TEAWAMUTU TERMINATING BUILDING SOCIETY.

Waipa Post, Volume VII, Issue 321, 9 June 1914, Page 5

TEAWAMUTU TERMINATING BUILDING SOCIETY.

ANNUAL MEETING. The first annual general meeting of shareholders of the Te Awamutu Terminating Building Societv took place at the Ocldj fellows' Hail on Friday last. i There was a fair attendance of | members, the chairman of directors, Mr M. C.Lawson, presiding. The chairman briefly reviewed the work of the past year, and he j congratulated the shareholders j upon the swccess which had at- j i tended the past year's efforts. j He thanked the directors assol ciated with him on the board, j who had worked so well in the j interests of the Society, and I made special reference to the untiring energy of Mr A. J. Bray, who was mainly responsible for the formation of the Society. The amount of outstanding subscriptions was a matter that called for the shareholders' atten- j tion, and he urged members to be prompt in their payments, and also to use their influence to induce others to pay up any arrears, as by doing so they would help towards the Society having a regular series of appropriations. The minutes of the previous meeting were then read and confirmed. DIRECTORS' REPORT. In submitting the report for the first year ended 30th April, 1914, your directors have very much pleasure in being able to congratulate the shareholders on its initial success, both from the financial point of view and the keen interest taken in the Society. During the past year there have been three appropriations made, two by ballot and one by sale, and as you will see by the balance-sheet submitted herewith the latter realised £lO5, thus making the total amount taken up and to be taken up £IOOS, which must certainly be considered most satisfactory for the first year's working, and as each appropriation is made more money will be coming in, and the ballots will consequently be much oftener. The amount of outstanding subscriptions, namely £143 19s 6d, is a matter that requires your attention, and we urge upon all shareholders the necessity for more prompt payments, as the success of the Society depends entirely on a regular series of appropriations. We are pleased, however, to state that a considerable amount of the outstanding subscriptions have since been . paid. s Profit and Loss Account. —You will see that a profit of £lO4 7s 9d has been made for the year, which must be .considered most satisfactory, in view of the fact that all the preliminary expenses have been written off. The matter of altering the rules to enable members who so wish it to take up any number of shares up to four, instead of two as at present existing, is to receive your consideration at the annual meeting. This your directors deem advisable, in view of the fact that the rules provide that shares can be allotted to the number of 600, which still leaves about 100 shares yet to dispose of, and as every share means increased income, it naturally follows that appropriations will come much oftener. During the year there have been two vacancies in the board of directors caused by the resignation of Mr T. Hastings, whose place was filled by Mr G. Irvine who also resigned, and Mr A. C. Cruickshank was then elected to fill the vacancy. Your directors in conclusion take the opportunity of conveying to you their appreciation of the interest shown in the Society by one and all. The hearty cooperation ~a'nd support of the mombers'is a dominant factor in the successful working of the Society, and it is hoped that this feature will be as prominent in the future as in the past. The chairman moved and Mr H. Y. Collins seconded that the report as read be adopted. Mr Collins referred to the satisfactory state of the society and congratulated the directors and members. The balance-sheet, which was read by the secretary, showed a credit balance of £lO4 7s 9d for the year's working. OFFICERS. The retiring directors, Messrs A. C. Cruickshank, W. F. Stewart and W. Jeffery, were unanimously re-elected for the ensuing year. On the motion of Mr H. Worthing ton, seconded by Mr S. H. Dwen, it was decided that j Mr E. J. T. Moeller be re-elected shareholders' auditor.

Mr li. Williams thought that the remuneration of the secretary should be increased. —It was pointed out that this was a matter for the directors to deal with.

A discussion ensued in regard ! to the amount paid to directors. Dr Reekie, speaking as a I director, said that while the

society had had a good year, h

did not think it wise at the pre sent time that an increase won't be warranted. The society wa: at present only in its infancy. The chairman agreed with Di Reekie.

Mr Worthington moved that th remuneration paid to the directors be the same as last year. Seconded by Mr Dwen and carried. SPECIAL MEETING.

At the conclusion of the annual meeting, a special meeting was held to consider a notice of motion by Dr Reekie to alter certain rules of the Society to enable members to take up additional shares.

The chairman explained that the proposed alteration had been considered by the directors, and were of the opinion that the alteration would be in the best interests of the society, and recommended that they be given effect to. ..

Dr Reekie explained the good that would result from such a course, and how it would hasten the appropriations. He then moved that the following alterations be made: —

I. That in Rule No. 4 the word "two" on the second line be deleted, and the word "four" be substituted.

2. That after the word " vote " on the second line of Rule 66, the following be inserted ;--" For every two shares held in his own name."

3. That after the words " ballotball," on sixth line in Rule 102 the following be inserted : —" For each two shares or fraction thereof." Dr Reekie said it would not be compulsory to pay up all arrears at once in the event of shareholders wishing to take up additional shares. Arrears would be deducted from those participating successfully in appropriations.

The secretary stated that thirtysix additional shares had already been applied for and would be taken up provided the above resolutions' were carried into effect. It would be most beneficial both from the shareholders' and the society's point of view. It was unanimously resolved that the resolutions be given effect to.