Page 4 Advertisements Column 2

Poverty Bay Herald, Volume XXXX, Issue 13092, 4 June 1913, Page 4

' The Subscription List will be closed 01 on before the 16th day of July, 1913. Dated this 2nd day of Jime, 1913. This Prospectus has been filed witr. Llie Assistant Registrar, of Companies al 3isborne. PROSPECTUS OF THE. POVERTY BAY FARMERS CO-OPERATIVE ASSOCIATION, LIMITED. (A Gdnipatriy duly Incorporated and Registered with Limited Liability under "The Companies' Act, 1908.") CAPITAL: £250,000 Divided irilo* 1251,000 Shares 'of £2 each. 75,000 Shares are now offered to the .public for subscription, the Share Capital thereon is payable as follows: ss. per share on application, ss. per share on allotment, ss. per share m three : months after 'allotment, ss. per share m six months after allotment. At the option of the -Applicant he may upon, allotment give his Promissory Note to 'the Company for the aggregate of the allotment and two subsequent instalments payable six months after allotment with interest added at< the rate of £6 per, cent per annum, i And the remaining 20s. per share may be called. up by tiie Directors m accordance with the Articles of Association. DIRECTORS: The first Directors of the Company are: — Frank Bray ton Barker, of Gisborne, farmer; Walter Richard Barker, of Gisborne, farmer; 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 ob persons to the. Board,' but so that the. Board .shallHOt exceed. ten m number. ■ The first Directors., aiid ZSiiyi. persons appointed by them shall hold office until the ordinary meeting of the Company, to be held m the year 1915, , Avhen four Members of the Board. sßalt jracate office. BANKERS: The Bank of New Zealand. AUDITOR: Thomas Coleman, F.1.A.N.Z., Ac-, : cquntant, 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 Company are set out m the Memorandum of Association, a copy of which is printed at the end hereof, and forms part of this prospectus. ■' >'■..;' . „ The Company is established— ; (a) To offer to settlers m the NorthX. east Counties of the North Island Ythe proved benefits of co-operation. (b) To conserve for distribution among all qualified shareholders contributing business to the Company all surplus annual profits not required m order to defray' tie an--1 nual charges for management and to give a fair rate of interest to holders of shares on their investment of share capital. (c) To provide farmers with skilled methods of realising their produce to the best advantage and facilities for obtaining all necessary commodities of the best quality at the / least cost. A shareholder who holds not less than 50 shares m the Company and 10 shares (£1 fully paid-up} m the Gisborne Sheopfarmers' Frozen Meat C0., -Ltd., is deemed to be a "qualified shareholder," ;arid as such will be entitled to all the rights and privileges of a ''-"Qualified shareholder" m terms of the Regulations •of the Company. >.;' H:A /.' .*.,.'. ,-As some assurance to the public, and 1 to evidence their own confidence m- the undertaking, the promoters -have thought it best to assume responsibility for the management of the Company for 'the firat two years, by which time it should be well established. As the promoters are also Directors of the Gisborne Sheepfarmers' Frozen Meat Co., Ltd., which is also operating m the same district, and the shareholders of which are expected to ,teke up large' interests' m this Company, it has been thought desirable to provide to some extent for unity;" bf management and for community, ■ojLjinterest between the shareholders of /the two companies. '> ;i As commercial and financial trading, concerns, the» Company arid the Gisborne Sheepfarmers' Frozen Meat -Co*, Ltd., will be entirely independent .one of the Other and will In no way be concerned m or responsible for oaoti other's liabilities. I I No contract/ which. sfikJChP.t' : krtt,tmve been submitted to and asbrovedbv, trio shareholdar^ bf.^pth Cbini>jß>n>^;ln.si6porar meetings, expressly convened ih» .oon- ' Alteration thereof, will be entered. Into between the Company" and thY- blsborne Sheepfarmers l > Frozen- < Meat /»C6., -Md-i other than, , arrangements, ; .^r^j providing for office arid business accommodation for this Company. •- ' .? * -| 1 i The promoters being themselves largely interested in^the welfare of district] m which th c Company ' will , principally darry on its business, are of pjainioij: that no further, delay should be .permitted m establishment of a Farmers' ■Co-op-erative Association. They . therefore: cordially „recommend their fellowhsettlera . to support the Company, as they are 'of opinion it" should be as successful m Poverty Bay ~ as' such enterprises" have been when prudently conducted wherever established. • •• ., v , v,,.^,,. ■ • j genebal. :: _ ! i The minimum subscription , has been fixed at 12,000 sharesy upon Avhich the Directors may proceed ' to allotment. Thereafter shares. will be allotted as applications are received. ' v No promoters' shares are . being issued and no payment , whatever, either direct <jr indirect; - wrill :be made to any promoters. • , • - • - ;l <. The preliminary expenses of and incidental to, the formation and establishment of the Company and until the Com- ; pany shall be entitled to commence busi- : ness (exclusive of brokerage at 5 per j oent.von subscriptions procured) are. esti- , mated to amount to £300, and will be borne by. the,, Company..,., > ...... „..., } i The Directors have not entered >nto any preliminary contract with any person or Company. I I The following are the clauses: m the i Company's Articles of Association fixing the number of shares required ! for a Director's qualification, : and as to tho ijemuneration of Directors :— «<97; The number qualification and re- | muneration of the Directors' may ' frorii time to time be fixed, and 1 when fixed' may be altered as often ' as occasion may require by a resolution of a general meeting, 'but until altered the- number of Direc- " tor 3 shall not exceed ten nor be less than four.' ' '■■ '• '■ "99, Any ihepber of the Company than 'th'o . manager of any merdantile" ophce>n^ who shall hold hot' less than fifty shares ,m the capital 'of the Company, and fifty shares fully, paid up m tlio capital of the Gisborne Sheepfarmers' Frbzori Meat Company, Ximited, . ' tfliall be eligible to be a Director." • No agreement has been made for underwriting subscriptions of share capital, and brokerage, if any, will be paid m accordance' with clause 9 of tho Company's Articles, which is as follows 1 :— ! "9. Upon any offer of shares to the 1 public for subscription it shall bf. lawful for the Directors to pay o r commission not exceeding 5 per \ cent m pursuance_ of 'the powers conferred by Section 57 of " The ' 4 Companies Act, 1908," and sucli commission may be paid either m cash out of the Company's capital ; or by the allotment of shares therein as fully or partly paid up. ?l Applications fop sfraregi should be mad{ upon ' the' fq^m accompanying this pros pectui*, and ■ grant' either to tne Bank ol New Zealand at GJsborne or to ono of its branchea,' hv to the Directors of th< Company, care of MessrsV de ' Lautour Barker, Stock,' and 'Matthews, Sdlicitiorsy Gisborne, together with the amotihi payable on application.' If no allotmeni ■te made 1 the deposit will be returned v i full, and if the number of shares allot ■ I ':' -:■- -••- ;::■.:: '."". . "