S.P. Petroleum Company.

Poverty Bay Standard, Volume IX, Issue 972, 24 August 1881, Page 2

S.P. Petroleum Company.

There was a very large attendance of Shareholders in the above Company at the meeting held in the Masonic Hotel last evening. The object was to consider the following:— 1. To consider and determine as to the advisability of having the Company registered under the “ No Liability Act of New South Wales,” 44 Victoria, No. 23. 2 To authorise the Directors to let portions of the Company’s grounds on tribute, either by accepting shares in a Tribute Company or a portion of the produce, or a money payment at per ton. 3. To reduce the number of members required to form a quorum at General Meetings ; to provide for a Semi-Annual Meeting ; and to alter the time at which such General Meetings are to be held, in accordance with the provisions of the 82nd clause of “ The Companies Act of New South Wales,” 37 Victoria No. 19. 4. To determine as to the disposal of the forfeited shares. 5. To authorize the Directors to appoint a Committee of Advice at Gisborne. The following resolutions were carried :— Proposed by Mr R. Cooper, seconded by Mr. M. Hall— That the company remain as it is under the present Act, and shall not come under the “No Liability Act of New South Wales.” Resolved that the number of members required to form a quorum at general meetings be not altered, nor the time of general or semiannual meeting. Proposed by Mr. C. Smith, seconded by Mr. McLean— That the forfeited shares be distributed pPb rata at par to the shareholders who apply for them. * Proposed by Mr. Bishop, seconded by Mr. McLean—That this meeting oppose any present attempt at letting the Company’s ground on tributes, but would urge on the Directors the necessity of at once procuring the best plant, and skilled labor that can be got in the oil regions of America, and to prosecute the work ■with the utmost vigor. As a Committee of Advice twelve local Shareholders’ names were proposed, resulting in the election of— Messrs. Tucker, C. Smith, Stubbs, R. Cooper, and McLean. Amotion proposed by Mr. Matthews to the effect that bona fide offers for tributing should be put to the vote at a special meeting of the Company was, after a long discussion, negatived by a counter motion proposed by Dr. Pollen.

A vote of thanks to the Chairman brought the meeting to a close.