THE ATHLETIC PARK. SALE TO THE RUGBY UNION.

Evening Post, Volume LXXVI, Issue 76, 26 September 1908, Page 9

THE ATHLETIC PARK. SALE TO THE RUGBY UNION.

WINDING UP OF THE COMPANY. :< We have called you (the shareholders) together to perform the first act in connection with the funeral of the cempany," said Mr. H. D. Bell, K.C., who presided at the extraordinary meeting of sharenolders of the Athletic Park Company, Ltd., in Armit's rooms last evening. The meeting had been convened for the purpose of considering a resolution to the effecS that the assets of the company, excepting the account book, be placed in the ('hands of a liquidator, who would be directed to dispose of it on the terms outlined. In outlining the proposal,, the chairman slated that the subscribed and paid-up capital of the company, according to the last balance-.sn'eet, was £2337, while the debenture issue was £3250. Certain accumulations »in tne hands of trustees amounted to between £1000 and £1200, and were to be used for the redemption of debentures. , It had been airanged that the company should sell its assets to the Rugby Union for a sum which would return shareholders their original capital and pay the interest, now and to accrue, on tho debbntures, and for the debentures themselves. Owing to the funds of the Rugby Union being on deposit, an assignment receipt had been accepted in place of the cash. The company was in possession of the accumulated funds and other moneys, and these provided ample cash security for shareholders. Mr. Bell, continuing, said that though tne company had a sijety-three years' lease of the park, worth over £20,000 at the present, and the lease in three terms, and though the second term was just approaching, only two dividends had been paid. The, only alternative ..ould have been, had the company persisted, to have cut up the land into building sections, if any profit had been desired. All would agree that it was more desirable to have the land remain ds a recreation ground. The chairman moved the following fesolutioa :— That the company be wound up voluntarily under the provisions of the Companies Act, 1903, and that Charles Hayward Izard, of Wellington, solicitor, be hereby appointed liquidator for the purpose of such winding up, and that the liquidator be and is hereby empowered to sell the lease of the Athletic Park and all the assets of the company (except its books of account) to the Wellington Rugby Union upon the terms and subject to the conditions of the agreement for t pale made between the New Zealand Rugby Union, registered, of the first part, the Wellington Rugby Union, registered, of the second part, and this company of the third part. The motion waa seconded by Dr. Collins, and was carried unanimously, Another special meeting was convened to be held three weeks from yesterday to confirm the resolution.