IMPOUNDED MONEY

Northern Advocate, 8 April 1931, Page 10

IMPOUNDED MONEY

WAIPAPAKAURI INCIDENT. RACING CLUB HARD HIT. > - ORGANISATION EMBARRASSED. (Special to “Northern Advoeate.”) KAITAIA, This Day. The money seized by the police from the Waipapakauri Racing Club on Monday, under a warrant from the Supreme Court, comprised gate-takings, members’ subscriptions,' nominations, acceptances and riding fees. In. a statement regarding the affairs' of the club, the president, . Mr T. J. Fleming, said arrangements had previously been made with the management of the company for extending credit, and one-third of the total account was to b ( e paid on April 30, with promissory notes for twi> further payments, bearing interest at 6 per cent. The Auckland principals, however, recently informed. the club that these terms were not acceptable, but it came as a shock to the club when it found itself relieved of the whole of the riioney received at the meeting, Mr Fleming said that as a result of this action the club was placed in a most embarrassing position, and although nearly £3OOO had been spent on its property, and the course was the best north of Auckland, the club would now probably be forced into liquidation. , . . The committee held an emergency meeting yesterday and /it was unanimously decided that no matter what the outcome of Monday’s proceedings, the committee would see that jockeys and winning owners were paid in full. The prize money at the meeting on Monday totalled £250. Reasons for Action. The cause of the bailiffs being put in was the failure of the iWaipapakauri Racing Club to meet a judgment for oyer £250 in favour of an Auckland firm which had supplied timber for the building of a totalisator.house. The timber was supplied over a year ago, since when frequent demands had been made, by the creditor upon the club for payment, but ad the account had not been met, the creditor sued and got judgment against the club. No payment at all had been made, and when judgment was secured offers were made by the club to give promissory notes extending over a period to meet the debt, the promissory notes to be signed by the club. The creditor would not accept promissory notes signed by the club, but was prepared to accent them if they were signed by all the members of the committee, so that the committee would be jointly and severally responsible. As the committee’is members were not willing to do this, the creditor took further action, and had a warrant served ripon the secretary of the'eourso on Monday, when the bailiffs took charge of the whole of the moneys taken at the meeting. i

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