WAIRAKEI (LIMITED).

Otago Daily Times, Issue 19498, 5 June 1925, Page 10

WAIRAKEI (LIMITED).

QUESTION OF LITIGATION. FINALTY REACHED. (Per United Press Association.) AUCKLAND. June 4. . At a meeting of shareholders in Wairakei (Ltd.) the directors reported that finality had been reached on.tho question of the litigation, and an agreement had been arrived at by which all differences had been settled by tho payment of £l5O to Arthur Cleave, who had abandoned all further claims and had withdrawn his appeal to tho Privy Council. The following resolution was proposed; “That the capital of the company be reduced from £IOO,OOO divided into 100,000 shares of £1 each to £50,000, divided into 100,000 shares of 10s each, and that such reduction be effected by cancelling the capital which has been lost or is unrepresented by the available assets to the extent of 10s per share upon each of the 67,546 shares which have been issued and are now outstanding, and by extinguishing the liability in respect of uncalled capital to the extent of 10s per share, and by reducing the nominal capital from £1 per share to 10s each per share, but such reduction to be without prejudice to the company’s right to sue for and recover all arrears of calls now outstanding and due in respect of the said shales, or any of them.” Tho Hon. G. M‘Dona Id (Sydney) moved as an amendment: “That it be an instruction to the directors to adjust the assets by writing off (1) on the building an amount not exceeding £2500; (2) the whole of the debit on the profit and loss account; (3) an amount not exceeding £ISOO of the general assets; and (4) the remainder of the property account.” Tho amendment was accepted as an addition to the motion, which was then carried.