OAMARU MUTUAL BENEFIT BUILDING SOCIETY.

Oamaru Mail, Volume I, Issue 46, 14 June 1876, Page 2

OAMARU MUTUAL BENEFIT BUILDING SOCIETY.

A meeting of- members of the above society was held last evening in the stitute, for the purpose of receiving the re*~ port of the Committee with regard to the proposed alteration in the Constitution of the Society. There were about thirty members present, Mr. T. Meek being voted to the chair. i

Thc Secretary (Mr. G. Sumpter) briefly explained the object of the meeting, and then read the following report: — "Repokt of Committee of the Oam«k Mutual Benefit Building Society,^

" To be presented to the General Meeting to be held on Tuesday, June 13th, 1876. " Gentlemen, —Your Committee, having considered the advisability of changing the constitution of the present Terminable Society, so as to make it a Permanent one, be'g'to report that they iind the expense and delay of such a course would be so great that they cannot recommend its adoption ; but would advise that a Society on the Permanent principle be at once started, and that the present Society cease lending as soon as the now Society is in a position to do so, and that the subscribers to the present Society continue 2>ayiug then- subscriptions until such time as the liabilities arc paid off, after which the repayment of the money advanced to borrowers shall be invested or divided as the then Committee shall deem most conducive to the interests of the members. " Your Committee may mention that the General Government propose introducing a new law affecting Building Societies, which will probably greatly facilitate the disposal of the surplus funds as they accumulate, and the transference of securities from one Society to another, when the present securities and assets could be easily transferred to the Permanent Society, thus merging the present into the new one. " A. J. S. Headland, " Chairman. " George Sumpter, " Secretary.

A good deal of discussion followed, in which Messrs. Headland, Gray, Sumpter, and others took part, after which Mr. W. C. 13.vt r Di.vET proposed, and Mr. West seconded, the following proposition : —"That the Committee's Report be adopted, and that the officers of the present Society act provisionally ; and that steps be at once taken to float a Permanent Building Society, to be called the "Oamaru Mutual Benefit Permanent Building Society." The following amendment was then proposed by Mr. (Jrav, and seconded b3 r Mr. ilii.i.iiCKi: :—"That a new Society be not formed until the present one has been wound up." A long and animated discussion, in which several members took part, here ensued, after which the amendment was withdrawn, and the original motion carried, there being only one dissentient. The shares were fixed at £25 each, the Humility payments to be 45., and the entrance and transfer fee 3 2s. 6d. It was resolved that a general meeting be convened as soon as 500 shares have been subscribed. A list was opened, when a large nirSiber of shares were applied for. The meeting then closed.