South Pacific Petroleum Company.

Poverty Bay Standard, Volume IX, Issue 942, 14 May 1881, Page 2

South Pacific Petroleum Company.

A meeting of the Committee of the South Pacific Petroleum Company was held on Thursday night last, when the following resolutions were decided on, to be submitted to a meeting of the shareholders called by advertisement in our columns for this evening, at 7.30 p.m., at the Masonic Hotel:— 1. That now the work is being energetically pushed forward and shareholders have more confidence in the ultimate success, the present would be a good opportunity to sell the unal- v lotted shares, and we would respectfully suggest that they be offered at par to the present registered shareholders in proportion to the number of shares held by each; 14 days’ notice by circular to be given, the cash to be lodged with the Bank of New Zealand, or at the office of the Company in Sydney ; the shares to be divided amongst the shareholders who have made application and paid the deposit. 2. They are also of opinion that the Directors should in no case mortgage the property of the Company, & but should in preference guarantee a temporary overdraft (which they are perfectly safe in doing) and make a call every month until in credit again, they are also of opinion that shareholders who have not paid their calls should forfeit their shares and be sued for the calls due at time of forfeiture. 3. Respecting the proposed alteration of the Articles of Association, ( the New Zealand shareholders would respectfully point out that there would be no difficulty in getting a general meeting at any time, if sufficient notice was given to them of the intention so that they could send a delegate or forward proxies.