THE COLONIAL BANK.

Otago Witness, Issue 2130, 20 December 1894, Page 46

THE COLONIAL BANK.

A special general meeting of the proprietors of tho Colonial Bank of New Zealand was held at the head office of the bank on Friday afternoon. The Hon. George M'Lenn, M.L C, the chairman of directors, presided, and there were present — The Hon. W. H. Reynolds, the Hon. W. D Stewart, the Hon W. J M. L&ruach, Dr Hislop, Mr H. Mackenzie (the general manager), and Bonae 25 other shareholders.

The Chairman said : Gentlemen, we have called you together for tbe purpose of having our deed of settlement amended to conform with the acts Nob. 4 aud 6 of 1894 recently passed by the Legi«lature of this colouy. Ifc has been considered the more satisfactory course in the interests of the shareholders to thufl make the alterations so that our d<. Ed of settlement should contain the actual laws governing the bank. We prouose, therefore, to submit the resolutions I shall shortly read, and constitutionally have the alterations confirmed at the general meeting which will t-ake place on March 27, 1895, 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 speoial general meeting called solely for the purpose of altering the deed of secernent — that the ciroumntances of the colony at the time of our lasb meeting (September 26) were such 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 br.c*me current outside to the effect that the directors had it in contemplation to make a call on the shareholders for the purpose of increasing tlie working capital of the bank. I have, however, the satisfaction to inform you that the directors do not consider a call neceanary, aa the capital and resources of the bank are ample for all its requirements. With these remarks, as I do not wish to detain yon, I formally move fche following resolutions : —

1. That the deed of settlement of the Colonial Bank of New Zealand, and the cxi ting laws, regulations, and provisions of tho company as therein contained be amended and altered as follows, viz. :— (a) By adding the following word* at the end of clause 20 : "riovided always that the board of directors may in their absolute discretion, and without assigning any reason, refuse to allow the completion of the tiansfer of any share or Bhares tn any person of whom they do not approve as a transferee ; and no deed or instrument of transfer of any Bhare 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 Mich 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 direct rs." (b) By inserting after the words "That there shall be," in the first line of clause 37, the words " not less than five nor more than." (c) By adding the following words at the end of said clause 37: "The hoard of directors shall from time to time fix the number of directors, hut until otherwise dttermined by the board of directors the number of directors shall bo Beven, and whenever tho board of directors nhall by resolution determine that the number of directors shall b<j reduced to any number less than seven, then and in such c*se the reduction shall be effected by not filling up any vucancy or vacancies in tb. 1 office of director which shall have occurred or which shall occur until after the number of director* shall be reduced to less than tbe number for the time being fixed by the board of directors as the full number of the bonrd."

Mr H. Mackenzie read the short act pa>sed last s>9ion of Parliament, t) m nfornt w th wh'ch it was now propjs>c 1 l-> nmuii'l tie dad of The Hon. W. J. M. La rnach seconded the adoption of the re" olui ions proposed, and they were carried unanimously. This concluded the business.