BANK OF NEW ZEALAND.

Stratford Evening Post, Volume XXXV, Issue 77, 8 April 1913, Page 6

BANK OF NEW ZEALAND.

THE* QUESTION OF GOVERNMENT J - CONTROL.

’[i*Ea Press Association.]

n r d : ’W&libgtbn, April 8,

Following is the text of the resolution which*'lvill’ bo proposed at 'the meeting. o.f .Londoh shareholders of the Bahk 1 of New Zealand to-day “That it is consistent with an independent bank to extend.the Government (guarantee for. a million debentures maturing in 1914, and that the Board be requested to pay theih Qtibi the Bank’s finances by upwards, of, two. miliiMs i since thepresent million wsU renewed', iHe * Board would be justified im'paying off a .million from its. resdurbes j that the Government, under the Act of 1898, took a 'majority of the directorate, thus the Board to safeguard its liability under the guarantees, of which the present million is the last, the shareholders will therefore claim to have the control re- ' stored -to them, the Government having a minority on the Board but retaining the appointment of auditor and present veto, which will give equal control; and that shareholders will bo prepared, when the Board is reconstituted, to furnish two millions of new capital as required.