Bank of New Zealand.

Opunake Times, Volume III, Issue 155, 27 December 1895, Page 3

Bank of New Zealand.

Clauso 15 of the Banking Act of last session provides for the resignation of one of the directory of the Bank of New Zealand, and the filling up of the vacancy by the Governor. The appointment ii to be for three years the holder being eligible for re-appoint-ment. He does not retire by rotation, nor is he liable to removal by the proprietors. He may, however, be removed at any time by the Governor. The Governor's power in the matter is to be in force so long as any liability on the part of the Colony subsists under the Act. The Government have recommended the Governor to appoint the Hon Walter Johnston, who, on being offered the nomination, resigned his position on the directory to create the vacancy contemplated by the Act. The recommendation was determined upon last week before the Hon Mr Ward left for the South.

THE REALISATION BOARD. Clause .28 of the "Bank of New Zealaud and Banking Act " of last session provides for the appointment of an " Assets Realisation Board " to purchase, administer, and realise the assets of the Estates Company, and of the Auckland Agricultural Company. Two of these appointments are to be made by the Governor and one by the directors of the Bank of New Zealand. The directors have appointed Mr W. Fraser, member for Wakatipu. The Government have decided to recommend the Governor to appoint the Hon R. J. Seddon as a director, and Mr George Todd, of the Mutual Agency Company of Otago, as chairman, and the recommendations are in Auckland awaiting the Governor's approval. The appointments according to the Act aire' for a term of three years, and the whole of the chairman's time is to be devoted to bis work. The members are to be eligible for reappointment at the expiration of their term of service, and before that time are liable to removal by the Government or the directors of the Bank as the case may be. The aggregate of the salaries is, we are in a position to state, less than the maximum sum (£ISOO a year) mentioned in the Act. The Government have drawn up the regulations required by the Act, so that the Board will be a goiug concern in a few days. It is understood that Mr Forster will be appointed manager at an early date. —N.Z. Times.