Wellingborough News, 8th April 1892, transcribed by Kay Collins
THE ROCK SOCIETY
The High Court of Justice on Saturday had the affairs of the Rock Freehold Land Society to deal with again. In re the Bond Building Society (one of the numerous companies brought out by the Rock Freehold Land Society), Mr. Justice North made an order for its compulsory winding up. The same Judge heard a petition in re the Rock Freehold Land Society. This was a petition to obtain the sanction of the Court to a modification of a reconstruction scheme.
The original scheme provided for the transfer of the assets of the Rock Freehold Land Society to a new company called the Artizans Land and Mortgage Corporation in consideration of the latter company issuing to creditors of the Rock Society their own fully paid up shares at the rate of 12s. 6d. paid up for every pound proved in the liquidation of the Rock Society. It was found that the assets to be taken over were not sufficient to warrant so large an issue in the nature of dividend, and the scheme had been modified by reducing the rate of paid up capital to be issued from 12s. 6d. in the pound to 10s. in the pound. His Lordship approved the modification and sanctioned it.