TRUSTEE EXECUTORS.

Auckland Star, Volume LXVII, Issue 136, 10 June 1936, Page 4

TRUSTEE EXECUTORS.

TRANSFER OF SHARES

EBISODE NOW ENDED

(By Telegraph.—Special to "Sf.r.") DUNEDIN, this day

At the annual meeting of the Trustees Executors and Agency Company, the chairman of directors, Mr. G. H. Kitchie, made reference to the purchase from the Public Trustee of shares acquired by agents of the Executive Investment Inst Board The directors considered it imperative it should ■ acquire these shares for while companies were now protected by Act of Parliament against any similar attempts in the future, nevertheless the board felt it was undesirable that the shares in question should fall fntq the hands of an outside concern. Individual members of the board pledged themselves to the purchase of the shares at a price which was in excess of what the open market then valued them at, and it was, they felt, Hie proper thing to give shareholders the first opportunity of taking the rhares up in proportion to- their existing holdings at cost price. Ihc directors completed this purchase at some inconvenience to themselves solely m the interests of shareholders and the large clientele of the company. This transaction finally rang down the curtain on this episode, and with legislative protection now afforded the standing of the company was better to-day than ever in the past Total assets under the company s charge at March 31 amounted to £4,56(1,100, which was the highest figure yet reached in the company's history.