Page 8 Advertisements Column 1

Lyttelton Times, Volume II, Issue 64, 27 March 1852, Page 8

;*.\ JPROSPECTUS Of the Lytteltibn and Christchurch Building and Investment Society, "To be established pursuant, to Legislative Ordinance lStirnctoria, Session U, No. U, in Shares of £120 each ; tnonthly subscriptions, ten shillings per share ; j entrance fee, two shillings and sixpence per share, THE Society will be founded upon principles which have been proved by the working of similar Societies in England and in this and other colonies to be mutually beneficial, and is established for the purpose of enabling its members to purchase their own Residences or other Freehold or Leasehold Property for investment or occupation. Building Societies have now become so general and the benefits derivable nnder the working of the same so thoroughly'known and appreciated that it would be superfluous to say more in favour of them. By the rules and constitution of the Society, each member contributes ten shillings per month, for each and every share held by him, and five shillings per share per month, as interest and redemption money from the period of taking a loan from tte Society until by such monthly payments assisted by the profits derived from premiums, fines, and other incidental sources, each share shall have realised the value of 120/, which it is ascertained will be within nine or ten years from its commencement when the Society will under the Legislative Ordinance be dissolved. Some of the advantages conferred upon Building Societies by the Legislative Ordinance are— Ist, That the property of the! Society will be vested in Trustees, to whom all conveyances are to be made, and whose eadorsment will be sufficient re-conveyance to the borrower. 2nd. That Trustees or persons receiving the Society's money, must give security to the Society. | 3rd. That Females and Minors may become members. j 4th. That the members have power to make rules and bye-laws for their own government, in accordance with the Legislative Ordinance. sth. That the rules of the Society will be subject to the assent of the Government. 6th. That Magistrates have the power of deciding summarily in cases of fraud or dispute. 7th That full accounts are to be periodically published. Bth. That no member can hold more than five shares. The Society will be managed by a Board of Directors, and Trustees to be elected annually at a general meeting of the Shareholders. For a Society of this nature to be prosperous, it is necessary that the funds, as they periodically accumulate, should be immediately invested. To carry this out as soon as the Society shall have in hand by means of monthly subscriptions a sufficient fund to be enabled to make advances, a general notice thereof will be given, and the disposable fund then offered for competition. The member to become the purchaser, who shall offer the largest premium in a share of 120 J. for priority of advance (such premium to be deducted from the sum lent), upon depositing the Title Deeds and a Mortgage of the property purchased as security to the Society for the regular payment of instalments until the termination of the Society, when the Deeds, &c. will be given up, and receipts endorsed thereon by the Trustees, whose endorsement, by the Legislative Ordinance will be a sufßcient re-conveyance to the borrower. A subscriber may sell or transfer his shares, if desirous of doing so, on payment of a small bonus. Shares may also be disposed of by deed or will, and the executors or administrators will have the same advantages as the deceased member would have had if living. Every necessaiy precaution will be provided by the rules of the Society to prevent mismanagement of the affairs, or misappropriation of the funds. Securities will be taken in the names of the Trustees lor the re-payment of every advance or loan, and the deeds safely deposited with the Bankers of the Society. The money paid by the subscribers will be received by the Secretary or Manager, and one or more of the Directors, and on the same or following day handed to the Treasurer, who will, with the Secretary, attend and pay the same into the hands of the Bankers, whence it cannot be withdrawn without the sanction of the Directors. Every cheque must be signed by two trustees, and countersigned by the treasurer. To persons who have borrowed on mortgage, the great advantage is offered of obtaining the money for the redemption thereof, from the funds of the Association, and while paying the monthly subscription of discharging the mortgage debt. The following illustration will more fully explain the beneficial working of this Society. Suppose a shareholder wishes to purchase a freehold property worth 21Q/., or to build upon a plot of land to that amount, or obtain a loan of 210/. upon security of Jlis freehold or leasehold property. •