SPECIAL MEETING.

Press, Volume LII, Issue 15501, 31 January 1916, Page 3

SPECIAL MEETING.

An extraordinary general meeting of shareholders of the New Zealand farmers' Co-operative Association was held on' Saturday morning, Mr J. Pannett, chairman of directors, presiding over an attendance of about forty-live shareholders. The meeting was convened to consider proposed new articles of association and alterations to the memorandum of association extending the objects of the organisation. _ . The chairman said that the principal object of the proposal to alter the memorandum of association was to enable the association to acquire an interest by share in other businesses, and to criter into other branches of business should it be thought advisable to do so. The power to acquire shares was particularly desired, to enable the association to acquire an interest in the Farmers* Co-operative Wholesale Federation, Ltd. The alterations in the memorandum and articles of association would have to go beforo the Supreme Court for confirmation, so that shareholders would be safeguarded. Shareholders had written in, sending proxies, warmly approving of the proposals. He moved tho alteration of the objects contained in the memorandum of association, and that the Supreme Court should be asked to confirm the alterations. Mr A. Chamberlain seconded tlie motion. Mr Wright suggested that the meeting should be postponed till after the harvest, to ensure a better attendance of members. The chairman said that a full opportunity had been given to all members to discuss the matter under consideration, by circular and public advertisement. There was never a personal attendance of anything more than a very small proportion of shareholders at the company's general meetings. A shareholder suggested that the position in regard to the Farmers' Wholesale Federation might be made clear. Mr E. W. Relph (general manager) said that the Federation was an organisation affiliating the Farmers' Cooperative Associations throughout New Zealand. It was felt that by joining forces the associations could make far better terms for their imports than they.could make singly, and there "were also opportunities of advantageous combined action in other directions. A shareholder, speaking in favour of the motion, said he hoped it was not proposed to take advantage of _ the power to amalgamate with any private firm. The chairman said the power was wanted to enable the association to acquire businesses. They might want to take over the business of a storekeeper. or something of that sort. In reply to further questions, the chairman said the alteration did not involve an increase of capital. The motion was put and earned unanimously, amidst applause. The adoption of proposed new articles of association was then moved. Mr Relph explained that all that was .involved was a revision of the articles of association, on the lines of amendments made from time to time, the printing of the articles as brought up to date, and one or two minor alterations in the rules, principally aimed at making it easier for shareholders to have a special meeting convened. Another alteration increased-the allowance annually authorised for directors' fees from £'800 to £1000, to allow of the possible appointment of additional directors. The motion was seconded by Mr Chamberlain and carried unanimously.

The chairman stated that a confirma-; torv meeting would be held on February . 19th. The meeting then terminated.