BANK OF NEW ZEALAND.

Dominion, Volume 7, Issue 1894, 31 October 1913, Page 4

BANK OF NEW ZEALAND.

THE AMENDING BILL. The Bank of New Zealand Amendment Bill was reported to the House of Representatives yesterday from the Public Accounts Committco. The Committee had inserted a number of amendments, hut many of'tho additions signified nothing more than the re-enactment of tho previous legislation in a more complete form. Ono important change in the Bill is the striking out oi-ClauseC, which provided for a sum of £50,000 to he set aside annually for 20 years as a sinking fund. The Committee were of opinion that it was quite unnecessary for tlio Bank to havo such a large amount of cash in reserve. Clatiso 10 is struck out. This is the most important alteration made, for. if tho clause had remained, tho Stato would not havo participated in any of tho accumulated assots beyond having tho money contributed returned. By the exciss-ion of this clause the State will be entitled to a pro rata interest in all tho assets including reserve fund and goodwill in the ovent of dissolution of the bank. An important addition to the Bill is made ill a new clause which provides that no part of the reserve fund shall bo used for the payment of dividends without tho consent of tho Minister of Finance. Another clause has the effect of increasing the present amount voted by way of honorarium to tho directorate. Tlio amount of increase first proposed was from £2000 to £6000, hut tho Committee declared in favour of an increase to £3000 only. Another clause amended by tho Committee relates to tho number of proxies that may ba held by any one person. Tho present limitation is 250. The original proposal of tho Bill was that tlio number should be increased to 2000. nils the Committee considered too much and reduced the number to 500.