Page 12 Advertisements Column 2

Poverty Bay Herald, Volume XXXX, Issue 13101, 14 June 1913, Page 12

The Subscription List will be closed on on before the 16th day of July, 1918. • ,Dat«d thiH 2nd day of June, 1913. This Prospectus has been . filed with the Assistant Registrar of Companies at • Gisborne. PROSPECTUS OF THE. POVERTY BAY FARMERS' CO-OPERATIVE ASSOCIATION, LIMITED. (A Company duly incorporated »-od Registered with Limited Liability undei % - "The Companies' Act,. 1908.") CAPITAL: £250,000 Divided into 125,000 Shares of £2 each. 75,000 Shares are now offered tc the public for subscription, the Share . Capital thereon is payablo as follows: ss. per share on application, ss. pei 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 hi 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. And the remaining 20s. per share may bo called up by the Directors m accoid- • ance with the Articles of Association. DIRECTORS: Tho first Directors of the Company are: — Frank Brayton Barker, of Gisbomo, 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, fanner. The First Directors or a majority of them are empowered by the Articles of Association to appoint any ot/her qualified person or persons to the Board, but so that tho Board shall not exceed en m number. The first Directors and any persons appointed by them shall hold office until the ordinary meeting of the Company, to be held m the year 1915, when four Members of the Board shall vacate office. BANKERS: j The Bank of New Zealand. | AUDITOR: Thomas Coleman, F.1.A.N.Z., Accountant, Gisborne. BROKERS: Tho Brokers of the Company, if any, will be appointed by the Directors as may be required. OBJECTS OP THE COMPANY: The objects and powers of the f;ompany are set out m the Memorandum of Association, a copy of which is printed at the end hereof, and forms part of this prospectus. Tho Company is established — (a) To offer to settlers m the Northeast Counties of the North Island tho 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 the annual charges for management and to give affair rate of interest to holders of shares on 'their investment pf 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 nest quality at the least cost. A shareholder who holds not less than 50 shares jn the Company and 10 shares {£1 fully paid-up) m 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 shareholder" m terms of tho Regulations of the Company. As some, assurance to the public and ' to evidence their own, confidence m the undertaking, the promoters have thought it best to assume responsibility for the i management of the Company for the 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 m the same dist-ict, and the shareholders of which are expected to take up large interests m. t/his Company, it has been thought desirable to provide to some extent for nity of management and for community of interest between the shareholders of tho two companies. As commercial and financial trading concerns, the Company and the Gisborne Sheepfarmers' Frozen Meat Co., Ltd., j will be entirely independent one of the other and will In no way be ooncerned In or responsible for each other's liabilities. No contract, which shall not first t-ave been submitted to and approved by the shareholders of both Companies m general meetings expressly convened for the consideration thereof, will be entered into between the Company and the Oisborne' Bheepfarmers' Frozen Meat Co., Ltd., other than arrangements for providing for office and business accommodation for this Company. The promoters being themselves largely interested m the welfare of the district m which the Company will principally carry on its business, are of opinion tliat no further delay should fee permitted m the establishment of a Farmers' Co-op-erative Association. They therefore cordially TecommenJ their .fellow settlers to support the Company, as thoy «re of opinion it should be as successful m Poverty Bay as such enterprises have been when prudently conducted wherever established. 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 dtreot or Indirect, will be made to any promdters. The preliminary expenses of and incidental to the formation and establishment of the Company and until the Company shall be entitled to commence business (exclusive of brokerage at 5 per oent on subscriptions procured) are estimiated to amount to £300, and will be borne by the Company. The Directors have. not entered tnto any preliminary contract with any person or Company. The following are the clauses »n the Company's Articles of Associations fixing the number of shares required for a Director's qualification, and as to the remuneration 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 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 less than four. "99. Any member of tho Company (other than the manager of any mercantile concern) who shall nold not less than fifty shares m the capital of the Company, and fifty shares fully paid up m the capital of the Gisborne Sheepfarmers' Frozen Meat Company, Limited, shall be eligible to be a Director.". No agreement has been made for underwriting subscriptions of share capital, and brokerage, if any, will t;e paid m accordanoe will) clause' 9 of the Company's Articles, vhich is ns follows :-"- --"9. Upon any oiler of sliarea to tho [mblic for subscription it shall be awful for the to pay a commission not excwiling 6 per cent m pursuance of the powers conferred by Section 57 of "lhe Companiee Act, 1908," and such 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." Applications for shares should be made upon tho form accompanying *his prospectus, and sent either to the Bank of New Zealand at Gisborne or to one of its branches, or to the Directors of the Company, care of Messrs. de Lautour, Barker, Stock, and Matthews, Solicitors, Gisborne, together with the amount payable on application. If no allotment is made the deposit will be returned m fall, aad if tihe Bomber ol shares allot- i