IN LIQUIDATION.

Otago Daily Times, Issue 19799, 26 May 1926, Page 11

IN LIQUIDATION.

DUNEDIN INDUSTRIAL CO-OPERA-TIVE SOCIETY. A well-attended meeting of considerably over 100 shareholders of the Dunedin Industrial Co-operative Society (Ltd.), in liquidation, was held in the Trades Hall last evening. Mr Robert Devin presided. Mr G. S. Thomson, the Investigating accountant, explained the purpose of the meeting. He said that at the last mee ( '.ug two members of the Management Committee had practically admitted - that they knew “things were wrong in connection with the business.' 1 The secretary of the Co-operative Society had stated that ha knew certain methods had boon ndooted, but claimed that the Management Committee had not eyes to see to everything. Mr Thomson stated that as the result of further investigations he was satisfied that it was possible that the Committee of Management could be held responsible for some of the loss of £2OOO that had been shown In the balance sheets during the last 18 months of the society’s operations. He did not think that those shareholders of the late Consumers’ Co-operative Society which had been absorbed by the Dunedin Co-operative Society nearly two years ago could be held legally responsible for the amount which the present liquidators required them to pay. After Mr Thomson's explanations on various other points the decision of the previous meeting in favour of an application being made to the Supreme Court for an official liquidation order was unanimously reaffirmed. A committee of 11 members was set up before the meeting closed, with Mr Bevin as chairman and Mrs E. Bennett as secretary.