STRATFORD DAIRY COMPANY.

Stratford Evening Post, Volume XXXV, Issue 76, 27 February 1918, Page 3

STRATFORD DAIRY COMPANY.

EXTRAORDiNARY MEETING. The extraordinary meeting of members of the Stratford Fanners' Cooperative Association was continued at the Town Hall yesterday, after the "Post" went to press. Messrs J. Milne and Eraser protested against the provision, in Article 14 which says that in the case, of forfeited shares all 'dividends and other payments not paid before forfeiture shall also be forfeited. Mr Milne proposed that the Article, be altered to read that such payments "may" be forfeited, but finally the Article was passed unaltered .

.Objection was taken to the provision in Article 18 that the directors shall not be bound to assign any reason for their refusal to register any transfer of shares.—Mr Fraser moved an amendment that the direct ors must give a good reason for refusal, but the amendment was lost. Article 26 provides that every member of tlie company shall have one vote and no more. ". Mr Edwards' moved an amendment that provision be made for more votes for each man. He thought it was riot right that a man who owned half the factory should have no more votes than a man milking two or three cows. The scale of votes should, he thought, be 1 to. 20 shares, 1 vote; 21-40, 3; 41-60, 4; 61-80, 5; over 80 shares, no more votes. The chairman said the voting quoted was that 'of the 'Ngnere company; which wtfs not on all fours with the Stratford company. The Stratford com-

pany had done very well on one-man-one-vote. If the Ngaere scale were .adopted the result would be that the small cheese supplier would be able to ont-vote the big butter supplier. , Mr Edwards said plural voting was in force in Midhirst, Ngaere and Eftham companies . .The amendment was lost . The chairman said that when the directors framed the Articles they were not unanimous about Article 27.

The Article provides that no member shall be entitled to vote at any meeting unless he is a bona fide supplier to the company. A bona fide supplier is defined as one who continuously supplies the whole of the milk from the whole of his cows to the company. In defining a bona fide supplier the decision of the directors shall he final. An amendment that the Article be deleted was defeated, and the. Article was passed by 42 votes to 4. Mr Rawles objected to clause 42, allowing for the payment of a dividend up to 5 per cent. He objected on principle to the payment of interest on capital. He thought that it was quite satisfactory if all money made was paid out on butter-fat. The chairman said he thought the members were thoroughly protected by the provision that a dividend must be authorised by a general meeting. Mr Rawles said lie did not fear what the meeting would vote, but he was afraid of the bickering which would take place at the general meeting. Since the Article had been freely discussed he (Mr Rawles) did not care to move any amendment.

The remaining Articles (the total number was 4.8) were passed without much discussion.

The chairman thanked members for their kindness in passing all the Articles, thus voting confidence in the directors. The Articles would need to be confirmed at a general meeting on March 16th .