LOTTERY COY.

Auckland Star, Volume LXVI, Issue 50, 28 February 1935, Page 8

LOTTERY COY.

OVERSEAS PROJECTS. MOTION FOR WINDING UP. SHAREHOLDERS' CRITICISM. (By Telegraph.—Press Association.) WELLINGTON, this day. Criticism of the activities of International Concessions, Ltd., was voiced by shareholders at a largely-attended meeting. The discussion led to the passing of a motion by members of the company whose shares are not fully paid up that a petition be presented to the Court for the winding up of the company under the supervision of the Court.

International Concessions, Ltd., was formed for the purpose of conducting lotteries, with headquarters at Danzig.

There was a division of opinion between the fully paid up and partially paid up shareholders. The main criticism of the shareholders was that insufficient information of the activities of the company had been given.

An Auckland solicitor, Mr. J. N. Wilson, said that the liquidators realised that the shareholders had not been given information to which they were entitled. The Royal Commission which investigated several financial concerns in New Zealand had recommended that it would be advisable that companies •which proposed to deal in lotteries should bo wound up by the Court. The directors thought the Court would feel some diffidence in disposing of the concessions at a definite advantage. They had communicated with an Australian company, and had agreed to sell the concession for £50 in cash, and share for share for fully paid shareholders. The company was also given to the end of February in which to define fully paid shareholders. The directors felt they had reached a stage where the concession was placed safely out of any possible winding up by the Court. A meeting had. been held, and a motion for liquidation carried.

One speaker said that the present meeting was the first occasion on which intimation had been given that partly paid shareholders could participate in the Australian company proposal, if shares were fully paid up. In his opinion the company had been "pretty lax." This remark was greeted with general assent.