Page 3 Advertisements Column 2

Gisborne Times, Volume XXII, Issue 1792, 25 June 1906, Page 3

PROSPECTUS Of THE GISBORNE TIMES COMPANY, LIMITED (Incorporated undor “ The Companies Act, 1903-”)

CAPITAL : iGio.ooo, divided into io.ooo Shares of £i each. DIRECTORS : John Thomas Partridge, of Gisborne, Settler; William L issant Clayton, of Gisborne, Agent; Goorgc Grant, of Gisborne, Civil Engineer; William Tombleson, of Patutahi, Sheepfarmer; Reginald Gerard Hallamore, of Gisborne, Shipping Agent; Hamilton Thomas Jones, of Gisborne, Journalist; and Walter James Payne Gaudin, of Gisborne, JournalistBANKERS : The Union Bank of Australia, Limited. SOLICITORS : Messrs Blair and Sainsbury, Gisborne. AUDITORS : Messrs Thomas Alexander Coleman and Herbert Mus grave Porter, both of Gisborne, SECRETARY (pro. tern.): William Lissant Clayton. i. The Company has been formed (a) To purchase as from the second DAY of JULY, 1906, the business as Proprietors and Publishers of the GisnORNE Times and General Printors, carried on by Messrs Jones and Gaudin, together with the leasehold premises, plant, stock, and other business assets of the firm, and goodwill of the business, upon the terms set out in the contract mentioned below. All debts due to, and liabilities incurred by the Vendors, as on the said date remain payable to and by the Vendors. Part Section 58, Peel street, also remains the property of the Vendors. (b) To carry on such business, and to develop and extend the business in the modes authorised by the Memorandum of Association, which contain wide and useful powers in this respect. (c) To purchase up-to-date machinery and plant. (d) To control the policy of the paper so that it may give exact and fair reports to the exponents of all shades of opinion, and to give such especial attention to the interests of the farming community as may be deemed advisable. With these ends in view the Directors have the right to decline to permit any person of whom they do not approve to acquire shares by any means,

2. After providing for a reserve, profits are to be divided as follows ; First, in payment of a dividend not ex- ' ceeding £8 per centum on the paid-up capital. Second, in payment of a bonus or discount of not more than £5 per centum on all business (over contributed by shareholders holding 50 shares or more. Third, in payment of any further dividend that may be sanctioned.

3- The following contract has been entered into, namely Contract dated the iSth day of May, 1906, between Hamilton Thomas Jones and Walter James Payne Gaudin, both of Gisborne, in New Zealand, Journalists, as Vendors, and William Lissant Clayton and John Thomas Partridge, for and on behalf of the Company, as purchaser for the sale of the above mentioned business, property and goodwill to the Company. The purchase price payable to the Vendors under such contract is £3500, of which £IOOO is pay* able in cash, and £2500 by the issue to the Vendors of 2500 fully paid up shares in the Company. Of the said sum the amount payablo for goodwill is £1750. The Vendors receive the purchase money in equal shares, and have been paid £IOO on account of the £IOOO above mentioned. The basis on which the Company is established is that the Company shall carry out the above agreement (with or without modification) and every member joins on that basis.

4. A copy of the memorandum of Association of the Company, with the names, descriptions, and addresses of the subscribers is annexed hereto, and forms part of this prospectus. 5 Copies of the above-mentioned contract, and of the Company’s memorandum and Articles may be inspected at the offices of Messrs Blair and Sainsbury during usual business hours. 6. The number of shares fixed by th e Articles as the qualification of Director is 50. The Articles contain the following provision as to the remuneration of the Directors :

“As remuneration for their services the Directors shall be paid out of the funds of the Company such sum as may be fixed by the Company in general meeting, and such remuneration shall be divided among them in such pro» portions and manner as they shall from time to time agree upon.” 7. The minimum subscription on which the Directors may proceed to allotment is two thousand shares. 8. Except as already stated no shares are issued or agreed to be issued otherwise than for cash, and no debentures are issued or agreed to be issued. 9. The amount payable by the Company for procuring subscriptions for the Bhares offered to the public is per centum on the amount thereof.

10. The estimated amount of pre* iminary expenses is £l5O. 11, Messrs Jones and Gaudin, Directors, are interested in the promotion of and in the property proposed to be acquired by the Company to the extent only of their interests as Vendors under the contract, particulars whereof are given in paragraph two hereof, and in respect of the retention of their employment with the Company in terms of the said agreement. The other Directors have no pecuniary interest in the promotion of the Company.

12, Of the 10,000 shares above mentioned 2500 shares representing £2500 of the Company’s capital are to be issued and credited as paid up; in full, in part consideration of the sale, particulars of which are given in paragraph two hereof, and the remaining 7500 are now offered to the public for subscription. No person is to subscribe for less than five or for more than 1000 shares. The amount payable on each share shall be 103 per share on application, and the balance by calls as provided for by the Articles of Association.

13. Applications for shares should be made on the accompanying form, and sent to the Secretary, together with the amount payable on application. Prospectuses and forms of application for shares may be obtained at the Secretary’s office, Lowe street, Giaborne. The subscription list will close on the first day of SEPTEMBER, i 906. Where no allotment is made the deposit will be returned in full.

14. This prospectus has been filed with the Registrar of Joint Stock Corn* panies. . ~

Dated the'l3th day of June, 1906.

HOLIDAY NOTICE. GISBORNE RACING CLUB’S STEEPLECHASE MEETING. Poverty Bay,Perk Company's Grounds. "VTOTIOE 1b Hereny Given that the HoliJ3l day Committee have deolded that THURSDAY, the sth dayol July, 1906, shall be observed as a Holiday lrom the hour of 12 o’olook Noon. The business people are therefore requested to oloae their premises at that hour.J For the Holiday Committee, JOHN TOWNLEY, Chairman.