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The Pamphlet Collection of Sir Robert Stout: Volume 68

"The Companies Act, 1882." — Company Limited by Shares — Memorandum of Association of — The Co-operative Land Settlement Company — (Limited)

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"The Companies Act, 1882."

Company Limited by Shares

Memorandum of Association of

The Co-operative Land Settlement Company


1.The name of the Company is "The Co-Operative Land Settlement Company Limited."
2.The Registered Office of the Company will be situate in Dunedin in the Colony of New Zealand.
3.The objects for which the Company is established are:—
(a)To acquire land and hereditaments of any tenure in New Zealand and to work manage and develop the same in such manner as the Company may think fit and in particular by clearing planting farming stocking grazing breeding sheep and cattle erecting houses factories stores and other buildings by mining and draining by constructing roads railways tramways, water ways and other conveniences and aiding in the establishment of settlements by manufacturing converting and rendering marketable Colonial products and by carrying on any trades businesses or undertakings the carrying on of which may be deemed by the Company conducive to the development of its property.
(b)To buy sell and deal in all kinds of property in New Zealand and elsewhere necessary or convenient for the business of the Company and in particular lands tenements and hereditaments live stock wool consumable goods machinery timber goods and chattels.
(c)To lend money upon such terms and to such persons as the Company may think fit and in particular to persons undertaking to build on or to stock or improve any property in which the Company is interested and to act as Agents in the management sale and purchase of property of all kinds.
(d)To aid in the establishment and support of associations for the benefit of persons employed by or having dealings with the Company.page 2
(e)To enter into partnership or into any arrangements for sharing profits with any person or association or body corporate To acquire and hold shares or stock in any body corporate or association having objects altogether or in part similar to those of this Company or carrying on any business capable of being conducted so as directly or indirectly to benefit this Company.
(f)To borrow or raise money by the issue of or upon bonds debentures mortgages bills of exchange promissory notes or other obligations or securities of the Company or by mortgage or charge of all or any part of the property of the Company (both present and future) and of its uncalled capital for the time being or in such other manner as the Company shall think fit.
(g)To make accept indorse and execute bills of exchange promissory notes or other negotiable instruments.
(h)To invest the moneys of the Company not immediately required upon such securities as may from time to time be determined.
(i)To sell work manage lease develop improve mortgage export or otherwise deal with the property of the Company subject to the following limitations namely:—
1.That the Company shall retain and work manage lease develop and improve so much and such part or parts of the lands acquired by the Company shall in the opinion of the Directors represent nearly as may be one-third of the total value of such lands.
2.That the balance of the said lands shall be laid out in farms and townships but so that no farm shall contain less than fifty acres or more than two hundred acres.
3.That no land shall be sold in any Township formed by the Company.
(j)To secure the payment on all shares in the Company in respect of which ten shillings per share has been paid up of a dividend of Seven pounds per centum during each year in which the profits are adequate for such purpose or of such lessor dividend as the profits for that year will admit of and subject thereto to provide for the setting aside out of the profits of the Company such sum as the Directors the Company may think proper but not exceeding in any one year five pounds per centum of such profits as a reserve fund for meeting contingencies or for repairing improving and maintaining any of the property of the Company and to divide the balance (if any) of the profits of the company as a bonus among the settlers and such of the shareholders as shall happen to be in the service of the page 3 Company in proportion to the shares respectively held by them and in proportion also to the respective periods of service but so that no bonus shall be declared on any number of shares less than fifty nor more than two hundred Settler for the purpose of this clause meaning any person in actual personal occupation of any land belonging to or sold by the Company who at the same time holds shares in the Company.
(k)To do all such things as are incidental or conducive to the attainment of the above objects or any of them.
4.The liability of the members is limited.
5.The capital of the Company is £20,000, divided into 20,000 shres of one pound each.
We, the several persons whose names and addresses are subscribed, are desirous of being formed into a Company in pursuance of this Memorandum of Association and we respectively agree to take the number of shares in the capital of the Company set opposite our respective names:—
Names, Addesses, and Descriptions of Subscribers. No of Shares taken by each Subscriber.
Robert Stout, Barrister, Dunedin 100
William John Birch, Dairyman, Dunedin 200
John Smalley Pole, Carpenter, Dunedin 50
William Mouat Bolt, Storeman, Dunedin 100
William Thompson, Gentleman, Dunedin 500
James Wright, Farmer, Mosgiel 100
John Wm. Milnes, Accountant, Dunedin 50

Dated the twenty-third day of August, 1889.

Witness to the above Signatures—

E. S. Mantz,

Journalist, "Sans Souci," Selwyn Road,

N. E. Valley.