PIONSER BUILDING SOCIETY.

Timaru Herald, Volume LXXXI, Issue 12477, 14 September 1904, Page 3

PIONSER BUILDING SOCIETY.

There were more than 30 persons present at a meeting of the Timaru Pioneer Building Society, last night, called to consider the new rules drafted in connection with the new issue of shares.

Mr D. J. Caldwell occupied the chair, and having detailed the reasons for calling the meeting, requested Mr S. G. Raymond, the Society's solicitor to read and explain the draft rules. Mr Raymond gave a lengthy statement upon the constitution, and methods of the society, and the proposals for a new issue of shares. The board of directors had gone carefully into the draft rules, and had made various recommendations upon them. He explained merely the salient points of the alterations, as the whole rules were so lengthy. It was first proposed to make it possible to.form separate groups up to ten in number, each with an issue of 600 shares, and each with practically the benefits and powers of a complete society. At present it was only proposed to constitute one fresh group, but if this rule were approved it would always be possible to add to the number without further alterations. Tlie next question was as to the distribution of profits. It was suggested to divide them periodically, instead of as now leaving them to accumulate till the winding up of the Society. The meeting would also consider the method of electing the board of directors—whether each group should elect representatives, or whether the united groups should elect (lie whole board. The present board were in favour of each group electing a proportionate part of the directorate. It was also proposed to give each group the power of winding up independently of the rest of the Society, if a majority of the members in that group desired to do so. These were the main alterations embodied in the .new rules, and the only ones on matters of policy. Discussion was invited upon each question, but no discussion took place.

Mr Caldwell moved that the Society as -i whole elect the directorate after the first year, and Mr Barber, as a. subscriber to 'he new issue, seconded the motion. An amendment opposing the motion was proposed, and only seconded pro forma. Only the mover voted for it, and the '.notion was carried almost unanimously. Mr Caldwell moved that the profits of the Society be left for distribution as unier the original rules of the Society, and Mr Burniester seconded.

Mr Prosser moved as an amendment that the profits be'divided- every five years. That -would be- a stipulating measure. Mr Barber supported the proposal on the grounds that a periodic distribution would be likely to injure the stability of the Society. The amendment was seconded pro forma by Mr Dunne. Only, three voted for it, ind the motion was carried by a considerable majority. Mr Caldwell moved that each group have Mie power, as if it were the complete society, of winding itself up. Mr Crawford thought it was quite * necessary, and. seconded the motion.—Carried. The chairman said that concluded the business of the meeting. They had signified their approval of the suggested alterations, and the new rules would now be »ent forward for the, necessary process which would make them legal. A verr hearty vote of thanks to Mr Raymond for having, .drafted the rules, and for" having attended and so fully explained them, terminated the meeting.