WINDING-UP PROPOSAL

Greymouth Evening Star, 28 February 1935, Page 12

WINDING-UP PROPOSAL

INTERNATIONAL CONCESSIONS

Irjfß PRESS ASSOCIATION.]

WELLINGTON, February 28.

Criticism of the activities of International Concessions, Limited, voiced by shareholders at a largely-attended meeting, led to the passing of a motion bv the members of the company, whose shares are not fully paid up, that a petition be presented to the Court, for the winding-up of the company, under the supervision of the Court. International Concessions, Limited, was formed for the purpose of conducting international lotteries, with headquarters at Danzig. There was a division of opinion between the fully-paid and partially-paid shareholders. The main criticism of the shareholders was that insufficient information of the activities of the company had been given. An Auckland solicitor, Mr. J. N. Wilson, said that the liquidators realised that the shareholders had not been elven information to which they were entitled. ' The Royal Commission which investigated several financial concerns in New Zealand had recommended that it be advisable that companies which proposed to deal in lotteries should be wound up by the Court.. The directors thought that Court would feel some diffidence in disposing of the concession at a definite advantage. They communicated with an Australian company, and agreed to sell the concession, for £5O in cash and share-for-share for fully-paid shareholders. The company was al*', riven to the end of ’ February in which to define the fully-paid shareholders. The directors felt that they had reached a stage where the concession was placed safely out of any possible winding-up by the Court. A meeting had been held, and a motion for liquidation carried. One speaker said that the present meeting was the first intimation that had been given that the partly-pai shareholders could participate in the Australian company proposal, if the shares were fully-paid-up. In his opinion, the company had been “pretty, lax.”

This remark was greeted with general assent.