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A letter has been put in that the Secretary has accepted your offer and directed how
it was to be used.
I was not present at that meeting as you will see from the minutes.
That money was used for the purpose of buy- ing their own shares?.
Not for the purpose of buying their own shares, because these shares were purchased by an idividual, lrs. Brewer, and they were held not for the Company, but to sell to
shareholders who had already applied. Your refund was to the Company, the only people who could deal with the refund had to be the Company.
It is being held for and on behalf of the Company. The Company can direct anything they like to be done with their own money. (Resalution read re the power to allot
shares) That placed the whole matter in your hands. You and you alone were given power to allot shares. Why were you will- ing to take the money in advance of calls,
that is to say the extra 90%ɔ?
I was not willing to take it, I was only willing to take it if they r eborrowed it.
(Reading Chow Quei Ming's application) He comes and asks for a loan. Why do you say these people are thrusting money on you? It is perfectly rightly wording it, but you are misinterpreting it. I say that these people came with the intention of paying the money in full, I said I will only accept the money if you will accept the loan, be- cause it is the most satisfactory way of settling it. (Mr. Brewer read the applica-
tion form).
If a man comes with the money and is ready to pay, the man says "I apply for a loan, etc." (Reading application form).
It is worded this way because it is the clearest way of saying we have a lien on the shares.
If what you say it true, he has not borrow- ed it to pay for the shares, he had paid for the shares and is borrowing for his own
advantage.
We were anxious to put the transaction in the clearest form. The essence of the transaction is, he makes a loan which will
be a lien on his shares.
is not the real reason that you had not the money to pay?.
All these men are men of standing, we had no men who could not afford to pay $9,000.00 I think your attempts to get money were not very successful?.
It is not business to say whether these de-
mands have or have not heen effective. You bought a building, why did you not pay for it?.
BY CCURT
Did the Instone bank buy the building?.
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