THE LAND INVESTMENT COMPANY OF WELLINGTON (LIMITED).

New Zealand Times, Volume XXXI, Issue 4828, 12 September 1876, Page 3

THE LAND INVESTMENT COMPANY OF WELLINGTON (LIMITED).

The first general meeting of this company ■was held last evening at Mr. Wallace’s auc-tion-room. There was a large attendance of shareholders, and many more were represented by proxies. His Worship the Mayor was voted to the chair, briefly addressed the meeting, and then called on the Secretary to read the report of the provisional directors. Mr. Tribe then read as follows :—We have to report that the registration of the company was effected on August 4, and we should have called you together earlier to elect a board of directors but for the necessity of giving country shareholders full notice. Wo are glad to say that a full measure of support has been accorded to our project, upwards of 700 shares having already teen applied for, and many offers of property made to us in which paid up shares would bo taken in payment. We have declined to entertain any business beyond the allotment of shares, thinking it better to leave other matters to • an elected board. We may, however, here remark that, we think it would bo wise for the company to limit itself for a time to giving assistance to borrowers, or in any case to avoid locking up too much capital in investments until the present demands for loans abates. We have instructed Mr. Brandon to prepare articles of association the salient points of which will be pointed out to you. If you approve of these, we suggest that you authorise the directors to get the articles prepared for signature. Mr. Brandon then epitomised the draft articles of association, pointing out those points which more particularly required the opinion of shareholders. The following points

were resolved;—That, the qualification of a director be that he hold not less than ten shares. That the number of directors be seven; four to be a quorum. That general meetings of the company be held half-yearly in the months of January and July, but that the board to be now elected remain in office till July next. That at each half-yearly general meeting all the directors retires, but be eligible for reelection. That at such meetings shareholders holding five or . less shares be entitled to one vote, ten or less to two, fifty or less to three, and no shareholder. to have more than four votes in his own right. That ten shareholders must be present in person to form a meeting, and that the number in person or by proxy to form a quorum be as stated in the articles of association attached to the Joint Stock Act.

The following gentlemen were elected directors, Messrs Burrett, Hutchison, Krull, E. W. Mills, T. Mills,Blimmer, and Roxburgh.