PIONEER BUILDING SOCIETY.

Timaru Herald, Volume CXXV, Issue 18629, 26 July 1930, Page 2

PIONEER BUILDING SOCIETY.

ANNUAL MEETING. The annual general meeting of shareholders of the Pioneer Terminating Building Society of Timaru was held last Tuesday evening. Mr J. W. Preen (chairman of directors) presided, and there was a large attendance of shareholders of all Groups. The reports and balance sheets of the Nos. 2,3, 4, 5 and 6 Groups were taken as read, each shareholder having received a copy of the balance sheet of the Group in which he was interested. The chairman, in moving the adoption of the reports and balance sheets, explained the year's operations of the Society to members, and also the general idea and workings of the Building Society. He commented on the large amount lent out to shareholders since the * inception of the Society, the grand total being £133,550. Mr A. C. Martin was re-elected shareholders’ auditor, and the retiring directors were re-elected unopposed. At a subsequent extraordinary general meeting, a ballot for a free loan of £9OO in the No. 5 Group was held, and after the chairman had explained' the method of drawing the ballot, the scrutineers proceeded with the draw. Cluster No. 32 was drawn. The six shares were held by a Temuka shareholder, who is therefore entitled to a free loan of £9OO. A saje of £9OO in the No. 6 Group was held also, making £IBOO appropriated on the night. In this sale one shareholder purchased £3OO and another £6OO, the premium paid being added to the mortgage. At a meeting of the directors, Mr J. W. Preen was re-elected chairman for the ensuing year, and Mr W. H. O. Schrader deputy-chairman. Mr J. E. S. Jackson was re-elected directors’ auditor.