SECURITY FOR CAPITAL

New Zealand Times, Volume L, Issue 11684, 23 November 1923, Page 4

SECURITY FOR CAPITAL

N.Z. FARMERS’ CO-OP. ASSOCIATION’S SCHEME. DIRECTORS’ PROPOSALS CARRIED Per Press Association. CHRISTCHURCH, November 22. Proposals involving the arrangement of free, fixed, and matured depositors and bondholders* ' capital aggregating approximately £1,500,000, to tie secured bv a floating charge over certain of tho association’s assets and undertakings, were the subject of a meeting of depositors and bondholders of the New Zealand Farmers’ Co-operative Association of Canterbury to-day. Mr J. A. Pannett, chairman of directors, presided over an attendance of about 300. The bondholders and depositors were asked by the directors to transfer their holdings into “secured stock,” the security being a charge over the chargeable assets (£2,149,506), freehold and leasehold properties and uncalled capital aggregating £786,654. The resolution embodying the Ipropoaals was carried by an oveirwhelming majority, only 14 votes being recorded against it. but the" resolution, before being given effect to, is subject to the ratification of the court. The amount of oapital represented in the vote was £332,143, of which 96.80 per eent. was in favour of the proposal and 3.20 per cent, against.