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Allotment:-
Article 6 of the Article of
Association is as follows:
6. If the Company shall offer any of its shares to the public for subscription:
(a) The Directors shall not make any allotment thereof unless and until a minimum of one thousand nominal value of the shares so offered shall have been subscribed, and the sum payable on application shall have
been paid to and received by the Company; but this provision is no longer to apply after the first allotment
of shares offered to the public for subscription has been made.
(b) The amount payable on application on each share so offered shall not be legs than 5% of the nominal amount of the share.
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Contract må Vendors:- It is proposed to allot the preference shares to such extent as is deemed expedient in consideration of mortgage on improved real or leasehold
estates that the Company may de en it desirable to acquire. No agreements has as yet been entered into in this connection. The Company has entered into an agreement with Noel Instone Brewer of Bank of Canton Building, specified in Clause 3,h of the Memorandum and dated 1st March, 1927, the consideration for which includes a sum expressed to be "$1.95 in respect of each and every G$1000 maturity value of the entire amount of the securities the sale of which is expressed to be guaranteed by the auxiliary contracts of the 9th February and 16th February and 0.50 in respect of each and every 1000 maturity value of the entire amount of the securities the sale of which is expressed to be guaranteed by the auxiliary contract of the 30th November," which sum is approximately sixty-six thousand dollars. It is further intended to purchase suitable premises and to enter into a contract for such either before or after allotment as the Directors may deem desirable. No such agreement has yet been entered into. All relevent contracts whatsoever that may now or subsequently be executed by or on behalf of the Company are (or will be immediately upon execution) available for inspection at the office of the American Bond Corporation, Bank of Canton Building, for the time being, and thereafter at the registered office of the Company, within the customary office hours.
Preliminary Expenses:- It is intended that the sum of $3500 together with the right to subscribe for and be allotted twelve founders shares be granted to the promoters in consideration of their bearing all expenses, and causing all necessary things to be done, up to the
commencement of business by the Company. Preliminary expenses are therefore estimated at $3500.
Commission: No amount has been paid heretofore as commission for subscribing or agreeing to subscribe of procuring or agreeing to procure subscriptions for any shares in or debentures of the Company; and no agreement has been made whereby any such commission is payable; but without detriment to the general powers vested in the Directors by the Articles of Association, it is agreed that the Directors may agree to pay commissions in respect
to this issue to an amount not exceeding twelve and a half per cent of the receipts thereunder.
3.