a remuneration of 2J per cent, upon the amount realised.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/ESD18890518.2.3

Bibliographic details

IMPERIAL BUILDING AND INVESTMENT SOCIETY., Issue 7910, 18 May 1889

Word Count
402

IMPERIAL BUILDING AND INVESTMENT SOCIETY. Issue 7910, 18 May 1889

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