Keith Jones and 7 locos

 
  Yawn Station Staff

Location: Brisbane, Queensland, Australia
all the threads on this seem to get the axe all of a sudden. is there any sensible discussion on here.

all I want to know is- has Keith Jones signed the contract to buy the locos from the vendor Richards?

if so what are the exact terms of the contract eg is there any acceleration clause etc

I have received the latest newsletter from the Dorrigo Museum and there does not appear to be any mention of the current state of what is happening.

All I got from a closed thread was that Keith Jones has actually started to move stock from the Hunter to Dorrigo, which seems to suggest that the deal has been done.

As a member of Dorrigo, I wonder if we get to see the actual contract. It would not take much for it to be replicated in the newsletter. As a substantial financial commitment for the corporation to make, with ramifications for the solvency of the company, you would think that something like this could at least be disclosed to members.

It is not disclosure to the general public- it is disclosure to members- and members have certain financial liabilities which will accrue if things go wrong!

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  blackbird_1803 Junior Train Controller

Location: Sydney
Can't remember which one but I thought one of the threads noted that one of the conditions was for the locos to be under cover within 2 years or something to that effect. Also to be generously lathered in vege oil asap.

mmmm vege oil
  tezza Chief Commissioner

I think you will find that although you pay a membership fee and consider yourself a  member of the Dorrigo Steam Railway and Museum:, you are in fact just a member of the Keith Jones Support Group.
You will have no rights regarding museum property or exhibit aquisition desisions. The museum newsletter is distributed to museum supporters as a means of fundraising and that is about it.
The museum is the private collection of Keith Jones, there is no membership of Dorrigo.The Incorporated Company is merely a smokescreen
If you believe you are a member and have a basic right to any policy or financial decision, then you have well and truly been sucked in.
Jones wanted to buy those locos, you pay for them.End of story
  nswtrains Chief Commissioner

I think you will find that although you pay a membership fee and consider yourself a  member of the Dorrigo Steam Railway and Museum:, you are in fact just a member of the Keith Jones Support Group.
You will have no rights regarding museum property or exhibit aquisition desisions. The museum newsletter is distributed to museum supporters as a means of fundraising and that is about it.
The museum is the private collection of Keith Jones, there is no membership of Dorrigo.The Incorporated Company is merely a smokescreen
If you believe you are a member and have a basic right to any policy or financial decision, then you have well and truly been sucked in.
Jones wanted to buy those locos, you pay for them.End of story
tezza
Noting Tezzas comment that membership is just a ploy to raise funds for Jones to purchase whatever I provide without comment the latest from ASIC on companies limited by guarantee which Dorrigo in the submission to the Heritage Council claims is the form of its trading arm:-

Companies limited by guarantee—simplified obligations

From 28 June 2010, companies limited by guarantee are subject to a number of law changes including:
  • prohibition on payment of dividends to members
  • preparation and audit or review of financial reports, and
  • annual financial reporting to members.
Importantly, the law now defines a small company limited by guarantee.

What is a small company limited by guarantee?
A company is a small company limited by guarantee in a particular financial year if:
  • it is a company limited by guarantee for the whole of the financial year
  • it is not a deductible gift recipient at any time during the financial year, and
  • its revenue (or consolidated revenue if that applies) for the financial year is less than $250,000.
Commonwealth companies or subsidiary, or a subsidiary of a Commonwealth authority, transferring financial institutions, building and credit societies and credit unions are excluded from some of these changes. For full details, see s45B in the changes to the Corporations Act 2001 (Corporations Act)

What are the changes to dividend payments?
A company limited by guarantee and registered on or after 28 June 2010 cannot pay dividends to its members.

How have the financial reporting obligations of companies limited by guarantee changed?
Companies limited by guarantee have a three-tier reporting framework, as shown in the following table. These changes apply to financial years ending on and after 30 June 2010.
Tier Type of company Obligations
1 Small company limited by guarantee. Unless directed by a member or ASIC, does not have to:
• prepare a financial report or have it audited
• prepare a directors’ report, or
• notify members of annual reports.
2 Company limited by guarantee with annual (or consolidated) revenue of less than $1 million. Must prepare a financial report.
Can elect to have its financial report reviewed, rather than audited.
Must prepare a directors’ report, although with less detail than that required of other companies.
Must give annual reports to any member who elects to receive them.
3 Company limited by guarantee with annual (or consolidated) revenue of
$1 million or more.
Must prepare a financial report.
Must have the financial report audited.
Must prepare a directors’ report, although with less detail than that required of other companies.
Must give annual reports to any member who elects to receive them.
  Grantham Minister for Railways

Location: I'm with stupid!
[img]http://img21.imageshack.us/img21/115/dorrigo.jpg[/img]

This image stolen from JohnMc Wink

M
  tezza Chief Commissioner

It doesnt really work with this thread
  dthead Site Admin

Location: Melbourne, Australia
It doesnt really work with this thread
tezza

Sorry Tezza it does work !

Thread locked, any new ones will be removed entirely, without notice.

update:
  Have unlocked the other thread but really do not wish to see the sort of posting now  locked here.

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