Starr Bowkett Society

Southland Times, Issue 13508, 16 July 1896, Page 3

Starr Bowkett Society

The first meeting of shareholders in the Invercargill Starr-Bo wkett Building Society was held in the Y.M.C.A. Hall yesterday evening, there being some 70 present. The chair was taken by Mr J. J. Wesney and Messrs A. McKenzie, W. Smith, H. H. Perrin, J. D. McGruer, A. F. Hawke, J.S. Baxter, VV. N. Stirling provisional directors, and Mr E.B. Pilcher, secretary, occupied seats on the platform. The Chairman said he was pleased to be able to announce that more than the minimum number of shares necessary hud been applied for. The present meeting was for the purpose of adopting rules, and eleotizg office-bearers. The shares had been taken up without canvassing, and the directors were so sure that if an active canvass was made that shares would be taken up to a larger extent that they purposed moving at that meeting to extend the maximum number of shares from 1000 to 1500. This would enable the society to get the money out quicker and would reduce the ratio of expenditure. He desired to state that other societies of like nature working in the colonies were unqualified successes. In Dunediu the shares were selling at a premium and there were three societies in Timaru in which, when filled up, the shares had gone up 80 per cent and 90 per cent and at auction had realised 140 per cent premium. The directors had received balance sheets from these societies giving particulars of the ballots, etc., and in one already 18s 4d per share had been earned, equal to 7 per cent per annum. He thought that everything pointed to the shareholders in the Invercargill society getting 7 per cent for their money with, the right to a free loan, which was more than other building societies offered. The directors had spent much time over the rules which had. been framed from those of several other societies and they thought would prove best for the general good of all the members. The rules were then considered. Rule No. 5 was amended to admit of the maximum number of shares being 1500; in rule No. 13 the date of the first subscription was fixed for 3rd August and thereafter every alternate Monday. Under rule No. 3 the financial year was fixed to end on 31st July, and the annual general meeting for. the last Wednesday in August. Rule No. 109 was amended to admit of a shareholder giving a proxy to a member of his own household who must also be a shareholder. With these emendations the rules were adopted and the society ordered to be incorporated under the Building Societies Act. Eleven gentlemen were nominated for directors, and Messrs J. J. Wesney, A. F. Hawke, J. D. McGruer, W. N. Stirling, J. S, Baxter, H. H. Perrin, and A. McKenzie were elected. Messrs G. R. George, and G. B. Paterson were elected auditors, and Messrs Wm. Smith, B. A. Dickinson, F. Vickery, W. Ferguson, and T. Crawley arbitrators. Some discussion took place upon the scale of solicitors’ fees, but the views of the provisional directors, as expressed in the rules, were upheld. 1 A number of shares were subscribed for in the room, and the chairman notified that the first ballot would be taken on 2nd September.