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The Pamphlet Collection of Sir Robert Stout: Volume 7

XXVIII.—Balloting of Shares.—Paying off Borrowed Money

XXVIII.—Balloting of Shares.—Paying off Borrowed Money.

Shares to be withdrawn by ballot when no application for loans.

1. Whenever there shall be no application for loans or advances, the Board of Directors may, instead of investing as hereinbefore provided, after payment of all borrowed money, 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 balloted 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 Office of the Society and advertised in one or more newspapers circulating in the District of Manawatu.