BUILDING SOCIETY

Waipa Post, Volume 43, Issue 3328, 28 July 1931, Page 4

BUILDING SOCIETY

ANNUAL MEETING HELD. There was not a large attendance of members of the Te Awamutu Terminating Building Society at the nineteenth annual meeting on Monday evening, for in addition to the directors there were only three or four shareholders. Mr R. Dawson, chairman of directors, presided. The following annual report was read and adopted:— In presenting the balance sheet from the year ended 30th April, 1931, your directors are able to report another year’s progress. First Group: During the _ year twelve more shares have been paid off, and there have been three appropriations, two by sale and one by ballot. This leaves 202 shares financial, of which 64 have still to obtain an appropriation. Premiums received were £lO9. Members of the group are again reminded that it is just as well to be financial for sales, which may turn to ballots at any time. When the number of shares eligible for a ballot are reduced to 50, this group will cease paying in their subscriptions, and this should eventuate some time in 1932. Shareholders in this group are also reminded there will be an appropriation by sale at the annual meeting. Second Group: There have been two appropriations, one by sale, which turned to a ballot, and the other by ballot. Withdrawals are still delaying the appropriations in this group. ... Directors: The following directors retire by rotation: Messrs R. Dawson, W. J. North and T. Mclrmes; and, being the only ones nominated, there will be no election. The balance-sheet was also discussed and, being considered satisfactory, adopted. Messrs Dawson, North and Mclnnes were declared re-elected to the directorate. Mr F. W. Luxford, of Hamilton, was unanimously re-elected auditor to the society. A discussion arose over the advisability of further conserving the finances, and it was agreed to reduce the directors’ fees from £2 2s to £1 Is. and in the case of the chairman from £3 3s to £2 2s. The matter of the secretary’s salary was refei’red to the directors. Several matters affecting the administration of the society were discussed.

An appropriation by sale was conducted, there being two tenders, and Mr C. Pellow’s tender was accepted.