ADAIR BROTHERS, LTD.

Gisborne Times, Volume XXVI, Issue 2128, 29 February 1908, Page 3

ADAIR BROTHERS, LTD.

STATUTOR Y MEETING. The statutory meeting of Adair Bros., Limited, was held at Townlev’e itail last evening, when there was a iair attendance. On the motion of Air. A. AY. Rees, Air. J. Sheridan was electod to the cili'iir. The chairman apologised for Die absence of Div Williams. The chairman read the report, as follows: “1 The total number of shares allotted by the company is 12,251 shares of £1 each, and of these 1000 have been allotted as fully paid up otherwise tliail in cash, and 11,251 shares have been allotted subject to the payment of the full' nominal amount thereof in cash. • “Tho shares allotted as fully paid up have been allotted in part consideration of tho sale by the allottee to tho company of his drapery business, stock in trade, goodwill, and leasehold interest in terms of a contract dated the 29th day of November, made between Thomas John Adair, of the one part, anti Harold Ernest Bright, as trustee for the company, of the other part. 3. “The total amount of cash received by the company .in respect of ::f the said 11,215 shares is £4,977 5s Oil., and the company has received no cash in respect of the 1000 shares allotted as fully paid up. Applications have been received for a further lot of 295 shares ,and the amount of cash received by file company in respect of the 295 shares applied for is £94.” 4. “Tho following is an abstract of the receipts and expenditure of tho company on capital account to date of this report;—Receipts: in .respect of 11,251 shares allotted, £4977 ss; in respect of 295 shares applied for, £94; Expenditure, nil. . Receipts and expenditure for trading on tlie company’s behalf from February Ist, 1908, the date when the company commenced business, aro not included in the above statment, which deals with contributions from shareholders only.” 5. “The costs in connection with the flotation of the company aro to be borne and paid by the vendor, Thomas John Adair, whose liability' ceased on January 23rd, 1908, when the company was • entitled to commence business.”

6. “The company is liable for all preliminary expenses .subsequent to the said 23rd day of January, 1908. Tlie amount of such preliminary expenses has not yet been ascertained, iiiit tho directors estimate the full preliminary expenses for which thecompany wil be liable at £200.” 7. “The directors have made no appointment of auditors, which appointment must now be made by the shareholders at the statutory meeting.” “8. Tho names, add rouses and occupations of the directors, manager, and secretary of the company are as follows -Directors: I. Greaeen Joseph Black, of Gisborne, sheepfarmor ; 2, John Sheridan, of Gisborne, settler ; 3, Thomas John Adair, of Gisborne, draper; 4; Arthur Westland Rees, of Gisborne, solicitor; 5, John William Williams, of Gisborne, medical practitioner ; 7, Charles Frederick Adair, of Gisborne, draper; 7, Thomas Holden, of Wnimata, sbeepfurmer. Manager: Charles Frederick Adair, of Gisborne, draper. Secrc- (• ry : Miss Gertrude Ratcliffe, of Gisb irue, clerk. “9. There wilt lie submitted to the members at the statutory meeting, a proposal to approve a modification of the contract dated the 29th day of November, 1907, made between Thomas John Adair, and Harold Ernest Bright, as trustee for the company (which contract as modified was, on the 31st day of January, 1903, adopted by the directors on behalf of the company but subject to adoption by tho statutory meeting of shareholders) for tho sale of his drapery business, goodwill and leasehold interests by substituting for the but line in clause 2 of the said contract the following clause; (d) The remainder of the said consideration shall lie paid to tho vendor as follows —Five- thousand pounds in cash and the balance by lour promissory notes at 4,7, 10, ami 13 months of equal amounts, such promissory notes to he payable at the Rank of New Zealand, Gisborne, and shall have interest added to each of tiio promissory notes respectively at tho rate of £5 per centum per annum. “We, the undersigned, two of tho directors of the said company, do hereby certify that the above report is correct. THOMAS J. ADAIR, GITAS. F. ADAIR, Directors.” Tho chairman stated that the total amount of shares applied for was 11,656, leaving a balance of under 300 to be disposed of. Under the original agreement the purchase money would have been rather more than £ll 000 but Mr. T. Adair had. agreed to take £SOOO in cash, and allow the balance to ho paid off within thirteen months. Since then. thero had been another modification, tho total amount being close on £13,M0. Iho arrangement was that the FoOOQ ■ /

would be paid to Mr. Adair, £6OOO bv bills, anil there would then be a balance duo him of £2OOO, and lor this be would stand in us ail ordiuiuy creditor to bo paid off ns the company could afford to do so. Ibis uas a substantial consideration on tlio part of Mr. Adair, and the thanks ol tin' company wore due to him. A sale had been hold, ami it was most satisfactory indeed, tho results exceeding expectations, and tho company was now on a very’ lair looting. Air. Adair was going to England, and he had 'kindly consented to make their next season’s purchases. Shareholders would, of course, receive a rebate. The directors were in negotiation for the purchase of the premises, and ho asked tho shareholders to give ant.hor.fty for this. This was put. to the shareholders, who supported the proposal, and this course was decided upon. On tho motion of the chairman, seconded b.v Air. Alonk, tho reportwas adopted. A losses H. AI. Porter and A. Graham wore appointed auditors. Mr. Hutton moved that the provisional directors be appointed permanently. This was seconded by Alt’., Monk, and carried. The addendum, delaying Air. T. Adair’s payment was eon firmed. A vote of thanks to the chairman concluded the meeting.