Page 10 Advertisements Column 2

Poverty Bay Herald, Volume XXXX, Issue 13103, 17 June 1913, Page 10

Tha Subscription List wilt be dosed on on before tha 15th day of July, 1013. Dated this 2nd day of June, 1913. This Prospectus has been filed with the Assistant Registrar of Companies at Gisborne. PROSPECTUS OF THE. POVERTY BAY FARMERS' GO-OPERATIVE ASSOCIATION, LIMITED. (A Company duly incorporated «nd Registered with Limited Liability under "The Companies' Act, 1908.") CAPITAL: £250,000 Divided into 125,000 Shares of £2 each. 75,000 Shares are now offered to the public for subscription, the Rhara 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 »f £6 per cent per annum. And the remaining 20s. per share may b* called up by too Directors m accordance with the Articles of Association. DIRECTORS: The first Directors of the Company are: — Frank Brayton Barker, of Gisborne, farmer,- Walter Richard Barker, •f Gisborne, farmer; John Clark, of Te Arai, Farmer; Cecil Albert de Lautour, of Gisborne, barrister ; Charles Gray, of Waiohika, farmer; Frederick Hall, of Gi3borne, farmer, Thomas. Holden, of Pouawa, farmer ; Howard Kenway, of Whataupoko, farmer j 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 so that the Board shall not exceed 6 n h m number. Th<i 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: The Bank of New Zealand. AUDITOR: Thomas Coleman, F.1.A.N.Z., Accountant, Gisborne. BROKERS: The Brokers of the Company, if any, will bo appointed by the Directors as may be required. OBJECTS OP THE COMPANY: The objects and powers of the f 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 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 m order to defray the annual charges for management an<] to give a fair rate of interest tc holders of shares on their investment of share capital. (c) To provide farmers with ekillec methodb of realising #ieir produc< to the best advantage and facili ties for obtaining all necessary com modities of the best quality at tb< least cost. A shareholder who holds not less '-naj 50 shares m the Company and 10 share (£1 fully ' paid-up) m the Gisborni Sheepfarmers' Frozen Meat Co., Ltd., i deemed to be a "qualified shareholder, 1 and as such will be entitled to all th rights and privileges of a "qualifie< shareholder" m terms of the Regulation of the Company. As some assurance to the public am to evidence their own confidence m th undertaking, the promoters aave though it best to assume responsibility for thi management of the Company for thi first two years, by which time it shoul< be well established. As the promoter are also Directors df the Gisborne Sheep farmers' Frozen Meat Co., Ltd., whicl is also operating m the . same diaVrct and the shareholders of which are ex pected to take up large interests m tiii Company, it has been thought desirabl to provide to some extent for nity o management and for community of /in terest between the shareholders of th two companies. As commercial and financial tradin| concerns, the Company and the Gisborni Sheepfarmers' Frozen Meat Co., Ltd. will be entirely independent one of th< other and will In no way be concerned ii or responsible for each other's MabUJtlea No contract, which shall not first t~av< been submitted v to and approved by thi , shareholders of both Companies m genera meetings expressly convened for the son sideration thereof, will be entered Inti I between the Company and the Qisborm Sheepfarmers' Frozen Meat Co., Ltd. other than arrangements for provldlni for office and business accommodatloi ' for this Company. . The promoters being themselves largely interested m the welfare of/ the distric m which the Company will princioalli carry on its business, are of opinion tha ' no further delay should be permitted ii the establishment of a Farmers' Co-op erative Association. They therefore cor dially recommend their fellow settlers t< support the ' Company, as they ire o opinion it should be as successful ii . Poverty Bay as such enterprises hav< been when prudently conducted wherevei established. i qenerAl. The minimum subscription has reei fixed at 12,000 shares, upon which tin Directors may proceed to allotment Thereafter shares will be allotted as ap 1 plications ' are received. No promoters' shares are being Issuec and no payment whatever, either direo or Indirect, will b« made to any pro moters. The preliminary expenses of and mci dental to the formation and establish ment of the Company and until the Com pany shall be entitled to commence busi ness (exclusive of brokerage at 5 pei cent on subscriptions procured) kre esti mated to amount to . £300, and will bi borne by the Company. . The Dlreotors have not entered tnto anj preliminary oontraot with any person oi Company. The following are the clauses m thi Company's Articles of Association fixing the number of shares required for s Director's qualification, and as to thi remuneration of Directors: — "97. The number qualification and re muneration of t/he Directors ma] from time to time bo fixed, am when fixed may bo altered as rftei as occasion may require by a re solution of a general meeting, bu until altered the number of Dh oc tors shall not exceed ton nor be lea than four. "99. Any member of the Compan; (other than the manager of air mercantile concern) who rfiall nol< not less than fift y shares m th capital of the Company, and fift; shares fully paid up m the capita i, of the Gisborno Sheepfarmera i. Frozen Meat Company, Limited 0 B'hall be eligible to bo a Director. 1 i 1 No agreement has been made for un ■• derwriting subscript ions of. share capi W tal, and brokera^o, if any, will t>e pai< •• m accordance with clause 9 of the Com pany 'a Articles, which is as follows :- L A "9. Upon any offer of share* to th public for subscription it shall b lawful for the Diroctors to pay , £ commission not deeding o pe 1 cent m pursuance of the power c conferred by Section 67 of "Th< 4 Companies Act, 1908," and sue! commission may be paid either ii ' cash out of the Company's capita b or by the allotment of shares thereii '' as fully or partly paid up." Applications for chares should bem ad - upon the form accompanying *his proa r pectus, and sent either to the Bank o 1 New Zealand at Gisborne or to one of it * branches, or to the Directors of thi Company, care of Messrs. de Lautour - Barker, Stock, and Matthews, Solici l> t*r«, Gisborne, together with the amoun i payable on application. If no allotmen . is made the deposit will be returned ii foil, and if th* number of shares »Uot