Whereas an agreement was entered into on or about 20 December 1931 between the New Zealand Wheatgrowers' Co-operative Association, Limited, therein referred to as the Pool, the Wheat Marketing Agency Company, Limited, therein referred to as the Board, and the Flourmillers of New Zealand, referred to therein as the millers, the purpose of such agreement being to establish a wheat marketing scheme for the wheat crop of the season 1931–1932:
And whereas an equalisation fund was established by such agreement of which the Board became the trustee to hold the same for the purposes set out in clause 10 of the said agreement:
And whereas the Board now holds a sum of 9,000 pounds for the purposes set out in subclauses (7) and (8) of such clause 10:
And whereas it is proposed to form and incorporate a new company with limited liability under the Companies Act 1933, to be known as United Wheatgrowers (N.Z.), Limited, for the purposes, inter alia, of fostering and strengthening the wheatgrowing industry of New Zealand and the general interests of wheatgrowers, such purposes being a project in the general interests of wheatgrowers as provided in the before-recited clause 10, subclause (8):
And whereas authority is sought to authorise and ratify a proposed transfer out of the above funds of the sum of 8,000 pounds by the Wheat Marketing Agency Company, Limited, to United Wheatgrowers (N.Z.), Limited, when incorporated, to be held by the latter company under its memorandum of association and for the purposes therein stated.