GAS PROPRIETARY AND COUNCIL.

Manawatu Herald, Volume XXXI, Issue 604, 2 December 1909, Page 3

GAS PROPRIETARY AND COUNCIL.

AGREEMENT FOR SAEE DRAFTED BY PROPRIETARY. The following is a copy of the agreement drafted by the Gas Proprietary for the sale of the works to the Foxton borough and submitted at Monday's meeting of the Council: — “An agreement made this nth day of November, 1909, between the Foxton Gasworks Proprietary (hereinafter called “the Proprietary,”) of the one part, and the Mayor, Councillors and Burgesses of the Borough of Foxton (hereinafter called “the Corporation,”) of the other part, whereby it is agreed as follows ;■ —(1) The Proprietary hereby offers to sell to the Corporation all that piece of land situated it the' township of Foxton Containing two (2) roods, one decimal eight (i*B) perches, being , part of Block V., Awahou Block, and being all the land comprised incertificate .of title volume 175, fdKo 291, together with the Foxtpn .Gasworks thereon erected, and dll machinery,, mains, services, meters, pipes and plant of every description, tools, effects and things owned by the Proprietary and belonging to or used in conv nection with the said Gasworks, exclusive of book debts, and together with the full benefit of all contracts entered into by the Proprietary, for the sum of nine thousand five hundred pounds (-£9500), (2) In consideration of the sum of one shilling (is) paid by the Corporation to the Proprietary (the receipt whereof is hereby acknowledged) the Proprietary undertakes not to withdraw the-above offer tor the space of one (1) calendar month from the date hereof, and further that if within that period the Corporation shall publish a notice in terms of section 8 of “The Local Bodies Loans Act, 1908,” setting forth a proposal to borrow money for the purchase of the Gasworks, and if the Corporation duly calls a meeting of "ratepayer's to consider the proposal, the Proprietary shall keep this offer open until the public meeting of ratepayers is held, and if within one (1) week alter the holding of the meeting the Corporation shall give notice to the Proprietary that it intends to take a poll, then the Proprietary will keep this offer open until the poll has been taken in manner provided by section n of “The Local Bodies Loans Act, 1908,” and it at such poll a proposal to raise a loan for the purpose of purchasing the .said Gasworks shall be carried, then the Proprietary will keep this offer open for one (1) calendar month after such poll has been taken. (3) In the event of this offer being accepted the purchase shall be completed on the 30th day of March next, or on such.earlier date as the Corporation shall elect, when the Proprietary shall transfer the said land and works to the Corporation, and until [possession shall be given the Proprietary will keep all the property in good repair, order and condition, and in proper working order, and will continue to supply gas to the inhabitants and to the Corporation of the Borough, and will duly carry out the terms of all contracts made with the Corporation. (4) So long as this offer shall remain open the Proprietary hereby authorises the Corporation by its officers at all times to enter upon the said works for the purpose of inspecting the same, and the working thereof, and of taking inventories of the plant, tools,, effects and things belonging to the said works. . (5) The above mentioned price has been loaded to the extent of ’ three hundred pounds (,£300) above the actual cost of the works to tie Proprietary, as on the 30th day of September last, such sum of three hundred pounds (j£joo> having been added for the purpose of providing for additional plant and work which the Proprietary may in the carrying on of its business deem necessary to provide : The Proprietary undertakes in the event of this offer being accepted: to give an account and produce vouchers for so much of such sum of three hundred pounds (£306) as the Proprietary may expend in plant aud labour between the 30th day of September last and the date on which possession shall be giVen to the Corporation, and in the event of less than three hundred; pounds having been expanded the purchase price ‘ shall be reduced by an amount equal to the difference between the amount so expended and the sum of three hundred pounds C£3°°)(6) Oh the date on which the Corporation shall complete the purchase the Proprietary will assign or surrender to, the Corporation as it may require the contract dated Bth April, 1907, made by the Corporation with Thomas W. Butcher ' granting lighting concessions, in the Borough of Foxton, and the Corporation will < thereupon release the Proprietary from said contract,and also from the contract made by the Proprietary with the Corporation dated 15th March, 1909, for the efficient lighting of the public lamps of Borough. (7) The purchase price shall be paid as follows: £5 per cent, in cash on acceptance, £2O per cent, upon possession being given to the Corporation, and the balance within six (6) montns from the date on which possession is given, such balance to bear interest at the rate of five per centum (5 per cent.) computed from the date on which possession shall be given to the Corporation.” The Council decided not to purchase.