AUCKLAND GAS COMPANY.

Auckland Star, Volume LII, Issue 281, 25 November 1921, Page 2

AUCKLAND GAS COMPANY.

At a largely attended meeting of shareholders of Urn Auckland Gas Cotnpaity to-day, Mr. .1. H- Upton presiding, a series of' resolutions was passed dea.l--inr, witti the <s*piUiisatton of uiidlvided profits and the conversion of pfettuUtot capital into fuHy paid up scares. Ihe chairman explained the effect of th« resolutions, the first of wMfoh_ wae the distribution of premium iwpiteil paid by holders of liotitfrbutlng aharcs (paid up to 16/ per share) so as to convert it into fully paid up shares in such proportion that eaah holder would get three Fully paid up Shares for every five contributing shaTes lie now 'held. . The second resolution dealt with the distribution of fiOa.'SO from undivided profits in bhe form of fully {aid up sharce to all sliarehoHcfs, in proportion to the amount paid on their shares. The effect of that was that holders of fully paid up shares got an extra. One share for every seven now held, and; holders of contributim* shares 'benefited to tlie extend of Oiie share in nine. The final resolution dealt wdt'h tho distriinititm again o£ premium capital to life called l>j> at a later date, so (that holders of contributing shares would receive one fii-Uy- paid up share for every live contsibutifts snares now held. i After the position had 'been fully explained iby Mr. Upton, the meeting unanimously passed; it'he three resolutions.