Page 9 Advertisements Column 1

Hawera Star, Volume XLVIII, 13 September 1924, Page 9

OF THE LIMITED. (Intended to be Incorporated under “The Companies Act, 19Q8.”) Registered Office: Canville, Patea. ny AUTHORISED CAPITAL £40,000 divided into 40,000 shares of £1 each. The above shares are now the public for public subscription on the following terms: — 2/- per share on application; 2/- per share on allotment; and the balance in calls of not more than 2/per share, which are only to be made payable with an interval of at least two calendar months between the date of allotment and the. first call, and thereafter with intervals of at least two calendar months between each call. PROVISIONAL DIRECTORS: ADOLPH THEODOR CHRISTENSEN, of Patea, gentleman JOHN RICHARD TAYLOR, of Manutahi, farmer . HENRY STEPHEN BARROW, of Waver ley, farmer PETER SCOTT FINLAYSON, of Patea, hotelkeeper' ; WILLIAM GEORGE BELTON, of Waitotara, farmer GREGOR McGREGOR, of Waitotara, farmer JOHN EDWARD PALMER, of Waverley, compan} 7 secretary All of whom will hold office until the Statutory Meeting of the Company, when Directors will be elected pursuant to the Articles of Association. BANKERS: SOLICITORS: THE BANK OF NEW ZEALAND. MESSIEURS HAMEL & RUTHERFORD, Patea. t INTERIM SECRETARY: Mr. G. P. PETTIGREW, P.O. Box 31, Patea. MINIMUM SUBSCRIPTION. The minimum subscription of which the Directors may proceed to allotment is twenty thousand shares, representing a nominal value of twenty thousand pounds (£20,000). The minimum number of shares that will be allotted to any one shareholder is five shares. OBJECTS. The Company is being formed for the purpose of assisting in the successful carrying on of the business of a Farmers’ Freezing Works at Patea. • ■ The capital of the Company will comprise a fund for the purchase of stock and the disposal of the products thereof in England or elsewhere. > The Company will be an entirely separate entity from The Patea Farmers’ Co-operative Freezing Limited, and will in no way be liable for the debts of the last-mentioned Company. Neither will any part of its Capital be expended in the acquiring of any property or plant, the scheme being one whereby stock is purchased at the cost of the Company, slaughtered and treated at the cost of the Company, and ultimately disposed of for the Company’s benefit. n The Company will be empowered to acquire the assets of The Patea Farmers ’ Co-operative Freezing Company Limited, and to carry on the usual business of a Freezing Company, and the first right of refusal will be obtained in the Company’s favour accordingly. This will impose no obligation on the Company to so extend its business, and such a step will be taken only if advantageous to the Company iind only with the approval of a majority of the shareholders. GENERAL. ,'As is generally known, the Patea Farmers’ Co-operative Freezing Company Limited has been labouring under great difficulties for some time past, and an attempt has recently been made to float, a Company to purchase from the Freezing Company the Works and other assets. While considerable support was forthcoming, the share applications fell short of the amount re- - The amount on which the Directors were authorised to go to allotment was £40,00°, while the amount subscribed, together with the amount to be taken by the guarantors of the old. Company, was approximately £30,000. +i held on the 4th August the position was fully considered. At was then suggested at.a Company should be formed to operate as a buying Company, thereby supplying a fund to be used m the purchase of stock. - ' ■ . It is believed that if the amount now asked for is subscribed the proposed Company will be the means of enabling a Farmers’ Freezing Company to continue operations in the South Taranaki Distuct, thus rendering an invaluable service to farmers and business people generally. The operations of the old Company for the past season indicate that the want of working capital is a serious drawback to the successful carrying on of the business, and the flotation of the proposed Company should remedy this defect. ' u s , ame me fact that the proposed Company would have nothing to do with the land buildings, plant or other assets incidental to the Works-nor with the debts in connection therewith will place the proposed Company in a position where it cannot become entangled in any complication with the Mortgagees. - Should pressure be placed on the old Company at any time the proposed Companv will have two alternatives, namely: . * (a) To wind up and distribute its assets. This should be neither a difficult nor an expensive pro■n . cess as the assets will comprise meat and by-products. These can easily be realised upon. ( ) lo buy out the old Company if favourable terms can be secured, sufficient support is forthcoming, and the prospects so warrant. • advantages accruing to farmers by their having their own works in the District are sufficiently obvious to render it unnecessary to set out the same at length. , .® ac , h farmer does his share towards the support of a Farmers’ Works in this District there is no doubt that sufficient support would be forthcoming to place the business on a sound footing. Such a i esult should obtain without inflicting hardship upon anyone and without calling upon a few to do the duty ot many. ~ x he P, irectors bave authority to accept calls in advance and to pay dividends on the amount actuaily paid up on shares. Calls have been spread over a period to assist applicants, but if any applicant is able to pay the whole or a substantial part of the amount payable on his shares in cash the Dnectors will appreciate his so doing, while at the same time he will be materially assisting the Comw:ih*J? hag »ny interest in the promotion of the Company apart from the shares he has subscubecl tor, tor which he will pay in cash. P fi elll n mary expans ® s _ ° f incidental to the promotion and establishment of the Company and until the Company shall be entitled, to commence business (exclusive of brokerage or commission on sale of shares are estimated to amount to £3OO, and will be paid by the Company The Company rate of \° Pay pers ? n (including Directors) procuring the subscription of shares atf the i ate ot 2v pei centum on the nommal amount of such shares. The Articles of Association provide that: (a) Article 97: It shall not be necessary for the first Directors appointed under the last Clause to hold any shares in the' Company as a Director’s qualification, but no member shall be eligible tor election as a Director at the Statutory General Meeting or thereafter unless he holds five snares m the Capital of the Company. (b) Article 98: The office of Director shall not be vacated by reason of his occupving or holding. Compaiiy ° r Unpaid under tbe Com T any or by his being in receipt of a salary from the (c) Article 100: The future remuneration of the Directors shall be determined by the Company in General Meeting, but shall not be less than ten shillings per day for each Director for attend ance at each meeting since the incorporation of the Company. (d) Article 122: If any of the Directors being willing shall be called upon to perform extra service or to make any special exertions in going or residing abroad or away from his usual place of abode, for any of the purposes of the Company or otherwise howsoever, the Company shall ren!> ll nn atG t Directol ; or Directors so doing either by a fixed sum or by a of profits oi otherwise as may be determined by the Directors, and such remuneration may be either in addition to or m substitution for his ortheir share in the remuneration above provided for he nil V lO matenal . contracts affecting the Company. No sum has been paid or is intended to mXn d .%^;Sr 8,0 “ (if " POn the Sale ° f t 0 £ PApplication for shares may be made upon the form accompanying this Prospectus and sent together with the amount payable on application to the Company’s Interim Secretary or to any of the ito ? ° r °? ier ,T aut horised by the Directors to receive applications. If no allotn tl }.? depoSp wIU be returned in full, and if the number of shares allotted on any applicant,* nTlnff iai ? tbe numbei f a p plled for the balance of the application money will be applied in reduction ot the allottee’s future liability on the shares allotted. ° shareholders are particularly requested to carefully fill in the particulars in the applicasharpholder eßardmg f atlonallty ’ as the aut liorities must be satisfied as to the nationality of P every Copies of the Prospectus and form's of application for shares may be obtained from the Office of the Interim Secretary, and from the Solicitors. Ihe P.iospectus has been filed with the Registrar of Companies.