NEW BANK PROJECT

Taranaki Daily News, 21 August 1930, Page 12

NEW BANK PROJECT

INCORPO RATION PERIOD. CHARTER APPARENTLY LOST. The 22 months allowed by Parliament in 1928 to the promoters of the proposed. London and New Zealand Bank' as a. period in which to obtain £1,000,000 of subscribed capital expired ou July 31 last. The right of the promoters, to secure incorporation therefore appeals, states a message to the New- Zealand Herald, to have, lapsed. The bank was granted a charter by a private bill passed in October, 1928.'This provided, among other matters, that £1,000,000 of capital must be subscribed within the period mentioned, that the nominal capital of the bank was to be £3,000,000, and that £1,000,000 of capital must be paid up within four years of incorporation, or such extended period as might be allowed by. the Goieinoi-General-in-Oouncil, before the bank should be entitled to commence bustTn reply to an inquiry this week, the Prime Minister, the Hon. G. W. Forbes, said he understood some months ago that another private bill was to be promoted to secure an extension, but he had heard nothing recently, about tha matter. • ■ . , , Little or no confusion about the bank project has appeared in the Press sine® the latter part of last year. In -January 1929, it was stated that the organiser’, Mr. H. W. Giesen, of Dannevirkc, would'leave for London on 15 to arrange for flotation, and that the necessary legal steps were be ’ B S there It was intimated that aftei a portion of the necessary capital had been raised in England the remainder would be offered in New Zealand. A prospectus was promised as soon as certain negotiations in London were complete. ; • Later advice in April was that a representative of the New Zealand organisation was at work in. London. However, no more was heard until last November, when a meeting of the promoters was held in Wellington and a brief statement was issued. This recited some of the conditions of the charter, and concluded: “The promoters Wish the bank to be soundly established before the public is invited to take up, shares, and with that end in view negotiations are taking place in London and elsewhere’.’ -i