Page 3 Advertisements Column 4

Gisborne Times, Volume XXII, Issue 1795, 28 June 1906, Page 3

PIIOSPEOTUS Of THE GISBORNE TIMES COMPANY, LIMITED (Incorporated under “ The Companies Act, 1903 ”) CAPITAL : £IO,OOO, divided into 10,000 Shares of £1 each. DIRECTORS : John Thomas Partridge of Gisborne, Settler; William I issant Clayton, of Gisborne, Agent ; George Grant, of Gisborne, Civil Engineer; William Tombleson. of [ Patutahi, Sheepiarmer; Reginald Gerard Hallamore, of Gisborne, Shipping Agent ; Hamilton Thomas Jones, of Gisborne, Journalist ; and Walter James Payne Gaudin, of Gisborne, Journalist. BANKERS : The Union Bank of Australia, Limited. SOIICI TORS : Messrs Blair and Sainsbury, Gisborne. AUDITORS : Messrs Thomas Alexander Coleman and Herbert Mus grave Porter, both of Gisborne. SECRETARY (pro. tem.) : William Lissant Clayton. x. The Company has been formed : (a) To purchase as from the second DAY of JULY, 1906, the business as Proprietors and Publishers of the GisuORNE 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 1 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 business, 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 (J interests of the farming community as may be deemed advisable. With these ends in view the Di- j rectors have the right to decline to permit any person of whom they n do not approve to acquire shares v, by any means. 2. After providing for a reserve, profits are to be divided as follows

First, in payment of a dividend not exceeding £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 £5) contributed by shareholders holding 5° 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 iSth day of May, 1906, between Hamilton 'l homas Jones and Walter James Payne Gaudin, both of Gisborne, in New Zealand, Journalists, as Vendors, and WILLIAM LISSANi Clayton and John Thomas Paktridge, for and on behalf cf the Company, 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 £BSOO, of which £IOOO is payable 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 £1750. The Vendors receive the purchase money in equal shares, and have been paid £IOO on aocount of the £IOOO above mentioned. The basis on which 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. The number of shares fixed by th Articles as the qualification of Director is 50. The 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 slated no shares are issued or agreed to be issued otherwise 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. 10. The estimatea amount of pre* iminary expenses is £OSO. 11. Messrs Jones and Gaudin, Directors, are interested in the promotion of and in the property proposed to be acquired by the Company to the extent only of their interests as Vendors under the contract, particulars whereof are given in paragraph two hereof, and in respect ol the retention of their employment with the Company in terms of the said agree ment. The other Directors have no pe cuniary interest in the promotion of the Company. 12. Of the 10,000 shares above men tioned 2500 shares representing £2500 o the Company’s capital are to be issuei and credited as paid up in full, in. par consideration of the sale, particulars 0 which are given in paragraph two hereo; and the remaining 7500 are now offeree to the public for subscription. No pet Bon is to subscribe for less than five c for more than 1000 shares. Theamour payable on each share shall be 103 pe share on application, and the balance b calls as provided for by the Articles (

Association. 13, Applications for shares should t made on the accompanying form, an [ sent to the Secretary, together with tl amount payable on application. Pro ’. pectuses and forms of application ft shares may be obtained at the Secretary office. Lowe street, Gisborne. The su " scription list will close on the first day '« SEPTEMBER, i 906. Where no, allc 8 ment is made the deposit will be return! ! in full, 14. This prospectus has been fil a with the Registrar of Joint Stock Coi [. panies. y Dated the 13th day of June, 1906,