SUN NEWSPAPERS, LTD.

Star (Christchurch), Volume LXVI, Issue 20649, 25 June 1935, Page 7

SUN NEWSPAPERS, LTD.

Company to be Wound Up Voluntarily. Resolutions ratifying the agreement for the disposal of the goodwill of the " Sun ” newspaper to New Zealand Newspapers, Ltd., as well as the further agreement with the Christchurch Press Company, Ltd., were carried at a special meeting of shareholders of Sun Newspapers, Ltd., yesterday afternoon. R- H. D. Gale was appointed liquidator. Mr C. S. Thomas, actingchairman of directors, presided. The resolutions were: “ That the agreement submitted to this meeting for the sale of the goodwill of the company’s business together with the company’s trade name. * The Sun. and all copyright and des-gns connected with such trade name, and exclusive right to the user thereof, either solely or in conjunction with any other name and/or design or title together with the right to declare itself the successor to the company in its business, which agreement is expressed to be made between this company of the one part and New Zealand Newspapers, Limited, of the other part, and the further agreement submitted to this meeting expressed to be made between the Christchurch Press Company, Ctd., of the one part, and this company of the other part, be and they are hereby approved and ratified, and that the liquidator of the company be and he is hereby authorised, pursuant to section 230 of the Companies Act 1933, to proceed with and to carry the same into .effect with such (if any) modifications as he may think expedient, and to distribute among the members of the company in specie the shares to be received under the said agreements, fractions of shares to be dealt with in such a way as he may think fit by way of aggregation and sale or otherwise. Provided that any shareholder may by notice in writing addressed to the liquidator, and left at or delivered by post to the company’s office not later than 21 days after the passing of this resolution, require the liquidator to sell the shares to which such shareholder would under the said distribution have become entitled, and to pay the net proceeds to him and such sale and payment shall be made accordingly, and such sale may be made in such manner as the liquidator thinks fit. “ That, in accordance with the terms of clause 4 of the said agreement between the company and New Zealand Newspapers. Ltd., which provides that New Zealand Newspapers. Ltd., shall pav the sum of £SOOO in cash, in the hope that this may assist in a generous treatment of this company’s employees, the liquidator is hereby authorised to pay to the trustees appointed underclause 11 of the said agreement with New Zealand Newspapers. . Ltd., any surplus of the said £SOOO over and above that which is required to be paid to any employee in lieu of the necessary legal notice terminating his employment. such surplus to be applied by the trustees at their discretion to compensate employees who suffer financial loss through the sale of the company's business. In the event of the surplus or part thereof not being applied within 12 months, the balance then remaining over to be returned to the liquidator. “ That a sale of the goodwill of the company’s business having be agreed to. the company be wound up voluntarily. and that Frederick Humphrey Dare Gale, of Christchurch, accountant, be. and he is hereby appointed liquidator for the purpose of such winding up.’’ Mr E. C. Iluie and Mr J. H. Dolamore were appointed an advisory committee vrr>rt- ,< with the liquidator.