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Rainbow Ranche Collection

Letter from J.E. [John Edgar] McAllister to James Goldie, February 11, 1932 McAllister, John Edgar Feb 11, 1932

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 o o
6 8  KING   STREET  EAST
TORONTO, B
February 11th. 1932.
Jas. Goldie. Esq.*
Manager, Rainbow Ranohef Limited,
Okanagan Centret B. C*
Dear Mr.  Goldie:
Your letter of January 28th received with enclosures and I
have submitted your ideas to Mr* Robert Fennell, one of our good corporation lawyers
of the firm of Nasmith, Fennell and Porter, 357 Bay St*
We discussed the question at Some length and his suggestions
sum up as follows -
%
It will not be necessary to wind up Rainbow Ranche, Ltd* and surrender the
Charter but Rainbow could lease the property annually for a sum sufficient
to pay the carrying charges of the property such as taxes* etc., to a family
corporation of which yog hold 75%  of the stock and Doriner Z5%.    You then
endorse two thirds of your holding to me but no transfer is recorded*
A family corporation is only possible where 75% of the stock is held in one
family which is managing the business and there would then be only one tax
on profits which the recipients would pay. You would therefore pay the tax
and send me a cheque for two thirds of what you received deducting 2/3 of the
tax you paid*
There are many advantages in operating under a Family Corporation and in fact
we are practically doing so now, without receiving these* The lease would have
to be renewed from year to year and should anything happen to you it would be
up to Doriner and me to step in aril cancel the existing lease following this with
such arrangements as we could make to the best advantage of all interests.
The effect of this arrangement would be that the Family Corporation would be the
operating Co. but all property equipment, etc*, would remain vested in Rainbow
Ranche, Ltd. as at present and Rainbow Ranche being paid only sufficient rental
to cover carrying charges would make no profit*
I understand that Mr. Fennel will make no charge for the conference and suggestions herein set out but I have promised that should we adopt the plan
we will submit it with accompanying documents to him before they are executed and for this
there will be a charge.
I return herewith the Rainbow Articles of Association as you
request.
Yours very truly,
JBMcA*R
Encl.
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