Patea Oil and Fibre.

Patea Mail, 7 August 1882, Page 3

Patea Oil and Fibre.

A meeting of the provisional directors of the Patea Oil and Fibre Manufacturing Company Limited was held on Saturday afternoon, at the secretary’s office, to arrange for registering the company, the same having been duly “ floated.” Present, Messrs C. F. Barker (in the chair), Shield, J, Burke, Shaw, Sherwood, Ball, J. Balmforth, R. A. Adams, J. Gibson, Palmer, A. Drake, J. Riseley, W. Cowern (secretary), and E. Barton (solicitor to Company). The memorandum of association as drawn up by the solicitor was read and agreed to. RULES OF THE COMPANY. The articles of association, , slightly altered from those set forth in the companies limited liability act were read by the Secretary, They had been previously revised by Mr Govern and Mr Barton in order to adapt them to the circumstances of this company, and the amendments were adopted by the meeting, with one or two further alterations. Payment for shares was fixed at 10s per share, on application, also 10s on allotment, and 10s to be called up at intervals of not less than three months. The payment of £5 per share is thus spread over two years from the date of allotment of original shares. ABUSES OF VOTING POWER. Voting power was fixed thus; 1 vote for every 5 shares up to 20 shares ; then 1 vote for every 10 shares, until (he holder has 12 votes, which is the highest voting power that one holder can exercise. In deciding that holders of less than 5 shares shall not have a vote at general meetings, the object aimed at was .to prevent the creation of faggot votes by a few. holders dividing their shares among several small nominees for the purpose of carrying some motion, or for swamping the proper influence of larger holders. Another evil to he guarded (against was that a 'number of workmen should not have it in their power, by holding one or two shares each, to override the voting power of those who have subscribed the original capital and taken all the risk. This was pointed out by Mr R. A. Adams as an abuse which could be provided ’against by not allowing a vote for less than 5 shares, and the meeting adopted that limit. DIRECTORS. Agreed to fix the number of directors at 7, and that 4 be a quorum. Desire was expressed to have town and country represented on the board in due proportion, and also that directors should be elected who would be likely to attend the meetings with regularity, and give proper attention to the company’s business. Eleven directors were proposed, namely, Messrs Sheild, Cowern, Barker, Palmer, Riseley, Sher.wood, R. Horner, O. Symes, Milroy, R. A. Adams, and Honeyfield. A ballot resulted in the following 7 being elected :—Messrs Slieild, Sherwood, W. Cowern, C. F. Barker, Honeyfield, J. Riseley, and R. Horner. The new directors will hold office until after the registration of the company in due form? and a general meeting of shareholders will afterwards be held to appoint permanent directors, or confirm the present appointments. The directors signed the articles of association, several other shareholders also signing ; and the solicitor’s duty will be to forward the application and the articles for registration as a joint-stock limited liability company. THE. CAPITAL. First payments have been received on 360 shares, and there are 70 more shares applied for on which deposits will be paid in due course. These represent a capital of £2,150 towards the £3,000 required, and the balance of shares are open for application.