II Dec, 1 91 1.] Agricultural Credit Banks. 



803 



Co-operative Ckedit Bank of Victoria, L'Miticd. 



Half-jear endiiio 



August, 1006 ... 

 Fehiuary, 1907 ... 

 August, 1907 

 February, 1908 ... 

 August," 19().S 

 Februa-y, 1909 ... 

 Angus-, 190;) 

 Feltruarv, 1910 ... 

 Augu.st,"l9lO 

 February, l911 ... 

 August, 1911 



£ 



4_>5 

 935 

 1,674 

 2,010 

 2.269 

 2,3 )6 

 2,. 398 

 2,449 

 2,r>ll 

 2,369 

 2,343 



Unless definitely stated to the lontrary in the rules, sli i^e capital in societies 

 registered under the Victorian Provident Societies Act is withdrawable on six 

 months' notice being given to the management. So that ample time would be 

 afforded for the Co-operative Credit Bank ot Victoria lo prove its success or o'her- 

 wise, the original rules provided that capital should not be withdrawable -until five 

 years had elapsed. This period expired in October, 1910, and a slight decrease 

 has resulted, owing to the fact that some of the shareholders have required their 

 capital for other purposes. 



In drafting the rtile.s, the Raiffeisen system was not adopted in its 

 entirety. For instance, it was necessary that the whole of the capital 

 should be contributed by the shareholders whose liability was limited to 

 the amount of the shares held by them. Although many took up shares 

 simply to help the movement, they have had a fair financial return on 

 their investment. In addition, they have had the satisfaction of knowing 

 that they have been enabled to help others less fortunately circumstanced. 

 As a tlirector, I had ample opportunity of judging of the good work that 

 is being dnne among the shareholders, many of whom in time of financial 

 stress had previously to burrow elsewhere at exorbitant rates. 



The management is vesled in a board of directors (9) elected by the 

 shareholders. After each annuil election, the directors elect two of their 

 number as chairman and secretary respectively. With the exception of 

 the secretary, the services of the directors are gratuitous. Expenses for 

 rent and clerical assistance have, of course, to be met. 



'J'hc following an.' the rules governing the granting of loans: — 



Ril.E 38. — LO.VNS. 



(a) Loans, when approved by tlie Board of Directors, sliall hv granted to share- 

 holders on the terms agrceil ui)on in writing. 



(b) No sharelioider who is in possession of money lent to him bv the Society shall 

 be accc|ited as security for ano lier member retpiiring a lo.ui. unless the Boani of 

 Directors are unanimous that it is s.ifi to do so. 



(c) .Sliareholders who desire to obt.iin a loan sliall fill up a form st.iting the 

 object for which tiie loan is rc(|uire<l, the term for which it is askc<l, whether it 

 is (lesireil to repay the loan by instalments, tiie sureties (if any), who will sign 

 with him any agreement or promissory note, or the other seruritv which is o(Terc<i. 

 The application, if rccei .ed by the Secretary not less tlian two davs prior to the 

 nieeling of the B<i.\rd of Directors, shall be considereil at that meeting. 



