Page 4 Advertisements Column 1

Poverty Bay Herald, Volume XXXX, Issue 13091, 3 June 1913, Page 4

The Subscription List will be closed or on before the 15th day of July, 1913. Dated this 2nd day of June, 1913. This Prospectus has been filed witli » the Assistant- Registrar of Companies at .. Gisborne. . , •.-.,'■,... , PROSPECTUS v OF THE. BAY* FARMERS' _ CO-OPERATIVE ASSOCIA- . TION* LIMITED. s (A Company duly incorporated and Re--11 gistered with Limited Liability under '» " '"The" Companies' Act, 1908.") i CARITAM £250,000 * -Divided into 125,000 Shares of £2 I each. •.. 75,000* (Shares are now offered to _ the pubhc for subscription, the Share l Capital thereon is' payable, as follows: , "ss. per share on! application, ss. per share on",- allotment, • sa.' ' pef share in , tliree montlis after allotment, ss. per share in six months after allotment. . ..At . the option of the Applicant he ' may upon allotment give his Promissory I Note to the Company for the aggregate L of the allotment and two subsequent in- ( stalments payable six months after al- . lotmept with interest added at the rate of £6 per cent per annum. ' And the remaining 20s. per share may be called up by the Directors in accoidance with the Articles o£ .Association. DIRECTORS: Tlie first Directors of the Company are:— Frank Brayton Barker, of Gisborne, farmer; Walter Richard Barker, of Gisborne, fanner; John Clark, of Te Arai, Farmer; Cecil Albert de Lautour, of Gisborne, barrister; Charles Gray, of Waiohika, farmer; Frederick Hall, of Gisborne, farmer, Thomas Holden, of Pouawa, farmer -"Howard Kenway, ;of Whataupoko, farmer; Christopher John Parker/ of Makaraka, farmer. The First Directors or a majority of them are empowered , by the Articles of Association ; to appoint any other qualified person or persQna..to..the..Rpard, but so that the Boaaat shall not exceed ten in number. -. 'The first Directors and liny persons appointed by them shall hold office until the ordinary meeting of the Company, to be held in the -year -1915, when four Members of the Board shall vacate office. BANKERS: The Bank of New Zealand. AUDITOR: Thomas. Coleman, F.LA.N.Z., Ac- . , . .. c'ountarit, Gisborne. BROKERS: The_ Brokers of the Company, if any, will ' be appointed by the Directors as may be required. OBJECTS OF THE COMPANY: The objects and powers of the 7Companyr are set out in the Memoraridiim x>f Association,' a >,copy of which is printed at the end hereof, and forms part of. this prospectus. .;' 7-' 7 ■':.'■..- The Company is established — i (a) To offer to "settlers in the Northeast Counties,,. of the North Island _ the proved benefits of co-operation. (b) To conserve for distributjonamong i all qualified shareholders contributing business to the Company j all surplus annual profi£s not required ;n order to defray the an- _ nual charges for management and ] to give a fair rate of interest to'] holders of shares on their invest- j ment of share capital. ... (c) To provide farmers with skilled i methods of realising their produce to the best advantage and facili- I ties for obtaining all necessary commodities of the best quality at the least cost.

A shareholder who holds not less than 50 shares in the Company and 10 shares (£1 fully paid-up) in the Gisbonie Sheepfarmers' Frozen Meat Co., Ltd., is deemed to be a "qualified shareholder," and as such will be entitled to all the rights and privileges of a "qualified . shareholder" in terms of the Regulations • of- the Company. . ' ■ , As some assurance to the public .and to evidence their own confidence in! the undertaking, the promoters have thought it best to assume . responsibility, fdir! the jnanagement of the Company for. the first two .yeafs, bV -which time it shonlfr -be well established. As the jprompters . are aj_?o Directors of the Gisborne Sheepfarmers' Frozen Meat Co., Ltd.,. which is also operating in the same district, and the shareholders of which are expected to take up large interests in this .Company, it has been thought desirable to provide to some extent for imity of management and /for community of interest between the shareholders of f the two companies.. ,",.., • As commercial- and ."' financial trading concerns-, the Company and the Gisbprno Sheepfarmers' Frozen '■'■ Meat.-'.'Co., Ltd., will be.'eritirely independent one of tho otner and will in no way be concerned in or responsible for each other's liabilities. No contract, which »hall not first have been . submitted to ahd . anproyed by*! the ' shareholders of .both Gompsh/erin general meetings expressly convened for the consideration thereof, ■will -be entered Into between the Gemnany and the! Gisborne' Sheepfarmers* Frozen. Meat "Ob., 'ttd., other than' arrangements -for providing for office- and business accommodation for this Company. • .i'-!.i-| r.^.s,'Tlie promoters being themselves largely interested' in** >t he welfare ■ df the district in which tho Company will principally carry on its business,.'are' of opinion that no further delay should, be permitted in the establishment of a FarmersT"" Cooperative Association./ Thev therefore cordially recommend their fellow settlers to support the Company, as they are of opinion it should be as successful in Poverty Bay as such enterprises have been when prudently conducted wherever established. l GENERAL. The minimum subscription "has been fixed at 12,000' shares, upon/ which the Directors may proceed -to 'allotment. Thereafter shares will be Allotted as applications are received. No promoters' shares are being issued and no payment whatever., either direot or indirect, will be made to any pro* meters. The preliminary expenses of and incidental to the formation tand establishment of the Company and until the Company shall be entitled to commence "business (exclusive of brokerage, at 5 per cent. on subscriptions procured} are estimated to. amount, to £)300, and will be .. borne by the Company. . The Directors fraye not entered into any preliminary ooh tract with any person or Company. ; The following are the .clauses in the Company's Articles , pf. "Association . fixing the number of shares required for, a Director's qualification, and as to tho r,emuneratipn. of Directors: — "97. The number qualification and remuneration of'' the .Directors* may •• from time to time be fixed, and ; when fixed may be altered as oftenas occasion may requite by a resolution of a • general meeting, but until altered the humber of \ Directors shall not exceed ten nor be less than fouy. • \ "99. Any member of the, Company (other than the manager of any mercantile concern} who shall hold* not less than fifty shares in thej capital /of tho'iCompany, and fifty | shares fully paid iip in tho capital ' of the Gisbome Sheepfarmers' l Frozen Meat Company, Limited, I shall bo eligible to be a Director." | No agreement has been made for un- ! derwriting subscriptions of share capi- ; tal, and brokerage, if any, will be paid . in accordance with clause 9 of the Com- ; pany's Articles, which is, as follows: — , ■ "9. Upon . any offer .Of shares to the public for subscription it < shall be lawful for the Directors to pay a , - commission not" exceeding 5 per , " ' -cent' 1 ih ' pursuance •of tho pbwers I . corf erred by 'Section ' 5? of "Thei , Compainies Act, 1908." and ' such I comfliissioh l may be paid either in. , • i cash put of the Company's capital i , ! or by tlie allotment of shares therein as fully or partly paid up." , Applications for 'shares should be made ! upon the form accompanying this prosi pectus, and sent either to the Bank of New Zealand at Gisborne or tp one of its branches', or to the Directors . of the' i Company, care of Messrs. de Lautour, 1 Baxker, Stock, and. Matthews, Solioi- j i tors,' Gisborne, together with the-amount > payable on application. If no allotment is made the deposit will be returned in full, and if the number of shares allot- ■•■■■•' . •