COLONIAL BANK.
SPECIAL MEETING OF SHARE HOLDERS.
By Telegraph.—Own Correspondent. Dunedin, December 14,
A special meeting of the shareholders of the Colonial Bank was held to-day, the Hon G. McLean presiding, for the consideration of resolutions to amend the deed of settlement to accord with the banking legislation of last session in the direction of empowering the directors to refuse to consent to the transfer of shares if deemed necessai*y, and fixing the number of directors at seven.
The Chairman said: We have called you together for the purpose of having our deed of settlement amended to conform with the Acts Nos. 4 and 6 of 1894, recently passed by the Legislature of this Colony. It has been considered the more satisfactory course in the interests of the shareholders to thus make the alterations, so that our deed of settlement should contain the actual laws governing the Bank. We propose, therefore, to submit the resolutions and constitutionally have the alterations confirmed at the general meeting which will take place on the 27th March, 1895, so as to make the deed of settlement in accordance with the existing condition of the law} I would incidentally remark (although this is a special general meeting called solely for the purpose of altering the deed of settlement) that the circum stances of the Colony at the time of our last meeting (26tb September) were such as to call from me ‘ certain remarks foreshadowing a future policy which then appeared imminent. The remarks I then made may have had the effect of giving force and colour to rumours ■ which shortly afterwards became current outside to the effect that the directors had it in contemplation to make a call on the shareholders for the purpose of increasing the working capital of the Bank. I have, however, the satisfaction to inform you that the. directors do not consider a call necessary, as. the capital and resources of the Bank are ample for all its requirements. The resolutions were adopted without discussion.
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Bibliographic details
New Zealand Mail, Issue 1190, 21 December 1894, Page 36
Word Count
334COLONIAL BANK. New Zealand Mail, Issue 1190, 21 December 1894, Page 36
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