ON A NEW BASIS

Daily Telegraph (Napier), Volume 58, Issue 142, 18 July 1929, Page 8

ON A NEW BASIS

HAWKE'S BAY AERO CLUB. AN IMPORTANT DECISION. At a special meeting of the Hawke's Bay Aero Club, presided over by Mr G. A. Maddison, it was decided to accept an offer made by the Hawke's Bay Aeroplane Co. to take over all the company's assets, including moneys lying to the credit of the company's banking account. After payment of its liabilities, the company's shareholders will be given debentures, bearing interest at 7 per cent, running for four years, 25 per cent, or such debentures being redeemable annually by ballot. Mr Maddison pointed out that this was a particularly generous offer from the company, and the club stood to gain a great deal, and could lose nothing by completing the arrangement. It actually meant that all surplus money earned by the company was being made a gift to the club. This amounted to £492. It was the intention of the company, which was only formed for the purpose of putting the club on its feet, to go out of existence. The company proposed to take immediate steps, as soon as the handing over was completed, and all legal formalities complied with, to go into voluntary liquidation. Captain White intimated that it was anticipated that two further machines would be available to the club in August, after which there should be no further delay in flying tuition, due to slight mishaps to the machine, which inevitably occur in flying instruction.