COMMERCIAL
PERMANENT BUILDING SOCIETY 07 NEW ZEALAND.
PROPOSED LIQUIDATION l
Mr. S. J. Hsirbutt, cnalrman ox directors, presided u t a speeiaj. geu. erap meeting of shareholders i!n Permanent liuiiding Society of Zealand
A' resolution was passed in the form of an additional rule that “ tiLC society shall terminate upon the pass ing 'of a resolution by the directors that in their opinion legislation renders it impracticable or inadvisable' -to continue operations.’’ It was pointed out to members that, .although 'the society wa«j - registered under the - Building Societies’ Act, 1908, legislation provided that, building societies must produce a certificate from an actuary certifying that, every member had a reasonable prospect of receiving, appropriations -within no f mor© than 30 years from the date of his admission to membership. "Th© operations made it impossible to do this.
It 2 was stated subsequently that the next step would be to wind up the society. Several thousand pounds had i been subscribed in the short time the society had been in existence, and this money would be returned to shareholders.. Shares were iSsUrti .at a .subscription of £l, with 5s entrance '• fee, and it exphetbd - tb©i entrance feh would /serve ,to. p&y. expense® to date. 1
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https://paperspast.natlib.govt.nz/newspapers/GIST19340312.2.33
Bibliographic details
Gisborne Times, Volume LXXX, Issue 12200, 12 March 1934, Page 5
Word Count
203COMMERCIAL Gisborne Times, Volume LXXX, Issue 12200, 12 March 1934, Page 5
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