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The Cyclopedia of New Zealand [Auckland Provincial District]

Auckland Co-Operative Terminating Building Society

Auckland Co-Operative Terminating Building Society, Union Bank Buildings, corner of Queen and Victoria Streets, Auckland. Board of Directors: Mr. A. J. Entrican, chairman; Mr. E. R. Jones, vice-chairman; and Messrs R. Walton, G. Rainey, W. Lambourne, J. J. Boak, J. F. Buddle, and T. Macky; with Mr. Robert Hood as secretary, and Mr. F. Wilson Smith solicitor. Bankers, the Bank of New South Wales. This society was established in March, 1897, and is incorporated under and in pursuance of “The Building Societies' Act, 1880.” Its objects are to raise, by the subscriptions of members, a fund for making advances to members, upon the security of freehold or leasehold property, by way of mortgage, to the extent allowed by law. The shares of the society are of the value of £200 each, and the number of shares is limited to 10,000; the fortnightly subscriptions are 2s per share. Shareholders are formed into ten groups, each group representing 1000 shares, and as often as the funds of a group justify an appropriation, one takes place; the appropriations are made by ballot and sale alternately. Six groups have been formed (1901), and are in satisfactory working order.