MINING COMPANIES.

Mount Ida Chronicle, Volume II, Issue 95, 9 December 1870, Page 3

MINING COMPANIES.

An Act to amend the ■" Mining Companies Limited Liability Act 1865 " and "The Mining Companies Limited Liability Act Amendment Act 1569." Be it enacted by the General Assembly of New Zealand in Parliament assembled and by the authority of the same as follows—--1 The short title of this Act shall be "The Mining Companies Limited Liability Act Amendment Act 1870." 2. Section eighteen of " The Mining Companies Limited Liability Act 1865 r ' is hereby repealed

3. Any shareholder in any companv incorporated under the said Act shall have power to vote by proxy signed by such shareholder without seal for the making or altering any rule for the purposes mentioned in "section forty of the said Act in all cases where no rules to the contrary shall have been previ ously made by any such companv. 4. If any shareholder fail to pay any call payable by him the directors at any time after the expiration of two months fr.jni .the day appointed for the payment? of such call may declare the share or shares in respect of which such call was payable forfeited and that th3 company shall.have sued for the amount of such call or not.

5. Before declaring share forfeited at least thirty days' notice in writing shall be served on, such sharebolder and such notice shall be posted by registered letter to the address of su h shareholder and service -of such notice shall da.Se. from the date of post-' pg.thereof and aaiotiee shall also be published in two issues of one local newspaper setting forth the numbers of the shares.^and the names of the shareholders whose shares are intended to be forfeited and. such notice .shall .require him to pay such call..together with interest and expenses that; may have accrued by reason- of such- nonpayment on a day and at a place to be therein named and stuting that in the event of the non-payment on or before the time and at the place appointed the shares in respect of whica such calls were made will be liable; to be forfeited. | '-'"" ■]'-■- 6. All sbares so forfeited shall be deemed to be the property of the company and may be disposed of JW the common benefit of the company in-such manner as the shareholders at an extraordinary meeting of the company may think fit. i

.7.' Notwitstanding auyfcMng to the contrary provided by au Act now. ia force in New Zealand it- shall be lawful for any : company duly incorporated under " The Mining Companies Limited Liability Act 1865 " aud " The Mining Companies Limited Liability Act Amendment Act 1869 "■ to appear either by.the manager or the solicitor to the company in any Eesident Magistrate's Court: Provided that in cases where the manager shall appear for the company it shall be necessary for him to produce a certificate signed by two directors authorising him to do so.