STH. BRITISH MEETING

Press, Volume CII, Issue 30073, 6 March 1963, Page 16

STH. BRITISH MEETING

Amendments To Articles

(N.Z. Press Association) AUCKLAND, March 5.

Shareholders of the South British Insurance Company, Ltd, today voted overwhelmingly in favour of amendments to the articles, including a clause giving directors power to refuse to register share transfers without giving a reason.

A move by Mr H. E. Fairey to have the meeting adjourned for three months found only a few supporters.

Shareholders attending the meeting or represented by proxy numbered 105,. holding more than 1,360,000 shares. The chairman (Mr K. B. Myers) told the meeting that the proposed amendment of Article 39 regarding the registration of transfers had been approved by toe New Zealand and London Stock Exchanges. Decision by Australia Because toe proposed article was contrary to their policy, the Australian exchanges were unable to give a decision until next week. Mr Myers said that several New Zealand companies and some of the largest Australian companies had a similar article. If the Australian exchanges were to take action to toe disadvantage of toe Australian shareholders, directors would have to examine toe position to see what might be possible to help them. Mr Myers said toe new power would enable directors to resist any attempt to gain control of toe company by the purchase of shares and would at least force any prospective buyer into toe open.