SHOW ASSOCIATION

Dominion, Volume 31, Issue 142, 12 March 1938, Page 16

SHOW ASSOCIATION

Powers Of Expenditure Limited Conditions under which the Wellington Show Association may spend money in future are laid down in the order of the Wellington Adjustment Commission, which reduces the capital of the association’s debentures from £55,590 to £34,409 and reduces the interest to 3 per cent., as compared with the 8 per cent, they were originally intended to bear. A solicitor’s resume of the order was published in “The Dominion” yesterday. ■ Clause 6 of the order states that it there is any surplus income after the association 'has paid interest on the debentures, maintenance, charges, working expenses, cost of repairs, other necessary outgoings and capital expenditure, including additions and alterations to the buildings or alterations or improvements to the site it may deem advisable to make, and after setting aside such amounts as it may deem advisable for future similar payments, the surplus must be paid to the debentureholders in further reduction of the amounts owing. It is provided, however, first, that the association shall not spend in one financial year more than £lOOO, except insurance moneys received for damage to the buildings or site, on the buildings or site without obtaining the consent of a majority of the debenture-holders; and secondly, that in matters of expenditure, other than those within the excess mentioned, the president of the association shall be the sole judge of the amount necessary to be expended under the clause.