THE NEW ZEALAND SHIPPING COMPANY.

New Zealand Mail, Issue 826, 30 December 1887, Page 15

THE NEW ZEALAND SHIPPING COMPANY.

There were submitted to an extraordinary meeting of shareholders, called for Wednesday last, new regulations incorporating and superseding existing articles and regulations of the Company. The principal alterations proposed to be effected by the new regulations are as follow: —(a) Provision is proposed to be made for the transfer to London of the head office of the Company ; the registered office of the Company still remaining at Christchurch (b) For the creation of two Boards of Directors—one at London, the other at Christchuroh. (c) The London Board is to have supreme financial control in all matters connected with the either within or without the Colony,' apd is to have the management of all the administrative commercial affairs of the Compiny in the United Kingdom and other places except New Zealand, Australia, Tasmania and the islands of the Pacific Ocean, (d) The New Zealand Board is to have the management of all the administrative commercial business affairs of the Company in New Zealand and the excepted places above-meutioned. (e) The New Zealand Board is to be represented on the Loudon Board by a Director nominated by the Board in New Zealand ; such Director to remain on the London Board until removal by the New Zealand Board, and the London Board is to have similar powers of nomination on the New Zealand Board. tf) Ample power of delegation of authorities vested in the London Board is provided for. (g) Due provision is made for notice being given to shareholders residing in New Zealand of any additions to or alterations in the future in the proposed regulations, so as to enable shareholders to be represented by proxy at any meetings to be held in London at which resolutions may be proposed for that purpose, (h) The remainder of the resolutions call for no special remark, a great number of them being the same or nearly similar to those already in force, whilst others have been added to suit the proposed new administration. The new regulations were submitted to the meeting in the shape of a special resolution, which had to be carried by a majority of not less than three-fourth 3 of the members of the Company entitled to vote who were present in person or by proxy at the meeting. Our telegrams elsewhere give the result of the meeting. The resolutions were carried.