WESTPORT COAL COMPANY
BILL TO COMPLETE STATE PURCHASE (P.A.) WELLINGTON, July 15. The completion of an agreement with the directors of the Westport Coal Company, Ltd., for the acquisition of its assets and liabilities by the Crown and the dissolution of the company is provided for in the Westport Coal Company Bill, which was introduced in the House of Representatives to-day. The Minister of Mines (Mr A. McLagan) said that of 450,000 shares of the company all but 3046 had been transferred. These remaining shares were held by nine shareholders and all but one of them were deceased estates. There were peculiar difficulties associated with these cases. In some cases the trustees had died and others had not been appointed. In one of the cases the owner of the shares was last heard of in South Africa many years ago, but he could not be traced now, said the Minister. The purchase price of the shares would be held in trust for this owner and the trustees. The bill was merely a formal measure to provide for the completion of the agreement with the company. The shares were bought at £2 each.
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Press, Volume LXXXIV, Issue 25548, 16 July 1948, Page 6
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192WESTPORT COAL COMPANY Press, Volume LXXXIV, Issue 25548, 16 July 1948, Page 6
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