NATIONAL INSURANCE COMPANY.

Otago Witness, Issue 1188, 5 September 1874, Page 11

NATIONAL INSURANCE COMPANY.

An extraordinary general meeting of shareholders of this Company was held at Farley's Hall on Tuesday, Ist nlfc., for the purposo of confirming certain alterations in, and additions Ir, the Articles of Association Mr Larnach, who occupied the chair, explained the object of the meeting. Various alterations of detail made in order to the more efficient woiking of the Company were confirmed vcm. con. The Chaiuman then submitted the following for confirmation : — To sdd a new Article, as follows :— " Regulation 03— From and sifter the thirty-first day of August, 1H74, no person or persons, firm or partnership, shall individually or jointly hold more than ICOO shares in the Company ; and it shall ho the duty of the Directors to decline to sanction or register any transfer of shares, if the effect of such sanction and registration wovild be to make any person or persons, firm or partnership, individually or jointly, the holder or holders for the time being of more than 1500 shares: Provided always that if, on the said thirty-first day of August, 1874, any person or persons, firm or partnership, shall individually, or jointly with others, be the proprietor or proprietors of more than 1500 shares, he, she, or they shall be entitled to continue the holder or holders of any number of shares which he, she, or thoy shall then hold in excess of 1500 shares : Provided, also, that, no farther transfer of shares shall be sanctioned or registered in favour of such last mentioned porson or persons, firm or partnership, after the said thirty-first day of August 1374, until and unless the number of shares which shall be held by each au«h porson singly, or such persons firm or partnership, jointly, on the said thirty-first day of August, 1874, shall first have been roduced below 1600 shares, in which ovent the number of shades which such person or persons, firm or partnership, may thenceforth hold shall never again exceed 1500. Mr BEEVES : Mr Chairmnn, will you inform the meeting how many shareholders at present hold moro than 1500 shares each ? The Ohaikmas : Only one, but there are a good mnny just up to it. Mr Eliott : I suppose it is for the action of this one holder it is thought necessary to introduce this clause, Is he vory dangerous ? The Chairman proposed that the addition as above be confirmed, MtEwotj would propose it be not confirmed.

the cliuse was directed at him to a great, extent A sudden fear seemed to have seized the diicctors that one shareholder was about to monopolise the whole, company. Jk> (Mr Kliott) ctmsidered it would be very dangerous to interfere with the constitution of the company ho soon after ita formation.. He thought a limit, if one wor-i dcMicd, should have been placed in the articles of association after proper consideiation, and more (onsideiiition should have been given to such a, chanire than had been to t,hi«. Whatever diieotor-i leeomineuded .sharehokleis £>enerallvfoDow i d, rushing like sheep to the .slaughter. - (Xo, no.) 111 1 was very generallr so. Ho should stand alone, but as a matter of principle, would oppo>o the confirmation of (,]»> proposal. Ft might suit one man to' hold 50 )0, and some would yet regret h iviu.; oiKraiiT-cribod their libei ty. (Mr Leahy seconded Mr Eiiott's amendment. He considered that the least .should be 2oi»0. Tho motion was cariied, Messrs Eliott, Leary, aud Kennedy voting nyainst it.