A.E.C. Group to
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rHANGES in the administration and structure of the A.E.C. group, which includes Crossley Motors, Ltd., and the Maudslay Motor Co., Ltd., will be considered at an extraordinary general meeting of the Associated Equipment Co., Ltd., on September 24. In a statement to stockholders, Mr. Robert F. Fryars, secretary and treasurer of the Associated Equipment Co., Ltd., says: "The present arrange
ment, under which this company both carries on a commercial vehicle manufacturing business and controls other similar manufacturing concerns, is not conducive to the best results for the group of companies as a whole, either on the administrative or on the manufacturing side.
"It is accordingly felt to be desirable that this company's manufacturing business should be transferred to, and carried on by, a separate subsidiary company. This company's functions . would then be limited to those of a holding company, to co-ordinating the activities of its subsidiaries, and to conducting or organizing research into markets, designs, methods of production and management."
It is therefore proposed, asfrom October 1, to assign the company's manufacturing business and assets to A.E.C., Ltd., one of its existing wholly owned subsidiaries. The name of the Associated Equipment Co., Ltd., is to be changed to Associated Commercial Vehicles, Ltd.
The extraordinary general meeting will also consider amendments to the company's memorandum of association and the adoption of a fresh set of articles of association. The directors recommend that the articles should be amended to allow the company and its subsidiaries to borrow at any one time an amount not exceeding in the aggregate twice that of the company's nominal share capital. At present the borrowings at any time outstanding may not exceed the nominal capital.