Bank of New Zealand

Feilding Star, Volume X, Issue 34, 13 October 1888, Page 3

Bank of New Zealand

The special confirmatory meeting of shareholders held at Auckland o_.H.uraday , was largely attended. After the tranfaction of formal business, the following absolutions were carried after lengthy ; and animated discussion,— That £3 per share of the present paid-up capital of the bank be, and the sama is hereby can -celled, such capital having been lost or being unrepresented by available assets, that heucetorth dividends shall be paid on such shares as representing £7 lach instead of £10 each, the ordinal amount thereot ; but such reduction shall not interfere with, or in sny way *lter ihe liability of shareholders to con tribute a further.sum of £I<> provided by the Banks Act and deed of settlement in the event of the assets of the corporation beinji insufficient to meet its engagements'." Mr C. E. Button seconded the resolution, viz.— That the directors be Empowered to receive from shareholders willing to pay the same £3 per share to reinstate their shares to the original amount of £10 per share, and on all shares so reinstated to ]-ay dividends on the original amount of sau-h shares, proTiding that suoh payment to reinstate shares shall not render the shareholder liable to pay any further or larger amount than he would have been liable for if the shares had remained at £10 each as j originally created ; That the several assets and accounts held for realisation and outside the category of what may be regarded as ordinary and current busi« ness be liquidated by the Directors as speedily as may be, having regard to the advantageous realisation thereof, and that in the meantime such assets be transferred to and held, and treated in globo in a separate liquidation account, and so ttiat the surplus in realising any one asset may be set against the deficiency in realising any other without passing such surpluses or deficiencies respectively through the ordinary profit and loss account. It was also agreed that payment for the new shares be made by instalments, and that legislative sanction of the resolutions be applied for by the Directors.