Page 3 Advertisements Column 3

Gisborne Times, Volume XXII, Issue 1788, 20 June 1906, Page 3

PIIOBPEOTUS 01 THE GISBORNE TIMES COMPANY, LIMITED (Incorporated under “ The Companies Act, 1903-")

CAPITAL : .£IO,OOO, divided into 10,000 £ hares of j£t each. DIRECTORS : John Thomas Partridge, of Gisborne, Settler ; William I issant Clayton, of Gisborne, Agent ; Goorge Grant, of Gisborne, Civil Engineer ; William Tonrbleson, of Patutahi, Sheepfarmer; Reginald Gerard Hallamore, of Gisborne, Shipping Agent ; Hamilton Thomas Jones, of Gisborne, Journalist ; and Walter James Payne Uaudin, of Gisborne, Journalist. BANKERS ; The Union Bank of Australia, Limited. SOLICI TORS : Messrs Blair and Sainsbuty, Gisborne. AUDITORS : Messrs Thomas Alexander Coleman and Herbert Mus grave Porter, both of Gisborne. SECRETARY (pro. tern.) : William Lissant Clayton.

I. The Company has been formed : (a) To purchase as from the second DAY of JULY, 1906, the busi ness as Proprietors and Publishers of the Gisiiokne TIMES and General Printers, carried on by Messrs Jones and Gaudin, together with the leasehold premises, plant, stock, and other business assets of the firm, and goodwill of the business, upon the terms set out in the contract mentioned below. All debts due to, and liabilities incurred by the Vendors, as on the said date remain payable to and by the Vendors. Part Section 58, Peel street, also remains the property of the Vendors. (b) To carry on such bus'ness, and to develop and extend the business in the modes authorised by the Memorandum of Association, which contain wide and useful powers in this respect. (c) To purchase up-to-date machinery and plant. (d) To control the policy of the paper so that it may give exact and fair reports to the exponents of all shades of opinion, and to give such especial attention to the interests of the farming community as may be deemed advisable. With these ends in view the Di rectors have the right to decline to permit any person of whom they do not approve to acquire shares by any means.

2. After providing for a reserve, profits are to be divided as follows : First, in payment of a dividend not ex ceeding £8 per centum on the paid up capital. Second, in payment of a bonus or discount of not more than £5 per centum on all business (over £j) contributed by shareholders holding 50 shares or more. Third, in payment of any further dividend that may be sanctioned.

3 The following contract has been entered into, namely : —Contract dated the 1 StU day of May, 1905, between Hamilton uiomas Jones and Wal ter James Payne Gaudin, both of Gisborne, in »' ew Zealand, Journalists, as Vendors, and William Lissant Clayton and John Thomas Part* RIDGE, for and on behalf cf the C ompany, as purchaser for the sale of the above mentioned business, property and goodwill to the Company. The purchase price payable to the Vendors under such contract is JEB3 00 ) of which £IOOO is pay' able in cash, and £2500 by the issue to the Vendors of 2500 fully paid up shares in the Company. Of the said sum the amount payable for goodwill is £i7S°The Vendors receive the purchase money in equal shares, and have been paid £IOO on account of the £IOOO above mentioned. The basis on wh'ch the Company is : established is that the Company shall carry out the above agreement (with or without modification) and every member joins on that basis.

4 A copy of the memorandum of Association of the Company, with the names, descriptions, and addresses of the subscribers is annexed hereto, and forms part of this prospectus. 5 Copies of the above-mentioned contract, and of the Company’s memorandum and Articles may be inspected at the offices of Messrs Blair and Sainsbury during usual business hours.

6. I he number of shares fixed by th e ' rticles as the qualification of Director i s 50. lhe Articles contain the following provision as to the remuneration of the Directors :

“ As remuneration for their services the Directors shall be paid out of the funds of the Company such sum as may be fixed by the Company in general meeting, and such remuneration shall be divided among them in such proportions and manner as they shall from time to time agree upon."

7, The minimum subscription on which the Directors may proceed to allotment is two thousand shares.

8. Except as already stated no shares are issued or agreed to be issued other wise than for cash, and no debentures are issued or agreed to be issued. 9. The amount payable by the Coni' pany for procuring subscriptions for the shares offered to the public is per cen turn on the amount thereof.

io. The estima'ei amount of pre» iminary expenses is JEijo.

11, Messrs Jones and Gaudin, Directors, are interested in the promotion of and in the property proposed to be acquired by the Compiny to the extent only of their interests as Vendors under the contract, particulars whereof ate given in paragraph two hereof, and in respect of the retention of their employment with the Company in terms' of the said agreement. Theother Directors hive no pecuniary interest in the promotion of the Company-

12. Of the lo,coo shares above mentioned 2500 shares repre.-enting £2500 of the Company's capital _ are to be issued and credited as paid up in full, in part consideration of the sale, particulars of which are given in paragraph two hereof, and the remaining 7500 are now to the public for subscription. No person is to subscribe for loss than five or for more than 1000 shares. 'I he amount payable on each sharo shall be lor per share on application, and the balance by calls as provided for by the Articles of Association.

13. Applications for shares should be made on the accompanying form, and sent to the Secretary, together with 'the amount payable on application. Prospectuses and forms of application for shares may be obtained at the Secretary's office. Lowe street, Gisborne. Ihe subscription list will close on the first day of S>-PTEMBLH, i 906. Where no allotment is made the deposit will be returned in full.

14- Th is prospectus has been filed with the Registrar of Joint Stock Companies.

Dated the 13th day of June, 1906. VOLUNTEER NOTIOE. MEMORIAL SERVICE. fIPHE East Coast Mounted Rifles find GisD borne Riflas will parade at the DrillE hed on THURSDAY, the 21st inst, at 2 p m., for the purpose of attending Memorial Hervioe in commemoration of the late Right Hon. R. J, Stddon, Premier and Minister of Defence. Uniform ; Service, with Side Arms only. J. F. OOLEBOURNE. Captain, E.C.M.Bs , A. Q. BEEBE, Captaiu, Q B.