OTAGO UNIVERSITY FINANCE.

Wanganui Chronicle, Volume XXXXVII, Issue 11715, 19 August 1902, Page 5

OTAGO UNIVERSITY FINANCE.

OFFER OF DUNEDIN SAVINGS BANK

TRUSTEES

DUNEDIN. August 18

At a meeting of the Dunedin Havings Bank tiustees, held to-day, the following restilution was passed—"Th.tt ilig,l)unedm Savings Bank, having by investment, of its deposits realised profits to at kast the undermentioned amounts in excess -ol 10 per cent, on the aggregate amount of its deposits, the trustees, of tne said Bank hereby, pursuant to the powers in that behalf contained in 'The Savings Bank Profits Act, 1878,' declare that the sum of £6500 shall be paid over to the University df Obago, to be dealt with by the said University >o, accordance with the provisions'of .-the said Act."

The foregoing resolution is subject to the approval of the Governor-in-Council. and to the necessaay legislation being obtained, at the instance of the University of Otago, extending the interpretation of an institution under the abovementioned Act so that it shall embrace tixv Univerity; that upon the University of Otago applying for such legislation the trustees will give them assistance. Bofoi'e effect can be given to* the resolution, which was carried on the casting-vote of the chairman against an amendment, the consent of the Govemor-in-Oouncil is necessary, also legislation to amend "The B'avings Banks Profits Act, 1878," by widening the meaning of "institution."