PRESENT ASSOCIATION GOES INTO VOLUNTARY LIQUIDATION

Rotorua Morning Post, Volume 2, Issue 233, 25 May 1932, Page 7

PRESENT ASSOCIATION GOES INTO VOLUNTARY LIQUIDATION

REORGANISATION SCHEME In a circular to suppliers the New Zealand- Co-operative Pig Marketing Association states that 18,875 pigs are to hand and nqarly all have been shipped or sold and are expected to realise prices which will enable the association to pay a final payment equql to 100 per cent. on all pigs received for the season. Pigs killed on or after June 2 next will be taken into next financial year, and will rank for final payments accordingly. •Dealing with the association's reconstruction proposals, the circular states :— I "Our present company will go into i voluntary liquidation and* will transfer the whole of its undertakings, assets and liabilities to a new company . with objeets similar to those of our present company, but with a con- , stitution differing in several respects. The resolutions of reconstruction necessary involve the voluntary winding up of the compqny, but this is all part of the machinery necesj ary for carrying out the suggested propbsuls, There will be in fact, no actual disturbance of the business I of the company as the new company j when incorporated will step into the shoes of our present 0 company and will at once commence to function." Among the main details it is stated that the registerfed capital will he £25,000 as at present, but in £1 shares.

Axter detaihng the share basjs, the J circular mentions that advance and final payments on pigs will he the same to all suppliers whether shareholders or not. The directors have discretionary power to pay a bonus to suppliers and shareholders. This bonus will be paid in respect of pigs supplied on the basis of 5001b. of pork to a share, Shares will he paid up from appropriations of moneys from the sale of pigs, The directors will have power to appropriate not more than ld per lb. of the pork supplied during ,a season but it is considered that less than this amount will meet the company's requirements under existing conditions. The appropriation will be credited to a reserve fund and the. shares will be paid up by withdrawal from it for that purpose.