 Two months later, on 29 August 1838, 14 supporters of the association and the 1825 New Zealand Company convened to form a joint-stock company, the New Zealand Colonisation Association.Chaired by Lord Petre, the company was to have paid-up capital of £25,000 in 50 shares of £50, and declared its purpose was "the purchase and sale of lands, the promotion of emigration, and the establishment of public works".A reserved share of £500 was offered to Wakefield, who by then was in Canada, working on the staff of that colony's new Governor General, Lord Durham.