OPERATIONS COMMENCED
NEW MORTGAGE COMPANY. AID FOR DAIRY SUPPLIERS. The new company registered some time ago with the object of financing suppliers of the New Zealand Cooperative Dairy Company, the New Zealand Dairy Farm Mortgage Company, Limited, ■ commenced to function last week. The company has a share capital of £IOO,OOO and of the capital, £75,000 has been contributed by the Dairy Company and £25,000 by the Challenge Phosphate Company, Limited. The company is in the control of four directors, two representing the Dairy Company, one the 'Phosphate Company • and -one the debentureholders. The chairman does not have a casting vote. The company has power to advance up -;" to twothirds of the value, and '.the.; Trustee Act provides that the new company should require a contribution 2 per cent, of the loan to be placed to the credit of a special reserve account. To enable .the new company to obtain adequate finance, an amendment was made to the Trustee Act to provide for the issue by the New Zealand Dairy Company of trustee debentures.
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https://paperspast.natlib.govt.nz/newspapers/KCC19360414.2.34
Bibliographic details
King Country Chronicle, Volume XXX, Issue 4833, 14 April 1936, Page 5
Word Count
173OPERATIONS COMMENCED King Country Chronicle, Volume XXX, Issue 4833, 14 April 1936, Page 5
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