BANK OF NEW ZEALAND

Dominion, Volume 9, Issue 2600, 23 October 1915, Page 8

BANK OF NEW ZEALAND

DEED OF SETTLEMENT

THE NECESSARY ALTERATIONS MADE

A special general meeting of tlio proprietors of the Bank of New Zealand was held yesteitloy morning to make necessary alterations in tho deed of settlement. Tlio reasons for the alterations made wore explained by the chairman of directors in a. short address to the meeting. There ivcro PTesent: Mr. IT. Beauchamp (chairman of directors). Messrs. W. Watson, ,11. W. Kano. and W. lieeco (directors), Mr. V/. Callendcr (general manager), and Mr. B. M. Litchfield (chief auditor), and a fair attendance of shareholders. Tho chairman apologised for the absence of Mr. Martin Kennedy 'and Ml - . J. IT. Upton (directors). Mr. lieauehami), in his address to tlio shareholders, said:— i "Our meeting to-day, as slateS *n the notice convening it, which was issued to all shareholders on May 24 last, is a special general meeting called for the purpose of effecting, in the manner provided by tho deed of settlement of the bank, tho alterations in the deed which are necessary to bring it into literal conformity with the statutes affecting the bank. I should explain that the banking legislation that has beon passed from time to time has provided that the deed of Settlement is to be deemed, to be amended in the necessary respects so as to bring it into conformity with the statutes, but no actual alteration in tho text of tho deed has been made by shareholders in general meeting, since October 17, 1894, when amendments were made incorporating the changes necessitated by the passage of tho Bank of New Zealand Sha.ro Guarantee Act, 1894. ■■

"Now-that the bank's affaire have been settled upon a fairly permanent basis by tho Bank of New Zealand Act, 1913, it has been considered very desirable that alterations embodying all the changes which have taken place during the years sinco 1894 should be made in the deed by tho shareholders themselves in tho manner provided by the deed of settlement. . "Qn going into the alterations that had becomo necessary, it was found that the essential changes were so extensive that it was impracticable to effect the alterations by resolutions in detail dealing with tho various clauses of the deed requiring to be amended or deleted, and -with the new clauses that have to ho added. We therefore had to rrcort to a reprint of the whole deed in such foi'm as to show tho pu.-«,s that are to be deleted, and those that aro to be substituted or'added, eo that the Wliolo of the alterations may be covered by tho passage of one resolution. "The reprint of the deed which forma the. basis of the amending resolution that I 6hall shortly propose was sent out to all-shareholders in May last under, cover of a- circular from tho general manager dated 24th idem, covering an explanatory lettdr from tho bank's solicitors and'enclosing a notice ■ convening this meeting and inviting proxies from distant .shareholders for use at it in the carrying of the proposed alterations, and also for ueo at the confirmatory meeting to be held in torms of the deed of settlement in ' December next to confirm the alterationo now' ,to' be approved. "In pursuance of the invitation I may say that a. large number of proxies have been sent forward, shareholders representing 73.324 shares in the bank's capital having placed their proxies at ..our disposal, This clearly indicates the general approval with which the proposal to amend tho deed has been recefaou oy tho proprietors.

. "As you have liad. ample time to oxam* me the proposed new deed and acquaint yourselves with the nature of tho proposals, I need not detain you longer by entering upon any lengthy explanation, ana I therefore now move the resolution of whloh notice haa been given, to cucct the purpose which we have in view, viz.:— "That the bauk's deed, of settlement be. amended in accordance, with the printed proof submitted to this meet ing end for the purposes.of. identification signed by. the,chairman." The motion was seconded by Mr. W. Watson, shareholders' representative '■'•on eion agreed to " without , dlscus-