New Zealand Native Land Settlement Company.

Poverty Bay Standard, Volume XI, Issue 1299, 22 March 1883, Page 2

New Zealand Native Land Settlement Company.

zk very largely attended meeting of the shareholders in the above Company was held on Tuesday morning, J. Buchanan. Esq., ’ M.H.R., in the chair. , The Chairman said that the gentlemen pre- • sent were fully aware of the purpose for which ! the present meeting had been called. With , regard to the suggested alteration in the Articles of Association he could only say that . they were not intended to make any material ' changes in the Company. They were not a i 'and purchasing Company, and in the future ' would continue to do as in the past. There ; was a somewhat general opinion that they j were buyers of land, but it was not so, and . he disclaimed that they were ordinary land , purchase agents, it had been found necessary to make alterations in consequence of the future extended operations of the ComI pany consequent upon the largely increased J capital at command, He thought it necesi ?■ n y to i tiesc rcm.i ks in consequence ; of the many adverse reports which had been circulated about the Company. i Several members of the Native Committee

were present, and at the request of Mr Re 38 the substance of Mr Buchanan’s remarks | wore translated by Mr Jury to them, The Chairman then proceeded to go through the alterations seriatim, the more important of which we give. It was resolved that the following Article be substituted for Article 3, which was : erased ; “ The issue and allotment of shares i shall be made to such persons and on such 1 terms and conditions as the Board of Direct- I I ors may think fit. Shares may be issued | and allotted either as paid up in full, or as j I partly paid up by way of payment for lands I ! and hereditaments, live and dead stock, and ’ ■ personal property from time to time, or at | i any time purchased or contracted for by or ‘ lon behalf of the Company. The Directors ; may require that shares held by aboriginal i natives shall in no case be transferable ex- | cept - (l). With the consent of the Native I Committee with whom the Native holder is connected. (2). With the consent and ap- ! proval of the Directors of the Company and ! every share certificate for any such shares ’ shall be endorsed accoi* lingly.” The following Articles were adopted rela- ' tive to borrowing powers: (1). The Board ■ of Directors may also from time to time issue I debentures for such amounts, and payable nt such times ami in such maimer, and at such rates of interest, and generally upon such terms and with such security as the Board of Directors may from time to time think lit. And in like manner the Board of Directors may from time to time issue Debenture

Sto< k, either redeemable or irredeemable, upon such terms and with such security as the Board of Directors may from time to ! time think fit. Such debentures and debenI ture stock respectively may be made payable i to bearer, or otherwise, as the Board of Dij rectors may direct, (2). The. debentures and ; debenture stock may be designated “?Jorti gage Debentures, ’’ or “Mortgage Debenture ! Stock," and may be secured by a conveyance ' and assignment of the lands, tenements and j hereditaments, and other the real and pcr- ; sonal property for the time being of the Company, or of any part or parts thereof, includ- | ing the unpaid capital for the time being of i the Company, to the New Zealand Loan and i Mercantile Agency Company, Limited, or to I any other body corporate or persons as trustees for the holders of such debentures or ■ debenture stock, or otherwise, as the Board

< of Directors may deem expedient, and with i such remuneration (if any) to the said New | Zealand Loan and Mercantile Agency Com- ’ pany. Limited, or other the trustees for the i time being, as the Board of Directors may from time to time think fit. (3). Such mortgage debentures or mortgage debenture stock may be issued in New Zealand or in the United Kingdom of Great Britain and .Ireland by the Directors or by such agents as the Board of Directors may appoint. It was agreed that Auckland should be the • head quarters of the Company, and that the number of Directors should not be more than twenty, one-fifth of whom shall be aboriginal natives. i he following names for the new Directorate were then submitted and approved of :— j Messrs J. L. Campbell, J. C. Firth, Hon. J. Williamson, M.L.C., Hon. D. Pollen,M.L.C., J. McCosh Clark, T. Russell, C.M.G., Seymour T. George, M.H.R., J. B. Whyte, M. H.R., A. McDonald, M.H.R., Thos. Morrin, C. I). DeLautour, M.H.R., J. W. Matthews, Patrick Comi-ky, Wirernu I’ere, J. Buchanan. M.H.R., R. H. Rhodes. J. Barraclough, and three Maori representatives. It was decided that at a general meeting the amount of remuneration to the Directors should be decided. It was decided to introduce a Private Bill as follows: — I. I l © extend the area within which the s operations of the Company may be carried on to the North Island of New Zealand, ami i to expand the business which the Company ‘ may undertake, so as to give power : ' (1). To acquire either by purchase or lease, 1 ; or upon special conditions or agreements, any ‘ ' Native lands, lands owned by Europeans or

| by the Crown. i r2), To lease, sell, or farm all lands at any I time in the possession of the Company. (3). To carry on trade either by way of I sale or purchase with any persons or comI panics. : (4). To purchase its own shares. ; (5), To give mortgages for the security of ■ the lands, debentures, bills of exchange, or i other obligations or securities of the Comi pany. (6) To make contracts in or without New [ Zealand necessary to carry out the objects j for which the Company exists, (7) To empower Natives to assign any lands to the Company upon trust or upon any ■ special condiJo.i or a.ins nen's. ! (8). To empower a majority of Native owni era in any laud to assign their interests in ■ such land absolutely upon trust or upon any • special conditions or agreements whether • such land has been first subdivided or not. (9) To empower the Company by rcsolu- ; t.ion duly passed at an extraordinary meeting i of shareholders to unite partially or wholly i with any Company or Companies registered ■' cither in Great Britain or in Now Zealand. (10) To confer upon Company all such other powers as may be necessary to give effect to the objects or any of them of the proposed Bill or contemplated by the Articles of Association as amended at this meeting. Messrs Carlaw Smith and W. Ratcliffe were appointed Auditois. A vote of thanks to the Chairman concluded the business.