DIRECTORS CENSURED.
GRAVE IRREGULARITIES,
[Per Press Association.—Copyright.]
LONDON, August 15.
The Committee appointed by the deben-ture-holders in M'Cracken's Brewery, Melbourne, have reported that a grave responsibility rests on the directors in connection with thedebentureprospectus. Unless some solution is arrived at it is probable that legal proceedings will be necessary. It is believed that the directors are personally liable for the dividends paid out of capital. The utmost that the Committee are prepared to recommend at present is that a call of half a crown per share be made in order to pay the bank overdraft and to make necessary repairs, if the debenture-holders are conceded a director and the Board restricted from pledging the general assets of the company. Since these concessions are improbable, the Committee advise that the debenture-holders await the liquidation of the company or a more reasonable attitude on the part of the directors. At a meeting of the shareholders the report of the Committee was approved.
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Bibliographic details
Evening Star, Issue 10394, 16 August 1897, Page 2
Word Count
160DIRECTORS CENSURED. Evening Star, Issue 10394, 16 August 1897, Page 2
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