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Rainbow Ranche Collection

Letter from J. Corbett at The Canadian Bank of Commerce to "Sir" at Rainbow Ranche, September 14, 1912 Canadian Bank of Commerce Sep 14, 1912

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Full Text

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Vernon, 14 September 1912,
The Manager,
Rainbow Ranche, Ltd.,
Okanagan Centre*
Dear Sir:-
I beg to acknowledge receipt of your letter of the 12th* instant.
Upon reference to your Articles of Association, I find that your powers as
Manager are limited to what you may be authorised to do by the Directors of
the Company*  I see no reference in the Articles as to what constitutes a
quorum of the Directors and I would suggest that you endeavour to have this
matter cleared up as soon as possible, for before any advances are made l>y
us to your company, we must be in receipt of a proper resolution of the
Board authorising you to borrow to the extent of tend thousand dollars**  I
would point out that any delay caused thereby is not our fault as we have
nothing to do with the powers conferred upon you by your o,odtpa^y*
It will have to be understood that personal statements will be forth4-.r
coming as soon as possible. We have no statement from Mr. McAllister*  We
should be glad to know the result of your correspondence with Mr* McAllister
as we understood that you would call upon us on your return from Calgary*
in such regard.
Yours truly,
We would not care to increase the credit to fifteen thousand dollars as we
\feel that ten thousand is a very liberal credit.


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