West Coast Fanners' Cooperative Association

Feilding Star, Volume XIII, Issue 85, 16 January 1892, Page 2

West Coast Fanners' Cooperative Association

—^. i__^ : - - - A meeting of the West Coast Farmers' Association (limited) was held in the Bangitdkei Council Chambers on iThursday, and, was well attended,' lit John Cotter being, iii 'the iotiairX -THe objects . for which the meeting was held were to^ consider th% following resolutions:—^ "/That the -nominal icanital of/ the winpany /T h,e reduced $o >in 15,000 shares at : f 5 eachV" "ThaVtne'-compiny be registered I forth withy -notwithstanding that foflr, thousand shares are not subscribed ; ''- and a*nyi 6tb!er A business connected with the association. ,The minutes of the previofcsotneetings were read and confirmed, ' ' After some private correspondence had been read by .the secretary. : The Chairman^, moved, "Thai the nominal capital of; the association be redacecLto^s,oQo,,; in '15^0 'ffiuqßt £5 each."j . He niight sa^' that the principle reasdn'for'sb ddihg was T^saye' paying a tax dn nominal Capital; which' : would amount WlOs per '^,ooo-for registration. He had much pleasure in. jnoving iihe resolution. -/■ ?:;;■!; vi; vat-mia j "Mr Peter Stewart. seconded the ; Mr. J. Steveris was .thjßP r °-# posed reduction :td ' MJSjOQQ.\ \j4 Vwasfe breaking faith with Many jot the slore-^* 'holders who had subscribe^ their names on' the understanding, that- the caipital #■ was'to be i>2oo,ooo. -lief though: it desirable to make a rednction r but ihe capital should not be less than $6100,000. jfi : , The Secretary (Mr SmaU). said tha^he had neyer given . anyone to understand that the capital would not be reduced^ The Hon. John Bryce said tha^helhad not heard any good, reason why should hot : be sufficient noinitial capnal. He however, accepted " as an adequate sum in terms of iihe' circular. If Jhey, reduced;i6he capital fij" ifiIOO^OOO they were breaking fciith' with the shareholders just as much as if they reduced it t0450,0d0^ n^-n .•:;•¥:;. vnvt ' After several^; other gentleman had spoken to the motion it was pat to the meeting and carned~unammousl& . .TheCha^y'iobyedfV^hat'thrcom- ■* pany be' regis!ered fl: forlHwitlhi notwithstanaing; that all ■of 'the -4,000 Ishares mentioned' in 'the ptospectuahad obfebjeeh subscribed for.?' SeConded}%}Jtfr>lWß. MQKenzie.- .-.*^.\l^i ; :i i.^\>. -~.fi. ndi . The motion was putand, carried W«ni' mousiy: V ' s"^' *«&.&*. ' I^E/R^^enyiemo^d,^iame quaUfication for a director shonld^bVten shares (£50)." by Mr Brookie. Mr Brookie -moved, 'V^Phat the mini* muia;nuSaber .ptidireotejrs rb%: nifß, an^ the maximum number 20. The motion was seconded by Mr Arm* strong and c.arried~unanimpusly. The election of thtffirst dieectbra^as then proceeded with, the following being elected :~Wangahui ilJfohn Bryce, E. G Fletcher, Alex. Higgie, Alex. Altison. Bangitikei : W. Marshall, Q-.- Potts,- F. Arkwright, A! Vi : Mcßeth.-i VTeifding and Halcombe : Francis. Jacobs, J. R. Johnston, F. Y. Lethbridge, R. Linton and T, E. Taylor. Palmerston r% ! J. Armstrong, J. Cotter and P. Stewart. Sandon and Carnarvon : • J. . S; Baileyjlß, S. Penny, R. B. McKenzie and g. G. Couper. / f Mr R. B. McKenzie moved, " That -the first general meeting of the shareholders be held at Marton on Saturday the 7th May, 1092, at 11 a.m."— Advocate.