NO. 2 TERMINATING BUILDING SOCIETY.

Timaru Herald, Volume LVIII, Issue 1832, 6 August 1895, Page 3

NO. 2 TERMINATING BUILDING SOCIETY.

The first general meeting of share holders of the No. 2 Terminating Building Society was held m the Assembly Rooms last evening. Only shareholders were admitted, and the room was quite full. On the motion of Mr T. D. Young, Mr J. J. Grandi was voted to the chair.

Mr Grandi, on opening the meeting, congratulated the provisional directors, who must be very gratified at seeing such a large meeting. He was pleased to tell them 80 far as he knew that the whole of the shares had been taken up. He could not tell them exactly how they stood ; were m rather an unfortunate position, for one of their provisional directors, Mr Corcoran, was away, and the chairman knew that he bad received money (or shares, One

thing he was confident of— there was either a very few under or a very few over the 1000 of issue. Should the number be over, they would keep the applica tions, which had been received that evening separate, and if a ballot were necessary it would be taken on the ! applications made that evening. He hoped that such a course would not be necessary. The business that evening was to adopt the rules, and elect the directors. The Pioneer rules had been revised by the directors and checked by the solicitor, Mr James Hay, and were now m the hands of the printers. The chairman, recited the principal amendments to the rules — one relating to appropriations and the other to voting. Other alterations were merely technical. Mr Sydney Davies moved, ani Mr Salek seconded— " That the rules be amended so as to enable femaie shareholders to be represented by their next of kin as proxies." The chairman hoped that this would not be agreed to. Voting by proxy had ruined two building societies m Timaru already. Proxies could pack a hall, and other shareholders would thus have no voice m the matter.

Mr Storrier moved as an amendment, and Mr Mills seconded— " That the shareholders be allowed to vote through the post irrespective of limit." The amendment was lost, and the motion was also similarly treated. It was then agreed that only the alterations and amendments to the rules be read. <■

The acting secretary (Mr C. N. Macinlosh) did this, and the rules were then duly adopted. Nominations were then taken for the directorate as follows : — Dr Reid, Messrs Wood, Young, Miles, Tnrguse, Bland, Storrier, Ellis, Sherratt, O'Brien. Mair, Bradley, Thomson, Strachan, Radelifle. Nine were required, and the ballot resulted as follows (Messrs M. White, \V. White, A. Applegarth, and W. Werry acting as scrutineers) :— Reid 244, Wood 234, Mills 198, Radeliffe 190, Sherratt 188, Young 180, Bland 170, Thomson 149, Ellis 138.

The chairman informed the meeting that the Assembly Uootns was the registered office of the society ; that payments would be taken m the refreshment room downstairs ; that the first payment would be due on Monday week; that the pence books were ready, and that general meetings would be held m the large hall. Votes of thanks to the scrutineers and to the chairman terminated a very enthusiastic meeting at 10.30 p.m. At a meeting of the directors held afterwards Mr Gordon P. Wood was elected chairman for the year. It was resolved to call applications for the position of secretary to be m by 5 o'clock this evening, care of the chairman ; the salary to be £35 per annum. The Colonial Bank was appointed the society's bank, and Mr Jno. W. White their solicitor.