WEST COAST LIME COY

Hokitika Guardian, 7 April 1930, Page 6

WEST COAST LIME COY

MEETING OF SHAREHOLDERS

POSSIBILITY OF LIQUIDATION

An dstiraordinary mdeting of the West Coast Co-operative Lime Producing Company was held on Saturday, fourteen shareholders being present to discuss the following business

To make provision to relieve those directors of the company, who have been acting as. such during the' past financial year of the company, of theii responsibilities as guarantors of the company; or, failing the making of such provisions to relieve such directors, to take steps to wind up the company.

The meeting was presided over by Mr W. J. Butler. The company’s new secretary, Mr A. Thompson, was also present. Three of the present directors, Messrs W. Butler, J. McLean, and .1. .Fitzgerald, handed in their resignations. The shareholders present were divided in opinion as to whether the company should go into liquidation or the prospects warranted the continuation of the concern.

Mr J. McLean stated that the directors had been acting as guarantors 'for the past 12 years. The bank overdraft istood at £2OO, and any one of the directors could be called upon to pay this amount. As a moral obligation he would pay his share, but In* felt that the finances did not warrant the carrying on of the concern. At the present time they wore paying out