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A general meeting of the shareholders of the Town Hall Company was held at the Town Hall last night, about 1G shareholders being present. Thos. Bullock, Esq., was in the chair,and explained that the object of the meeting was to pass resolutions granting borrowing powers to the Directors up to £2OOO. Their present position only gave them liberty to mortgage their assets for £I3OO. They did not think they would require all the amount sought to be obtained on loan, but it would be as well to obtain the power from the shareholders of negotiating in case the loan should be required. Mr. Crisp, solicitor for the company, road the bye-law bearing upon the subject, ami moved that Rule No. 232 be rescinded, and also a resolution to the effect that borrowing powers be granted to the Directors, giving them power to borrow £2OOO.

Mr. G. Robinson seconded the motion, which was carried.

A discussion took place as to the manner in which the money would be expended, ami Mr. St. Hill contended that the object of the alteration was to take the power out of the shareholders’ hands, giving unlimited authority to the Directors. After a deal of explanation from the solicitor, the chairman, and others, it was at last made apparent that the amended w bye-law was a necessary oiis. A vote was was taken, and the motion was carried unanimously. Mr. Crisp then read the rules relative to the method of raising funds for the company ; and stated that it would be necessary to hold another meeting in a month to ratify the present proceedings. In reply to Mr. Farr, Mr. Crisp said he was of opinion that the value of the shares could be increased. Mr Robinson thought that the 240 forfeited shares should be disposed of, and ’0- the sale a sum of £SOO would be 'realised.

The Chairman thought that the present time was a most unsuitable one to attempt to dispose of shares, and considered it better for the company to increose their value.

Mr C. P. Cox did not think that any necessity existed for borrowing money at present; but he thought it advisable to give the directors the power to borrow, providing they found it necessary. Mr W. It. Boyle said that as only 14 shareholders were present, and 42 were on the list, it would be unfair to compel shareholders to take up unallotted shares. Mr Ivess did not think it would be popular with the shareholders to increase the value of the shares by £1 each, as it would interfere with the value of any shares which might be thrown upon the "V market.

After some conversation as 'to the policy of increasing the value of the shares from £2 to £3, The Chairman said that he anticipated an increase in the income of £SOO per annum by the conversion of a portion of the hall into shops, &c. Mr Ivess proposed, and Mr C. C. Fooks seconded, “ That it was not desirable at present to increase the capital of the company ” Carried. It was resolved that the next general meeting beheld on Novembe^O. A vote of thanks terminated the proceedingtj^^^

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Bibliographic details

ASHBURTON TOWN HALL CO., Ashburton Guardian, Volume I, Issue 8, 14 October 1879

Word Count

ASHBURTON TOWN HALL CO. Ashburton Guardian, Volume I, Issue 8, 14 October 1879

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