BANK OF NEW ZEALAND.

King Country Chronicle, Volume VII, Issue 581, 2 July 1913, Page 7

BANK OF NEW ZEALAND.

THE ADJOURNED MEETING. TJiemotioßs of which Mr Skerrett . had given notice to move at Thursday/a meeting of shareholders J of the Bank of New Zealand were aa fcl- ' lows:— ■.'■.. '■; ■■ 1, That the necessary steps be taken to secure that the £l,ooo,nut) debentures guaranteed by the New Zealand Government be paid off at maturity in July, 1914. 2, That it is advisable that the authorised capital of the bank be increased by an amount hoc lesb than £2,000,000 by the issue, of 300.G00 ordinary share 3 of £6 13s 4d each, and that, if necessary, the directors or shareholders should promote the necessary legislation or proceedings to enable such increase of capital, and any future increase of capital which' from time to.time may be thought desirable to be affected, either in accordance with Paragraph 13 of the Bank Deed of Settlement, or Section 5 of the Banking Act, 1908. 3. That the issue of such new capital shall be within the discretion of the directors, but that 150,000 shares of such new capital Bhall be at cnee issued, and shall be offered in the first instance to all the holders of ordinary shares in proportion to the amount of the capital hell by them at part, or on such terms as shall be determined by the resolution of shareholders authorising such increase of capital. 4. Thatin view of the fact that the Government.guarantes will no longer be required, and that the Government will have no further liability with regard to the bank, the shareholders resolve that it"is desirable that legislation should Le- promoted to increase the representation of shareholders on the directorate of , the bank to four, <iand to reduce the /number of directors to be appointed by the Governor-in-CbUncil to-.two, the powers of the chief auditor under section 17 of the Bank of New Zealand and Banking Act Amendment Act, 1898, and the powers of the Governor in-Council under section 14 of the said AcS to veto any resolution passed by shareholders to be maintained. ,b. That it be an instruction to the directors to take the necessary proceedings to give effect to the above resolution. 6. That the directors be ins'sructed to forthwith obtain the opinion of the Supreme Court on the following questions:—Whether shareholders are entitled under the deed of settlement or section 2 of the Act, 1908, without further authorisation by legislation, to increase the capital of the bank by the issue of further shares, and if so of what class of ahjares, to what extent and subject to what conditions; whether Jin he even of such further ordinary shares being issued on the terms that they shall be offered in the first instance Ito all the holders of existing ordinary shara l . in proportion to the amount of capital A held by them, the Crown is, under section 10 of the Bank of Maw Zealand Act, £1903, entitled/ lis the holder ci' preference shares, to be offered and to tak 3 up its proportion of s:ieh further issue of ordinary shares in the same manner as holders uf ordinaiy shares.