WELLINGTON, TRUST, LOAN, AND INVESTMENT COMPANY.

New Zealand Times, Volume XXXII, Issue 5172, 19 October 1877, Page 7

WELLINGTON, TRUST, LOAN, AND INVESTMENT COMPANY.

A meeting of the Wellington, Trust, Loan and Investment Company was held on Sept. 25th at the Chamber of Commerce, J. Woodward, Esq., in the chair. There was a good attendance.

The Chairman explained that the object of calling the shareholders together on this occa-sion-was to take into consideration the propriety of increasing the capital of the company, and of making alterations iu the articles of association and rules. He also alluded to the financial condition of the company as being very satisfactory, and pointed out that if the capital were increased to £IOO,OOO, the company could be registered on the London Stock Exchange, and they would have the advantage of raising money if required iu the London market at much lower rates of interest than those prevailing here. He then proposed thefollowing resolution, which was seconded by Mr. George :

“The capital of the company shall be increased by £IOO,OOO. The directors shall have power to issue 10,000 new shares of £lO each. Each of the present shareholders shall be entitled, in the first instance, to take up at par, out of the fresh issue, an equal number of shares to what sueh shareholder now holds. The directors shall, by advertisements in some newspaper published in the city of Wellington, notify to the shareholders when they are ready to receive applications for new shares. If all the shares of the new issue shall not be taken up by the present shareholders within the space of three months after such notification as aforesaid, the directors may issue the balance of shares not taken up on such terms as they may think fit, to any person who shall apply for the same, or any of them, whether such person be, at the time of such application, a shareholder or not. All applications for shares shall be in writing, and signed by the applicant. A deposit of 2s. 6d. per share shall be paid on application, and further payments of the same amount per share shall be paid on the second Monday iu each and every month after application, until the sum of £5 shall have been paid up in respect of each such share. Such further payments shall commence on the second Monday in February, 1873. All such new shares shall be subject to the like provisions as are contained in the articles of association, numbered from 1 to 19 both inclusive, except where other provisions are hereby made expressly applicable to the same, save only that in article 4 the sum to be paid for any instalment in arrear shall be Id. per share per month, and not 3d.”

In reply to a question from a shareholder, the Chairman said the deposit of 2s. fid. per share would become'part of the capital, and bear the same interest. There would be no preliminary expenses. After some further observations the resolution was put and carried unanimously.

In moving the next resolution the CHAIRMAN said the object was to enable them to declare a half-yearly dividend. They would have been glad to have declared an interim dividend before, but they were told by their solicitor, whose advice was no doubt sound, that they could not legally do this, and therefore the directors now asked the shareholders to give them that power. He then moved, “ That, notwithstanding anything in the rules to the contrary, the directors shall, if they think fit, have power to declare an interim dividend during the currency of any year with--calling a meeting of the shareholders. Clause 8a of the Articles of Association is hereby rescinded, and in lieu thereof it is provided as follows :—There shall be paid in respect of the transfer of any mi tuber of shares not less than 10, the sum of live shillings (55.), and the fee to be paid on the trausfer of any number of shares less than 10 shall be fid. per share.” Mr. Dransfield seconded the motion, which was carried unanimously. ■

A vote of thanks to the Chairman termi nated the proceedings.