COMBINED BUYERS

Wanganui Chronicle, Volume LXXXII, Issue 19347, 29 June 1925, Page 10

COMBINED BUYERS

MEETING OF SHAREHOLDERS. LIVELY SCENES. (Per Press Association.) WELLINGTON, June 25. An extraordinary meeting of shareholders in Combined Buyers held today proved lively. Within a few minutes a resolution had been Airried asking the chairman to vacate the chair, and an adjustment was made to proceed with the quarrel at the conference hall of the Dominion Farmers 1 Institute. At the time fixed for the meeting some eighty shareholders were in the room struggling at the doorwtay to get past a couple of clerks armed with lists (who were endeavouring to take their names and ascertain the number of shares they owned), or standing in an impatient queue in the passageway outside. Immediately the chairman of directors, Mr. Thomas Taylor, arose and asked the secretary to read the notice convening the meeting. A shareholder moved that the chairman vacate the chair and that his place be taken by Mr. Cbverhill, of Canterbury. The motion was seconded, land on the mover putting it, there was a unanimous 1 ‘aye?’ without response to the query for “noes. ” Mr. Taylor then declared that he would not accept the motion, which he ruled out of order on the ground that the articles of association provided that the chair at a meeting of shareholders must be taken by the chairman of directors or his nominee. “I am chairman/ , he announced. Several protests were made. The Hon. Hislop was about to speak, but the chairman objected. The Hon Hislop: If you are going to adopt Parliamentary procedure we can move that the chairman leave the chair land place another in it.*’ (Applause). A shareholder: “It seems to me that as long as you (Mr. Taylor) are in the chair business will not proceed. Can you not peacefully retire? M A shareholder: “I must move la resolution that you vacate the chair and that the majority elect another chairman.” Another shareholder: “That motion has already been carried.” The chairman said he declined to put the motion. The Hon. Hislop: “Then I move that the chairman of directors of the company be dismissed from his office.” (Appllause). The question of proxies arose. Mr. Taylor stuck to the chair, but after further bickering Mr. Taylor agreed to allow Mr. W. S. Bennett to take the chair. After legal opinion had been taken, ti motion that Mr. Taylor be removed from office was carried. This and other resolutions will be submitted to shareholders.