TOOKEY COMPANY.

Thames Advertiser, Volume VII, Issue 1849, 4 September 1874, Page 3

TOOKEY COMPANY.

An adjourned extraordinary meeting was held at the Eoyal Hotel, Ballarat, on Monday, the 17th August, Mr. W. H. Barnard in the chair, to consider the advisability of increasing the capital of the company, and to consider the aoiioa taken by the local board of directors in Net? Zealand in reference to the borrowing of a sutn 0f.£50,000 by the United Pumpiug A ssociation from the Government of JNew Zealand, and order thereon. It was proposed by iVIr. Morrah, and seconded :— " That the capital of the compauy be increased from £77,600 to £117,500 by the issue of 20,000 new shares of £2 each. That the capital raised by the creation of these new shares shall be considered as part of the original capital, and shall be subject to the same provisions with reference to the payment of calls and the forfeiture of shares on non-payment of calls, or otherwise, as if it had been part of the original eapital, and that the holders of suoh new shares, without regard to the amount called up on such shares, shall be placed on the same footing as the holders of the present 20,000 shares, and shall be entitled equally with them to share in all dividends and profits. All new shares shall be offered to the members in proportion to the existing shares held by them, and limiting a time withiu which the offer, if not accepted, will be deemed to be declined; and that after the expiration of such time the directors may dispose of the same in such manner as they think most beneficial to the company." An amendment was moved by Mr John Ditehburn, and seconded, "That the issue of shares be 40,000 at £1 each." On being put the motion was declared carried, seven voting for the motion, and five for the amendment. It was resolved that the articles of the association be altered to give effect to the above resolution. The question of giving a mortgage to the New Zealand Government for the advance of the £15,000, the company's proportion of the £50,000 proposed to be advanced to the United Pumping Association, elicited a long discussion as to whether the shareholders were to be made responsible beyond the value of the plant and claim. In answer to Mr Morrah, the chairman stated that the £6,000 already advanced was from the Provincial Government subject to the consent of the Geueral Government, but if not sanctioned by the General Government the Tookey Company would have to refund its proportion of the £6,000. After some further discussion it was resolved that the Tookey Company, in connection with the [Jnited Pumping Association, borrow a sum of £50,000 from the New Zealand Government, and that the Tookey Company give a mortgage over the plant and claim for £15,000, its proportion of the loan, but that the directors be instructed that no security be given which would havo the effect of creating any liability of the shareholders in the company; also, that the directors shall not proceed to allot any of the new issue of shares unless it be understood that no such liability will be incurred.— Ballavat Miner.