GISBORNE OIL COMPANY.

Gisborne Times, Volume XXVII, Issue 2604, 11 September 1909, Page 5

GISBORNE OIL COMPANY.

MEETING OF DIRECTORS.

A meeting of the directors of the Gisborne Oil Company was held yesterday, when there were present: The Chairman (Mr.' W. D. Lysnar)., Messrs Anderson, Barry, Oman, Hall, and Adair. Messrs Oman and Barry reported having returned from a visit of inspection to the well at Waitaiigi, where everything, was going satisfactorily ; arrangements for the testing of the volume of the flo w struck had been completed, and'other matters had been attended to. The directors, having heard that a premium was being offered for the company’s shares, decided to issue a notification to the public warning them that under the articles of association the directors were' reserved power to refuse the application of any transfer they thought fit, and they wished it to be clearly understood that they will so far as possible exercise their powers to prevent any speculation or trafficking in shares. According to the chairman (Mr. Lysnar) the object of the company is to thoroughly test the existence or nonexistence of payable" oil in the district, ana to as far as possible keep the company a local concern for the benefit of the people of the district. It should be understood that in purchasing 0“ shares people will be parting with their money for shares that the directors may refuse the transfer of. He does not think that the directors of the company would refuse the transfer of any shares to a bona fide local resident taking them up in Ms own interest. , “The limit: number of shares which any. one person can hold of any one issue,” continued the Mayor, “is 250. This was the original decision of the directors for tlie purpose of stopping speculation.”