STATE BANK PLAN

New Zealand Herald, Volume 81, Issue 25056, 21 November 1944, Page 4

STATE BANK PLAN

A MEETING CALLED ACTION BY SHAREHOLDERS (P.A.) WELLINGTON, Monday A special general meeting of proprietors of the Bank of New Zealand is to be held in Wellington on Wednesday at 11 a.m. "to consider the publiclydeclared intention of the Government to purchase the whole of the interests of the proprietors in the bank." Consideration will also be given to the appointment of a committee of proprietors to act in conjunction with the proprietors' representatives on the board of directors of the bank in all negotiations with the Government that may be necessary if the Government decides to carry out its announced intention. The general manager of the Bank of New Zealand, Mr H. It. Chalmers, said the shareholders had the right to ask the directors to call a special general meeting and the notice calling the meeting was couched in the same terms the shareholders used in their requisition to the board. Under the deed of settlement of the Bank of New Zealand three or more shareholders holding in the aggregate 30,000 shares may give notice m writing requiring the board to call a special general meeting for any purpose relating to the company. With regard to voting rights, preference shares and O and D long-term mortgage debenture shares have no voting rights whatever. On ordinary shares there is one vote a share, with a maximum of 2000.

SECRECY OF ACCOUNTS CREATION OF MORE MONEY (P.A.) PALM.ERSTON NORTH, Monday The Leader of the Opposition, Mr Holland, addressed the largest political audience seen here for many years, many being turned away from the Opera House. He was given an excellent hearing and was cheered. Regarding the 13ank of New Zealand, he said there was no guarantee if the Government bought out tho shareholders that the secrecy of their accounts would be maintained. The obvious intention of these experimenters was to create more money which wyuld run counter to stabilisation.