september 1988 - Australian Clay Target Association

FROM THE
PRESIDENT'S C R
By now you will have read, in the August C.T.S.N. about
the A.C.T.A. Property Debentures the Executive
Committee are inviting you to participate in.
It is our belief that shwters should be given the
opportunity to participate in the future growth of your
Association and as your National President. I urge you all
to give the Debenture Program your deepest
-.-.--.--
You will agree it is imperative that the Association
purchase their own premise. as soon as possible. This will
be done as soon as we have funds in hand, co enable us to do
just that. We could borrow from the Bank to make up any
short fall in funds, but wirh the inc~ase in interest rates it
was decided to ask you, the shwters, for your support. If
we had asked the Bank for a loan, we would have placed
another burden on shwters' funds and as we did not wish
to do this, the reason for the Debenture Program is selfexplanatoly.
We all bow there is no future in renting office space,
paying rent each week will only deplete our funds, and in
the end, we will not have any funds left.
I believe it is imperative we purchase an office suitable
for our needs, not lavish, but practical. We can then start
to build up an asset which we can all be proud to pass on to
the future clay target shwters of Australia.
The debentures are open to all State Associations, Zones,
Clubs, individual shooters, or groups of shwters. Already
one State Association has promised $3,000 and now we are
asking for your support.
Just to summarize: the debentures close on the 30th
November, 1988, minimum 91.000 for a maximum period
of 10 years. 7.5% interest payable annually on 1st
December each year. We are asking you to invest $150,000
in the future of your Association.
Jim K. Scott, NationslPresident.
AUSTRALIAN CLAY TARGET NEWS - SEPTEMBER 1988
AN INVITATION TO MEMBERS ONLY
A legal document is being preparcd to allow for the implemenlation
of a Propcny Debenture Program to allow the As,ociation to purchase
a buildin* to establish a oermanent home for the administration of the
sport andta cater for th'e needs of its members.
The following clauses along with any other legal requirements will be
included in the Debenture Document:
A. Debentures lo be of a minimum of SI.000 or multiples thcreoi.
6. In the even1 of a debenture holder's death occurring, the debenture
to be immediatelv available to the deceased e,tate.
C. In the event of aiyndicated debenture holder's death occurring, the
payment of any syndicated share will be the responsibility of the
remaining syndicate members.
D. Debentures to be for a maximum period of ten (10) Years.
E. Debentures to be repaid within a tin (10) year priiod