THE NEW ZEALAND COMPANY.

New Zealand Spectator and Cook's Strait Guardian, Volume III, Issue 179, 17 April 1847, Page 4

THE NEW ZEALAND COMPANY.

An act of Parliament received the royal assent on the 18th of August last, known as 9 and 10 Victoria, c. 382, and entitled " An Act to grant certain Powers to the New Zealand Company," the preamhle of which, after stating that certain letters-patent had passed the Great Seal on the 12th of February in the fourth year of the reign of her present Majesty, establishing the New Zealand Company, and that the powers of those letters-pa-tent had been extended by others granted on the 4th of August in the seventh year of her Majesty's reign, proceeds to announce that it is expedient turther to enlarge the powers and privileges granted under the said recited let-ters-patent, and that for the purposes of the several clauses and provisions of " The Company's Clauses Consolidation Act" 1845, incorporated with this act, the recited letterspatent and this act together shall be considered as the special act incorporating the New Zealand Company. Its enactments are — that so much of 8 and 9 Viet., c. 16, as relates to shares and the payment and enforcing of calls be applied to this act ; shares not to be transferred without the consent of the directois ; act not to affect any pre-existing liabilities ; any increase of capital to he subject to the provisions of first recited letters-patent and this act ; if existing shares are at a premium, the new shares to be offered to the shareholders ; shares to vest in the persons accepting ; otherwise to be disposed of by the directors ; if shares not at a premium, new shares to be issued at the discretion of the directors ; provisions of letters-patent as to borrowing money are recited, and certain provisions of 8 and 9 Viet., c. 16, incorporated with this act; mortgagees may enforce payment of arrears by appointment of a receiver ; application for a receiver to be made to two justices, who may appoint the same : receipt of the mortgagee, or his personal representatives, endorsed on mortgage deed, to revest the mortgaged estate in the company ; company may raise capital by annuities for lives ; grant of annuities to be regulated by the price of Government annuities ; annuities may be transferred : account books to be open to inspection of mortgagees and bond creditors ; provisions of 8 and 9 Viet., c. 16. as to borrowed money incorporated with this act ; all the money raised by the company, whether by subscription of the shareholders, or by loan, or otherwis 3 , shall be applied first in paying the costs and expenses incurred in obtaining this act, and all expenses incident thereto, and, secondly, in carrying the purposes of the company into execution ; mortgages and bonds to be by deed under the corporate seal of the company; mortgagees to be entitled pari passu; nothing to affect the priority of the Treasury in respect to securities, &c. ; no mortgage to preclude company from making calls ; bond creditors to be entitled pari passu; votes may be given in person or by proxy ; no person entitled to vote as a proxy unless the instrument appointing such proxy have been delivered to the secretary of the company at least fortyeight hours before the time appointed for holding the meeting at which such proxy is to be used ; proof of a particular majority of votes only required in the event of a poll being demanded ; no person holding any office or place of trust or profit under the company, or inte-

rested in any contract with the company, shall be capable of being a director ; provided nevertheless, that it shall be lawful for the company at any general meeting to allow any director or directors such sum by way of compensation for his or their services, as the said company in their discretion shall deem expedient and proper ; members of joint-stock companies not disqualified from acting as directors ; power to directors to make contracts ; the secretary, with the authority of the directors, may enter into such contracts ; proceedings to be entered in books, and to be evidence ; office of secretary and treasurer not to be exercised by the same person ; in all actions secretary or treasurer may act on behalf of the company ; directors may convey lands in New Zealand to trustees for sale. " And whereas divers landorders or contracts for the sale or conveyance of lands, tenements, and hereditaments in New Zealand have from time to time been issued and made by the company, but as to which no conveyances have hitherto been required, and from deaths of and dealings by purchasers various and conflicting claims to conveyances under such land-orders or contracts may arise ; be it enacted, that a conveyance by the company or their trustees in whom the same shall be vested of the lands, tenements, and hereditaments to which*any such land-order or contract shall relate, for the estate and interest thereby contracted to be conveyed remaining unexpired or undetermined at the time of the conveyance to the purchaser or purchasers named in such land-order or contract, on his, her, or their request, or to any person or persons deriving title from, through, or under such purchaser or purchasers, on the request of such person or persons, and on proof of his, her, or their title to the satisfaction (if the conveyance shall be required in England) of the secretary for the time being of the company, and if required in New Zealand of a nominee or nominees of the company approved of by the acting Governor of the colony for the time being in writing registered in the colony according to the laws for the time being in force for the registration of deeds and instruments affecting real property therein, shall be deemed, both at law and in equity, as well in the colony of New Zealand as elsewhere, a full and complete performance by and on the part of the company of thp contract or obligation contained in or resulting from such land-order to convey the said lands, tenements, and hereditaments, and shall exonerate the company, their successors and assigns, from all responsibility as to the disposition of such lands, tenements, and hereditaments, or any of them, or any other matter or thing consequent on or resulting from such conveyance." "If in consequence of conflicting claims or otherwise a distinct conveyance by the company in England, and also of any agent or attorney of the company in the colony of New Zealand, shall be made or expressed to be made in pursuance of the same land- order or contract heretofore issued or made by the company of the lands, tenements, and hereditaments to which the same relates, or any of .them, the conveyance prior in date, or in case of identity of date, the conveyance executed by the company in England shall be deemed to be the actual conveyance, provided the same or a duplicate thereof be duly registered in the said colony according to the laws for the time being in force for the registration of deeds and instruments affecting real property therein, within twelve calendar months after the execution thereof, and the other conveyance shall be void." Power to the company to lend money on security ; company not to advance money to directors ; powers of first recited letters extended to this act ; company to keep copy of act as printed by Queen's printers for inspection : the act to extend to the United Kingdom of Great Britain and Ireland, and also to her Majesty's colonies of New South Wales and New Zealand and their dependencies ; and to be deemed a public act. An appendix to the act contains the form of annuity ; form of tranfer of annuity ; form of conveyance by the company to a purchaser ; form of conveyance by the company to trustees ; form of conveyance from the trustees ; form of mortgage deed ; and foim of bond.