SIXTH ANNUAL REPORT OF THE PROVINCIAL LAND AND BUILDING SOCIETY PERMANENT.

Colonist, Volume X, Issue X, 12 February 1867, Page 5

SIXTH ANNUAL REPORT OF THE PROVINCIAL LAND AND BUILDING SOCIETY PERMANENT.

The annual meeting of the members of the Provincial Land and Building Society took place on Wednesday evening, February 6, -when the following report was read by the Secretary:—

"In laving before the shareholders the balancesheet and accounts of the past year, the directors beg to congratulate them upon the near approach of the termination of the original series of shares.

" The resolution passed in September, 1865, alluded to in last year's report, allowing holders of the first series of shares to withdraw at their actual value, has had the result then anticipated. 593 shares have been j withdrawn and extinguished in the first series during the past year.

" The shares in the different series now stand as follows:—

"As in the course of a few months the Ist series of shares will have arrived at their full value, viz., £25, it will be necessary for the Directors to make piovision for the payment of the unrealised shares, and as there will not be sufficient funds in hand for that purpose, the Directors will, doubtless, avail themselves of a provision in the new Building and Land Societies Act, passed at the last session of the General Assembly, enabling them to raise money on debentures.

" The- sum of £625 has been advanced to shareholders on special loans, and, with the 'sum of £175 lent the previous year, can be called in at any time, on giving three months'notice. <( , " Two properties forfeited to the society for nonpayment, have been sold during the past year, viz:, the Soho Brewery, and Mr. W. Turner's property, in Eussell-street, the nett proceeds of which were; divided among the holders of the Ist series. " The value of the shares is as follows, viz,:— £ s. d, Ist series ... 23 8 0 2nd „ 13 2 U 3rd „ 10 3 4 4th „ 810 7 sth „ 618 0 6th „ 5 6 U 7th 3 18 1 "It will be the duty of this meeting to elect six directors, in the plaoe of Messrs. B. Bum, B. Smart, B. Imoaij and T. Watts, who retire by rotation, but who wo oligiMe for re-eleotion, wd Mr, D, Sunn

and Mr. W. Lane, who have withdrawn from the society.

" Three Auditors have also to be appointed. "By order of the Directors, " John Percy, Secretary.

This report was agreed to tmanimously. The retiring directors were re-elected, Mr. P. Cooke and Mr. Johnson were elected to supply the vacancies caused by the resignation of Messrs. Burns and Lane. The Auditors for the last year's accounts were reelected.

Realised. Unrealised. Total, 1st series 2nd „ 3rd „ 4th „ 5th „ 6th „ 7th „ 411 272 683 56 45 101 46 4 50 66 13 79 49 13 62 71 18 89 4 0 4 703 365 1068