The Southern Permanent Co-operative Building Society Ltd. began operations in the early 1950s and was organised to facilitate property loans for its members. Membership was granted through the purchase of shares, and the Society maintained a set of rules which determined whether members were eligible for loans. The Society regularly raised loans from the Commonwealth Bank and the Southern Permanent Co-operative Building and Investment Society for the purpose of re-loaning to members. Members granted loans for properties and were required to maintain those properties and to insure them against damage, subject to inspection by the Society. |
