Page 8 Advertisements Column 4

Gisborne Times, Volume XXXV, Issue 3949, 4 June 1913, Page 8

The Subscription List will bo closed on or before the 15th day of July, 1913 Dated this 2nd day of June, 1913. This Prospectus has been'filed' with the Assistant Registrar of 1 Companies at Gisborne. i PROSPECTUS OF THE POVERTY BAY FARMERS’ GO-OPERATIVE ASSOCIATION, LIMITED. {A Company duly incorporated and Registered with Limited Liability under “The Companies’ let. 1908.”) CAPITAL: £250,000 Divided into 125,000 Shares of £2 each 000 SHARES ar© now offered I . Public for Sub-/ soription the Share Capital thereon is payable as follows: 5s per share on application. 5s per share on allotment. 5s per share in three months after allotment. 5s per share in six months after allotment. v At the option of the Applicant he may upon allotment give his Promissory Note to the Company for the aggregate of the allotment and two subsequent instalments x>ayable six months after allotment with interest added at the rate of £6 per cent, per annum. And the remaining 20s per share may be called by the Directors in accordance with the Articles of Association.

DIRECTORS. —The First Directors of the Company are: Frank Bray ton ' Barker, of Gisborne, farmer; Waiter Richard Barker of Gisborne,, farmer; John Clark, of Te Aral, farmer; Cecil Albert do Lantour, of Gisborne, barrister; Charles Gray, of Waiohika, farmer; Frederick Hall, of Gisborne, farmer; Thomas Holden, of Pou aw a, farmer; Howard Kenway, of Whataupoko, farmer; Christopher John Parker, of MaCal'aka, farmer. The First Directors or a majority of them are empowered by the Articles of Association to appoint any other qualified person or persons to the Board, hut so that the Board shall not exceed ten in number. The First Directors and any persons appointed by them shall hold office until the ordinary meeting of the to be held in the year 1915, when four members of the Board shall vacate office. BANKERS.—The Bank of New Zealand. AUDITOR. —Thomas Coleman, F.1.1i. N.Z., •accountant, Gisborne. BROKERS.—The Brokers of the Company, if any, will be appointed by the Directors as may be required. OBJECTS OF THE COMPANY. Tlie objects and powers of the Company are set out in the Memorandum of Association, a copy of which is printed at the end hereof, and forms part of this prospectus. The Company is established — (a) To offer to settlers in the NorthEast Counties of the North Island the proved benefits of eo-operation. (b) To conserve for distribution among all qualified shareholders contributing business to the Company all surplus annual profits not required in order to defray the annual charges for management cud to give a fair rate of interest to holders of shares on their investment of share capital. (c) To provide farmers with skilled methods of realising their produce to the best advantage and facilities for obtaining all necessary commodities of the best quality at the least cost. A shareholder who holds not less than 50 shares in the Company and 10 shares (£1 fully paid-up) in the Gisborne Sheepfarmers’ Frozen Meat Co., Ltd., is deemed to bo a “qualified shareholder.” and as such will be entitled to all the rights and privileges of a “qualified shareholder” in terms of the Regulations of the Company. As some assurance to the public and to evidence their own confidence in the undertaking, the promoters have thought it best to assume responsibility for the management of the Company for the first two years, by which .time it should be well established. As the promoters are also Directors of the Gisborne Sheepfarmers’ Frozen Meat Co,. Ltd., which is also operating in the same district, and the shareholders of which are expected to take up large interests in this Company, it has been thought desirable to provide to some extent for unity of management and for community of interest between the shareholders of the two Companies. As commercial and financial trading concerns, tire Company and the Gisborne Sheepfarmers’ Frozen Meat C 0.., Ltd., will be entirely independent one of the other and will in no way be concerned in or responsible, for each other’s liabilities. No contract, which shall not first have been submitted to and approved by the shareholders of both Companies in general meetings expressly convened for the consideration thereof, will be entered into between the Company and the Gisborne Sheepfarmers’ Frozen Meat Co., Ltd., other than arrangements for providing for office and business accommodation for this Company. The promoters being themselves largely interested in the welfare of the district in which the Company will will principally carry on its business, are of opinion that no further delay should be permitted in the establishment of a Farmers’ Co-operative. Association. They therefore cordially recommend their fellow settlers to support the Company, as they are of opinion it should be as successful in Poverty Bay as such enterprises have been when prudently conducted wherever established. GENERAL,/ The minimum subscription lias been fixed at 12,000 shares, upon which the Directors may proceed to allotment. Thereafter shares will be allotted as applications are received. No promoters’ shares are being issued and no payment whatever, either direct or indirect, will bo made to any promoters. The preliminary expenses of and incidental to the formation and establishment of the Company and until the Company shall he entitled to commence business (exclusive of brokerage at 5 per cent, on subscriptions procured) are estimated" to amount to £3OO, and will be borne by the Company. The Directors have not entered into any preliminary contract with any person or Company. The following are the clauses in the Company’s Articles of Association fixing the number of. shares required for a Director’s qualification, and, as to the remuneration of Directors: “97. The number qualification and remuneration of the Directors may from time to time be fixed, and when fixed -may be altered as often •as occasion may require’ by a resolution of a general meeting, but until altered the number of Directors shall not exceed ten nor he less than four. “99. Any member of the Company (other‘than the manager of any mercantile concern) who shall hold not less than fifty shares in the capital of the Company, and fifty shares fully paid ur» in the capital of the Gisborne Sheep fanners’ Frozen Meat Company, Limited, shall be eligible to be a Director.. , No agreement lias been made for underwriting subscriptions of share capital, and brokerage, if any, will be paid in accordance with clause 9 of tile Company’s Articles, which is as follows: '