ALIEN SHAREHOLDERS.

New Zealand Herald, Volume LIV, Issue 16502, 30 March 1917, Page 4

ALIEN SHAREHOLDERS.

ELIMINATION EFFECTED. COMPANY RECONSTRUCTION. One of the results of a decision to reconstruct the New Sylvia Gold Mining Company, Limited, arrived at by shareholders at a special meeting yesterday afternoon, will be to debar certain shareholders who are unable to prove themselves Britishborn subjects from taking up shares in the new company. The chairman of directors, in a letter to the shareholders, stated that the directors had very carefully considered the various methods of reorganising the company. The ordinary process of reconstruction involved a considerable delay. It was most essential that the work at the mine should go on without any intermission and this could best be accomplished by the speedy incorporation of a new company. It was proposed, in order to effect this, to Bell the undertaking and assets of the company to Mr. .P. „"• Kingswell, the managing ! director, for the amount of the company's I liabilities. Immediately upon this being agreed to a new company would be registered. Under the present War Regulations _no company could be registered in which any. person who is not a Bntish-born subject held any shares, and no such person might become a shareholder. In other words, every shareholder must be British born. It was j the proposed purchaser's intention to offer ' the shares in the new company to the' present shareholders in the proportion of one share in the new company for every two held in the old company, but, in accordance with the War. Regulations, it would be necessary for each shareholder to give satisfactory evidence of his British birth. [ The special resolution disposing of the! undertaking and assets of the company to Mr. P. N. Kings well was moved by the. chairman, who said that the directors had a deed whereby Mr. Kingswell would at once transfer the property ,to the Sylvia Reefs Mining Company. Mr. D. Hay seconded the motion. It was pointed out by Mr. Kingswell at the ordinary meeting of the shareholders that there were 16 persons holding shares in the old company who could not prove themselves to be British-born subj«*^s. The resolution was oarriea una* liously.