"SECURED STOCK"

Evening Post, Volume CVI, Issue 125, 23 November 1923, Page 10

"SECURED STOCK"

FARMERS' CO-OPERATIVE ASSOCIATION SCHEME APPROVED

(IT TIISOIIAPH.—FMIS AHOCIAIIOK.)

CHKISTCHURCH, 22nd Nov. Proposals involving the arrangement °f "cc, fixed, and matured depositors' and bondholders' capital aggregating approximately £1,500,000, to be secured by a floating charge over certain of the association s assets and undertakings, were the subject of a meeting of depositors and bondholders of the New Zealand Farmers' Co-operative Association of Canterbury to-day. Mr. J. A. Pannett (chairman of directors) presided over an attendance of about 300.

The bondholders and depositors were asked by the directors to transfer their holdings into "secured stock," the security being a charge over the chargeable assets (£2,149,506), and freehold and leasehold properties and uncalled capital aggregating £786,654. A resolution embodying the proposals was carried by an overwhelming majority, only fourteen votes being recorded against it. The resolution, before being given effect to, is subject to the ratification of the Court. The amount of capital represented in the vote was £332,143, of which 96.80 per cent, was in favour of the proposal and 3.20 per cent, against it.