Page 10 Advertisements Column 2

Poverty Bay Herald, Volume XXXX, Issue 13093, 5 June 1913, Page 10

The Subscription Lift will be closed on: on before the 15th day of July, 1013. Dated this 2nd day of June, 1913. This Prospectus his been filed with the Assistant Registrar of Companies at Gisborne. PROSPECTUS OF THE. POVERTY BAY FARMERS' GO-OPERATIVE ASSOCIATION, LIMITED. (A Company duly incorporated and Registered with Limited Liability under "The Companies' Act, 1908. "J CAPITAL: £250,000 Divided into 125,000 Shares of £2 each. 75,000 Shares aro 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 in three months after allotment, ss. per share in 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 tho 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 of Association. DIRECTORS: The first Directors of tho 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 Kcnway, 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 persons to the Board, but bo' that the Board shall not exceed cen in number. The first Directors and any persons appointed by them shall hold office until the ordinary meeting of tho 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.1.A.N.Z., Accountant, Gisborne. BROKERS: The Brokers of the Company, if any, will be appointed by the Directors' aa may be required. OBJECTS OF THE COMPANY: The objects and powers of tho Company are set out in 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 in the Northeast Counties » of the North IsUnd the 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 in order to defray the annual 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 in the Company and 10 shareaj (£1 fully paid-up) in the Gisborne' 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 I shareholder" in terms of the Regulations' of the Company. j As some assurance to the public and to evidence their own confidence in the! undertaking, the promoters have thought '■ it, best to assume responsibility for the; management of the Company for tho, first two years, by which time it should; be well established. As the promoters I are also Directors of the Gisborne Sheepfarmers' Frozen Meat Co., Ltd., which is also operating in the same dist-ict, and the shareholders of which are expected to take up large interests in this' Company, it has been thought desirable to provide to somo extent for unity 6f management and for community of interest between the shareholders of the [two companies. As commercial and financial trading concerns, the Company and the Gisborne Sheepf armera' Frozen Meat Co., Ltd., will be entirely independent one of the other and will In no way be concerned In or responsible for each other's liabilities. No contract, which shall not first *ave been submitted to and approved by the shareholders of both Companies in general meetings expressly convened for the consideration thereof, will be entered into between' the Company and the Qisborne Sheepfarmers' Frozen Meat Co., Ltd., other than arrangements for providing for office and business accommodation for this Company. The promoters being themselves largely interested in the welfare of the district in which the Company will principally carry on its business, are of opinion that no further delay should be permitted in the establishment of a Farmers' Co-op-erative Association. They therefore cordially recommend their fellow settlers to support the Company, as they ore of opinion it should bo as successful in Poverty Bay as such enterprises have ' been when prudently conducted wherever established. GENERAL. Tho 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 direct or Indirect, will be made to any promoters. The preliminary expenses of and incidental to the formation and establishment of th© 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 have not entered 'into any preliminary contract with any person or Oompany. The following are the clauses' ,n the Company's Articles of Association fixing the number of shares required for a Director's qualification, and as to the remuneration of Directors :— "97. Th© number qualification and remuneration of the Directors may from time to time bo fixed, and when fixed may bo altered as often as occasion may require by a resolution of a general meeting, but until altered the number of Direc- . tors shall not exceed ten nor be lees than four. "99. Any member of tho Company (other than the manager of any mercantile concern) who shall hold not less than fifty shares' m the capital of the Company, and fifty shares fully paid up in tho capital of the Gisborno Sheepfarmers' Frozen Meat Company, Limited, shall bo eligible to bo a Director." No agreement has been made for underwriting subscriptions of share capital, and brokerage, if any, will be paid in accordance with clause 9 of the Company's Articles, which is as follows : — "9. Upon any offer of shares to tho public for subscription it shall be lawful for the Directors to pay a commission not exceeding 5 per oent in pursuance of tho powers ' conferred by Section 57 of "The Companies Act, 1008," and such commission may bo paid either in «•' cash out of tho Company's capital or by tho allotment of shares therein] ' as fully or partly paid up." Applications for shaTes should be mado upon the form accompanying this prospectus, and sent either to the Bank of New Zealand at Gisborne 05 to one of its, branches, or to the Directors of the' Company, care of Messrs. de Lautour,)' Barker, Stock, and Matthews, SoJici- 1 { tors, Gisborne, together with the amount ' ! payable on application. If no allotment is made the deposit will bo returned in full, and if the number of shares allot- 1 !