Tumut Co-Operative Building Society

17 October 1950 The Tumut and Adelong Times

27 New Homes Erected and 7 Existing Homes Purchased By Members.

At the annual meeting of share-holders of the Tumut Co-operative Building Society held on Friday night last it was disclosed that from the inception of the Society up to 1st June 1950, loans total ling £37,296 have been approved and advances amounting to £36,026. 

These loans were made for the erection 27 houses and for the purchase of seven existing houses.

Additional loans have been approved since, so that, in spite of the difficulties associated with building these days, members are still able to build their own homes. 

The meeting was chaired by Mr. W. F. Heydon and there were eleven share holders present; also the secretary, Mr. W. T. Rabone. 

The various reports presented to the meeting disclosed that at 1st June, 1950, there were 46 members holding a total of 964 shares.

Subscriptions paid totalled £6,025,whilst subscriptions in arrears amount to £518/3/.

General interest account showed a surplus of £82/3/6 for the year, which has been transferred to the interest reserve account.

Management account showed a nett surplus of £7/3/2 for the year, which makes a total of £46/3/7 to be carried forward in this account.   

Since the close of the financial year on 1st June, 1950, Mr. M. R. Archer had resigned from the Board. He had been Chairman of the Board since the inception of the Society and members regret that his ser- vices are no longer available.

The   Board elected Mr. N. D. Beegling to fill the vacancy on the Board. Messrs. N. S. Kemp, W. F. Hey- don and H. W. Eggleton were reelected as directors by the meeting, whilst Messrs. Dawson & Heath were re-appointed auditors. 

Two special resolutions were passed:

(a) Amending Society's Rule 7 to provide for ordinary shares and borrowers' shares; and

(b)  Amending Model Rule 58 to provide for an increase in the working expenses to 4d per share. 

A vote of thanks and appreciation was passed to Mr. M. R. Archer for his work for the members during his term as Chairman of the Board. 

Votes of thanks were also passed to the Directors and to the Secretary, Mr. Rabone, for their efforts during the year.