AUCKLAND.

Oamaru Mail, Volume II, Issue 373, 4 July 1877, Page 2

AUCKLAND.

SOUTH BRITISH INSURANC COMPANY. . Jh1 J At an extraordinary meeting of South British Insurance Company, following resolution was carried \\\ mously :—"That the capital of the( pany be increased by the croatioi 12,500 shares of L2O each." Mr. C having asked what would be the val the new shares, the Chairman Raid shares would cost shareholders L 3 but there would be none for sale on the Company. Shareholders would the option of taking one new shan each complete number of three s! held by them in the Company on the inst., at 70s. per share on Ist Novc next, and 20s. on the Ist January, I If the share moneys wire paid in middle of the month no dividend v be paid for the broken period. S holders not applying for shares of tin issue before the first of September,! would forfeit their right to any. shares not applied for before that will be sold by the directors, as they consider best in the interest of the I pany. He said that the total prcn received from the sale of the said II shares would be carried to the re fund of the Company, and that holders of new shares would in future dividends paid by as follows ;—Upon one half of install paid, until full amount of LU 10a, share is paid ; upon L2 per share the date when the full amount of L 3 per share is paid, except that divie on these payments will, in all cast'! calculated from the first day of month, and that any sharolio making paytwnts on account of shares on any other than the of the month will participate dividends only from the first of next succeeding month. Mr. Board said a circular was being got into s which would be sent round to si holders to the following effect : —" ment for new shares may be made to manager at Auckland, or to the fig of the Company at Wellington, Nc Christchurch, Dunedin, Napier, Plymouth," Hokitika, and Wangauni. shares of the new issue will be transf; in the books of the Company until full amount of 70*. per share be p It was decided "That. No. 95 of articles of association be altered by omission of the words, ' and no divii exceeding LlO per cent, per annum be at any time declared unless ui special resolution of the Company.' rule then read, "No dividend sha! payable except out of profits arising f the business of the Company."