Bank of New Zealand Share Guarantee Act.
jt The particulars of the Act are briefly ; — To guarantee out of the Consolidated Fund a Special Issue of Shares by the Bank of New Zealand to the amount of Two Million Pounds sterling. Such guaranteed shares shall be called A shares, and shall have a preference over all ordinary shares in respect both of capital and dividend ; and the liability of the holders of ordinary shares under section twentyone of the New Zealand Bank Act, 1861, shall be available to secure the calling-in, payment and cancellation, as hereinafter provided, of such guaranteed shares and the dividends thereon. The Bank shall, at the expiration of ten years from the date of the issue of such A shares, call in, and cancel the same on payment of the nominal or face value of the same, with accrued dividend. The rate of dividend on such A shares - shall not exceed four per centum per annum, if such moneys, together with interest thereon at the rate of four per centum per annum, shall not be paid by the Bank to the Colonial Treasurer, then the Colonial Treasurer may appoint a Receiver, who shall thereupon have and exercise all the powers and authorities which might be exercised by a liquidator appointed by the Supreme Court. Of the said sum of two million . pounds to be raised, one million pounds shall be at the disposal of the Bank for use of its ordinary business, and the remaining one million pounds shall be invested in such manner as the Colonial Treasurer may approve, or as may be provided in any Act or Acts of the General Assembly. Until the said A shares shall be c illed in and cancelled as aforesaid the directors shall not pay any dividend to the holders of any ordinary shares without the consent in writing of the Colonial Treasurer. three months of the issue (Site said guaranteed shares — (1) The head office of the Bank shall be removed to the City of Wellington ; (2)A, general meeting of BharenojS'erß shall be called to elect a new board- of directors, of whom the President shall be appointed by the Governor in Council. Such President need not be a shareholder in the Bank, but shall have and shall exercise all duties, powers, and responsibilities of a director. The qualification of such directors shall be the holding of one hundred either of A shares or of other shares of the Bank, or partly of one class and partly of the other class. The Governor, by an Order in Council, may appoint some fitting person, who shall be an expert in banking business, to act as auditor in respect to the business of the Bank in the Australasian colonies. The Agent-General of New Zealand in London shall in like manner appoint an auditor in respect of the business of the Bank within the United Kingdom, whose salary shall be paid by the Bank. If, upon the report of the auditors, or either of them, confirmed by the President of the Bank, it shall appear j to the Colonial Treasurer that the : affairs and business of the Bank are in any respeot improperly or unsafely conducted, he shall call the attention of the directors thereto, and it shall be imperative upon the directors to Amend the management and conduct of the said affairs and business in suoh manner as the Colonial Treasurer may by any writing require. Tampering with Government Fire Appliances. » About 10 o'clock on Monday evening last, as Mr Bastin, crier of the Supreme Court, was making his nightly round of the building, he discovered that the fire hose near t^e; library had been cut for about 6w of its length. He at once made a search of the building to see if anyone was concealed there, but found no signs of intruders. He V then communicated with the police, the result being that two constables Wore placed on special duty in the Supreme Court and precincts for two then, we understand, a certain individual has confessed that i^ truer be^who cut not only that bode, but also the one in the Government Buildings. It is impotable at present to mention any names, but it is probable that the offender will be found in a most unexpected quarter.— N.Z. Time*.
Slip on the Manawatu Line. A heavy landslip occurred on the Manawatu Railway line in one of the cuttings between Khandallah and Crofton on Saturday evening. The train which left Wellington at 5.30 p in. got through safely, but the down train, which crosses the 5.30 train afc Johnsonville, and which is due at 6.30 p.m., ran into the slip. The engine was partly buried and derailed, and the two trucks next to the engine were also thrown off the line. The cow-catcher of the engine was broken, but otherwise no serious damage was done. The shock was a severe one, but with the exception oi a passenger who had his face slightlj cut through having his head knocked through one of the carriage windows, nobody was injured. Some of the passengers, of course, were verj much alarmed. The slip, which has covered the line for about twc chains, must have taken place almost immediately after the 5.30 up train had passed. Communication with the Company's office by telephone could not be secured, as the wiies were in contact, but the news of the mishap was conveyed to the office by the Exchange officials. A relief train was at once despatched from Wellington, and the passengers were brougut to town. Later or another train was sent out to bring the mails and passengers by the through train to Wellington. The passengers by this train reached Wellington at 12.15 a.m. On Sunday morning two gangs of thirty men each were taken out to clear the line. They have been at work evei since in shifts, and it is expected that the line will be cleared for traffic by yesterday afternoon. Direct telephone communication between the scene of the mishap and the citj was established by " tapping " the wires. — N.J3. Times.
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Manawatu Herald, 3 July 1894, Page 3
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1,021Bank of New Zealand Share Guarantee Act. Manawatu Herald, 3 July 1894, Page 3
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