COASTAL S.S. COMPANY.

New Zealand Herald, Volume XLII, Issue 12932, 31 July 1905, Page 4

COASTAL S.S. COMPANY.

MEETING AT WARKWORTH. An extraordinary meeting'of shareholders of the Coastal Steamship Company was held in the Masonic Hall, Warkworth, last Friday night, to take into consideration the resolution advertised on July 19, viz., "That the shareholders of the Coastal Steamship Company ratify an agreement made on July 19 to sell to «i new company the undertaking of the company, and . the whole assets, etc., etc." There was.. a good attendance of shareholders, Mr. E. Morrison in the chair. A resolution was proposed by Mr. J. Dunning, and carried by 107 to 7, that amalgamation be effected. The new company is to have a, nominal capital of 75,000 £1 shares, the basis of allotment to be as two to the shareholders of the Coastal Company to the McGregor Company's one. The boats are--to be taken 1 over by the new company at a valuation, the valuers to be Messrs. J. Dunning and W. A. McGregor. In case of disagreement, an umpire is to be chosen, whose decision will be final. The liabilities of the' Coastal Steamship Company are to be taken over by the new company, but the liabilities of the McGregor Company are not to be taken over. A new Board of Directors' is to be elected, to be not less than seven or more than nine, and to be elected for five years; two to retire annually after five years.