ATHLETIC PARK.

Dominion, Volume 2, Issue 312, 26 September 1908, Page 7

ATHLETIC PARK.

MEETING OF THE COMPANY. "FIRST ACT OF ITS FUNERAL." Tho desirableness of " winding up the Athletic Park Company, Ltd., -was affirmed at: a well-attended meeting of shareholders yesterday afternoon. Mr. H. D. Bell, K.C., who presided, said tho- mooting had been called • together to ■ perforin the first act in connection'with the" funeral of: the company. Tho capital of'the 1 institution Subscribed and paid' up, leaving"'- '• -out' all" questions of forfcitufe;~ivas shown in tho last balance-sheet to bo £2337. The debenture issuo was, he continued, £3250. Certain funds had to be accumulated for the redemption: or • debentures amounting to between- I£looo ■ and £1200., •;. Tho directors had agreed .on .behalf of tho shareholders to sell/to .'tho. Rugby' Union ,all the' assets ex.pept the talis debts, for a sum 'which'would •rjtiurn-?.to'-/the' shareholders their ' original .capital -and'pay/ofE their debentures anf the ..int.ei£si>accruing., theroon. , Tho, major: por-.tiori-of, the'debentures', with tlie ; exception of ioOO wor'tli/'caino duo early'noxt 'year, thoso cbmprised' in ' tho £500 having )a currency q§ tivq-.yea.rsyionger. They:bore.;interest.;'at P per- cent.,:-and,tho union had;undertaken' tb i ■ liability ,'lor the .interest.He might jnientio I ■that', the.';moneys .'had -bejen'ipijbvided,- as'ws sfcafcd .iiii : -tho : deed,' by' a' loan 1 fromthe- Nei, ZeaJajipj-.Rugby..'Union to.';: the.' i Wellingtoi :Uhioii.v': : UiiUer. the deed it was provided], that should bo paid into'a deposit ao 'csuut';iii the. joint 'names of Mr; Campbell, :^rpsldbhlit'.bf:tho'New : Zealand. Rugby Union, \'and ; fhiins6lf;v; : . v Tho' sunv was.';'equal" --.to/tho 'ambuiit.'dfi'thq "debentures' apd; -interest; and .rri.addition.£7po.' .Thp-directors had■ acciimuRations}in /their' hands .to' add. to. thoso, sums. : ; ahd'-tho'''depbsit'iput. the company-in'an.' absolutely'- safo position? as'.regards' .the'money. ~UntU-/the'i.liquidation ;was'-.cpmpletedi;.;how-ever, .that. inoiiey. could,hotybo.disposed of : by : 'iho jlitjuidatioii..Mr.' Weston,' tho, company's, solicitor,-had,-ho. in :h'aiia/:--.'At.'the last moment;j : he;. ! mighfi.Jnicn- . tiony ;it:;uppeared'. that tho, New, , Zealand ' Rugby moneys were/on deposit,-.'and .'the' ; cb,inpa'hy had 'accepted:"an .-'assignment of. itlie ,deposit' receipt-instead :of the cash.''-;' In ..that-, way .a .'saving of • interest-both' to tho and/'tho: union, had - been effected. Tho ,dii;ectors,while., having . power, 'to enter •int-b 'iiegbtiatiohs to'- that' effect, and' to, contract, had ,'not the power to convey'' .away • tlio whole; of: .the" assets, 'off the company, 'thereby-'-'killing' the .concern.;.. 'It .was .fori, the 'shareholders,'.therefore,;,to,put, tho property ■ of the 'company into' the hands of a liquidator, who .was 1 to : bo ■ directed to' dispose of ■it on-the terms outlined. ; He need; not. remind shareholders fhit the directors • wero faced -.with the' position' ' which' they./liad /adopted'/-/ The- company, .it/Was- true,".'had , a lease of the property for sixty-three'years, but tho lease was in threo terms) being renewable every twenty-one years, at a rental, t-o "be "ascertained anow, of 5 per, cent, on the .capital value. The property was at present valued at more thati' "£20,000; "and" while the company were ill the first twenty- \ ono years-. able to make a nominal profit— ; \ only two dividonds had been paid in its whole -■ career—the second term of twenty-ono years -■' ,which'was coming to hand, .could only-ba - made • profitable by tho cutting up of. tho property for building purposes. . The union had,'.in his opinion, treated the' company fairly; . Having regard to their common 1 in- ; terest in preserving the property/as a. ;:/; sports ground, tho shareholders had. overy reason to, be satisfied with tho arrangement) .;I that ; had,,been arrived" at.,. " :'iTlie chairman then moved .'the following - '::.* resolutioriThat the company ho wound "lip 0 voluntary , under the provisions'of tho . Coinpanies'Act; 1903, and that Charles Hayward ' Izard,'of' Wellington, solicitor-,, b0 hereby ap/pointed liquidator for the purpose of. such !winding.,up, and that tho liquidator bp'and v.. 4?'horeby. empowered to sell'thp' lcaso'rof'tho Atlilfe'tiß'-'t'lirk and. all assets; of I '-the cdiSpSby.'W (exce T 'l)6' a ita books of account)" tP tho'Wei- • : lington Rugby Union, upon the terms and • • subject to tho conditions of tho agreement ... for sale ; made between the New Zealand Rugby Union, registered, of tho first part,. . tho Wellington Rugby" Union, registered, of'/ the second part,; and this company, of the' '; third part.' Dr. Collins seconded tho motion. | 1 There was no discussion,- alnd on being put' •;» the resolution was carried unanimously. Tho, chairman next remarked that. thi. v resolution would have to he submitted fol l v confirmation as a special resolution to another meeting, which it had been decided " ■ should be held on that day -three weeks,'at tho same time and place. Should tho resolu-. ; . i tion be confirmed, it would then be neccssary, ;i to fix ,tho remuneration to bo paid to the , ,'! liquidator." ■ -t