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The Pamphlet Collection of Sir Robert Stout: Volume 7

XXI.—Balloting for Shares.—Paying off Borrowed Money

XXI.—Balloting for Shares.—Paying off Borrowed Money.

Whenever there shall be no application for loans or advances,

Shares to be withdrawn by Ballot when no application for Loans.

the Board of Directors may, instead of investing as hereinbefore provided, after payment of all borrowed money, page 24 determine upon a ballot taking place of all the investment shares; and the Board of Directors shall pay to such persons, whom the ballot shall determine liable to receive the share or shares so to be ballotted for the full value thereof at the time of such ballot, and the member shall receive such value accordingly, and no more. Previous to such ballot, fourteen days' notice thereof shall be posted up in the offices of the Association, and advertised in one or more newspapers circulating in the Province of Canterbury.