SOUTHERN CROSS
TERMINATING MUTUAL BUILDING SOCIETY Established1904 |
Panorama 7506 Telephone: (021) 930 2601 e-mail: scross@mweb.co.za www.scross.za.com |
26 May 2004
Dear Sir/Madam,
NEW
SECTION M
At meetings organized for the purpose; at the 2003 Annual General
Meeting and as a result of e-mail and letter canvassing, you have indicated
your willingness to subscribe for shares in the new Section M.
Your Board have now considered the proposed changes to the rules in
order to make Section M more flexible than previous sections and are in the
final process of preparation for the formation.
Those who have accessed our web site will know that the Board of
Directors have set an objective of 40 000 shares to enable us to hold 6
appropriations per annum for the first 3 years.
We’re well short of that objective but your Board are fully aware that
this new section is vital to our continuation into our second 100 years.
The purpose of this letter is to ask you to confirm your intention of
subscription. We have entered the number of shares in which you indicated
interest and ask that you sign and return the accompanying form. It is our
intention to follow up in 14 days with telephone calls should you not have
responded by then.
Members will be asked to approve the new rules at a Special Meeting to
follow the Annual General Meeting at the end of July and the section will open
when the Directors consider it viable.
A function is being planned to celebrate 100 years and this seems an
ideal opportunity to hold an initial appropriation.
We would like the results of our survey complete by the date of our
June Board meeting which is set down for 15th June.
Yours faithfully,
C V JONES
Manager
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Directors: R H Austen (Chairman), T April (Mrs), P H
Barnard, J J Gomes, M Hancke, C V Jones, K G Kling,
C O Rodwell |
The Secretary
Southern Cross Terminating
Mutual Building Society
Panorama
7506
Dear Sir,
In response to your letter of
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shares in your new Section M. |
Sign:__________________