BUILDING SOCIETY.

Waikato Times, Volume 110, Issue 18394, 30 July 1931, Page 3

BUILDING SOCIETY.

DEFICIENCY IN FUNDS. WEBULT OF INVESTIGATION. TE AROHA, Wednesday. At the annual meeting of the Te Aroha 'Co-operative Terminating Building Society this evening, a report upon the results of an Investigation Into the affairs of the society was presented. The chairman of directors, Mr A. H. Margison, outlined the circumstances which led the directors to institute an inquiry. The books w r ere handed to the auditors, Messrs Sanson, O’Meara and Bindon. Their report showed a deficiency of £398 14s lid. A shareholder, Mr F. L. Kenrick, recommended that in the future all securities should be placed in a strong box. He felt that there had been some laxity in this connection In the past. The chairman explained that although such a box has been purchased the documents and securities had never been lodged in it. Mr KenrJck said inothing but a thorough audit would have exposed the true position. He considered the directors were to be exonerated from all blame. After further discussion the balance-sheet was adopted. Messrs J. h. Barlow and W. Mackie were re-elected directors and Messrs Sanson, O’Meara and Bindon were reappointed auditors. The chairman said the return of the two retiring directors was an indication that confidence in the executive was not altogether lost. He added that in future every effort would be made to safeguard the society’s interests.