KAIAPOI WOOLLEN MANUFACTURING COMPANY (LIMITED).

Lyttelton Times, Volume LVI, Issue 6496, 22 December 1881, Page 5

KAIAPOI WOOLLEN MANUFACTURING COMPANY (LIMITED).

A special meeting of the shareholders of this Company was held in the Oddfellows’ Hall, Kaiapoi, yesterday afternoon. There was only a small attendance of shareholders. Mr Isaac Wilson, Chairman of Directors, presided. He stated that the principal object of Die meeting was to alter the voting power, more particularly os regarded the old shareholders, and to alter the date and number of the meetings of shareholders in the year. There was to hare been a half-yearly meeting, but the Directors had dispensed with it, as it was quite unnecessary, and there was a pro* petal to alter the cute of the meeting to September instead of December. The latter dote eras a very inconvenient one for the annnal meeting, ao their stock of wool was then very heavy, whereas in September that clock would be nearly worked out. The meeting then proceeded to consider the proposed alteration* to the articles of association as published in the Lyttelton Times of Dee. 14 and 17, the first six of which were passed almost without discussion. At the proposal to increase the qualification of a Director from one to four shares, Mr J. 8. White moved as ao amendment that the qualification of a Director be ten shares, arguing that the necessary qualification should be higher than four shares, and giving an instance of what might result from the admission of small shareholders into the Directorate. The amendment was seconded by MrW. Fraser. Mr Cowlishaw said that the amendment could not be put, as the requisite notice must ho given for such an important alteration to the Association’s articles. The amendment was consequently withdrawn, and the alteration suggested, that the qualification of a Director shall be not less than four shares, was adopted. On the proposal to pay the 11 Managing Director,” formerly *' Chairman of the Directors,” a salary es the Directors might determine, the rote passed without disemsion, and it was also agreed that the Directors should be entitled, os a remuneration for their serrieea, to such sum not exceeding £BOO annually as the Directors may from time to floe determine. The Chairman, in conclusion, stated that the alterations in the articles of association, made that day, would be confirmed at the annual general meeting appointed to be held on Jan. 21,1882. The meeting then adjourned.