THE COLONIAL BANK

Otago Daily Times, Issue 10240, 24 December 1894, Page 3

THE COLONIAL BANK

A special general meetinc oE the proprietors o£ tha Colonial Bank of New Zealand was held at the head office of the bank on the 14th inst. The Hon.' George M'Lean, M.L.C., the chairman of directors, presided, and there were present—The Hon. W. H. Reynolds, the Hon. W. V. Stewart, the Hon. W. J. M. Larnach, T)r Hislop, Mr H. Mackenzie (the general manager), and some 25 other shareholders. V The Chaibman said: Gentlemen, we have called you together for the purpose of having cur deed of settlement amended to conform with the acts Nob. 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 I shall shortly read, and constitutionally have the alterations confirmed at the general meeting which will take place on March 27, 189S, 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 circumstances of the colony at the tame of our last meeting (September 26) were Bach 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 »Hd resources of the bank are ample for all its requirements. With these remarks, as I do not wish to detain you, I formally move the following resolutions:— 1 That the deed of settlement of the Colonial Bank of New Zealand, and the existing laws, regulations, and provisions of the company as therein contained, be amended and altered as follows, viz.:— (a) By adding the following words at the end of clause 20: " Provided always that the board of directors may in their absolute discretion, and without assigning any reason, refuse to allow the completion of the transfer of any share or shares to any person of whom they do not approve as a transferee; and no deed or instrument of transfer of any share or shares shall be complete or operative to vest the share or shares therein mentioned or referred to in any person, or to relieve the intending transferor of Buch share or shares from liability in respect of such share or shares until such transfer shall be approved of in •writing by the board of directors." (fi) By inserting after the words "That there shall be," in the first line of clause 37, the words "not Jess than five nor more than." (c) By adding the following words at tne end of said clause 37: " The board of directors shall from time to time fix the number of directors, but UDtil otherwise determined by the board of directors the number of directors shall be seven, &»d whenever the board of directors shall by Resolution determine that the number of directors shall be reduced to any number less than seven, then and in such case the reduction snail be effected by not filling up any vacancy or vacancies in the office of director which Bhall have occurred or which, shall occur until after the number of directors shall be reduced to less than the number for the time beiDg fixed by the board of directors as the full number of the board." Mr H. Mackenzie read the short act passed last session of Parliament, to conform with which it was now proposed to amend the deed of settlement. The Hon. W. J. M. Larnach seconded the adoption of the resolutions proposed, and they were carried unanimously. This concluded the business.