GOLDEN POINT DREDGING COMPANY.

Otago Witness, Issue 2425, 5 September 1900, Page 20

GOLDEN POINT DREDGING COMPANY.

An extraordinary adjourned meeting of the Golden Point Dredging Company was held on 'Thursday in the Queen's Rooms, Crawfoicl stieefc, and was attended by about 25 shareholders. Mr J. C. Thomson, who occupied the chair, said he had explained at last meeting the reasons why it was suggested that it was advisable to amalgamate with 'the Enterprise Company. At that time the agreement contained a claiise which made that amalgamation so indefinite that they had no alternative but to adjourn for a month., until a chaige by the Chicago Company against the Enterprise Company had developed. That had been developed, and they - had had the positj.oll of the Enterprise Cora-., pany explained to them feirly well, and had • decided to recommend the amalgamation to go on. The claim of the Chicago Company came ' on next month, and the Enterprise Company, •- had made what was considered ample provision, for any decision that might be given m favour of the Chicago Company. The Enterprise Corn- • pany had agreed to vest .£SOO, in trust, to meet } any award that might be^made. Under tho circumstances, and having gone fully into the matter, the directors of the Golden Point Company lecommended that the amalgamation should go on. They had a diafl agreement prepared, which Mr Mondy would read, and when that was done he (Mr Thomson) would formally, move the amalgamation. Mr Mondy then read the draft agreement, which he explained was subject to alteration. In fact, it would be altered in some respects later on. The agreement meant this:' The Golden Point Company- agreed to sell to tho Enterprise Company a special dredging claim and dredge for 1500 fully paid-up shares in the Enterprise Company. The Enterprise Com- . pany vested £500 in trustees, upon trust, to pay thereout any damages awarded against that company in the action now pending in the Warden's Court at Alexandra by the Chicago Company, and also costs of the action. If that sum proved insufficient, any balance was to be a charge against the v assets of the amalgamated company. If the claim and' costs should not amount 'to £500, any balance was "to be paid over to the Enterprise Company; the Enterprise Company to apply any moneys in hand at the time apr>ointed for tho completion of the pur^ chase, m excess of the £500 to be vested in tie trustees, in payment of the debts and- liabilities of, the Enterprise Company, any balance to be distributed between the shareholders of the Entcrpiise Company. The Chairman moved — " That it is expedient > to effect an amalgamation of this company with, the Enterprise Gold Dredging Company , (No v Liability), and that with a view thereto this • company be wound up voluntarily.'' Mr J. Wright seconded the mption, whicli was carried unanimously. The Chairman also moved—" That tlie draft:- 3 agreement submitted to this "meeting and ex- ". piessecl to bo made between this company and '- its liquidator of the one part, and the Enter- * prise Gold Dredging Company (No Liability) ' of the other part, be and the same is hereby, approved, and that the liquidator be and he is hereby authorised, pursuant to section 222 of " The Companies Act, 1882,' to enter into an agreement with such last-named company in. the terms of the said draft, and to carry the same into effect with such, if any, modification as the said liquidator may think expedient." Mr W. D. Mayne seconded the motion, which, was carried unanimously; and the Chairman, having mentioned that these resolutions would be' confiimed at 9 future meeting «at which a liquidator would be appointed, the meeting terminated.