Timaru Farmers' Association.
THE COMPANY TO BE RECONSTRUCTED. [PKB FBESS ASSOCIATION.} TlM ABU, May 29 A sensation was caused herj this morning by the public announcement that the Fanners' Co-operative Association must reconstruct. A meet ing of shareholders is called for the 16th of June. The reason, however, has nothing to do with the financial stability of the Association, but the memorandum of association has been found inconsistent with the articles of association, and it is -questionable whether the Association has power to give credit for the exercise of ordinary powers of borrowing, both of which powers have been exercised all along. In order to remove all doubts the Association has resolved to reconstruct, and render their position secure. The reconstruction is, therefore, purely technical. The business is in a good position. The assets are £45,000 over liabilities, and the business is being carried on as usual, except that no deposits are received, or liabilities incurred, pending reconstruction.
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Bibliographic details
Feilding Star, Volume XV, Issue 326, 30 May 1894, Page 2
Word Count
158Timaru Farmers' Association. Feilding Star, Volume XV, Issue 326, 30 May 1894, Page 2
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