BANK OF NEW ZEALAND.

Stratford Evening Post, Volume XXXVI, Issue 99, 30 August 1913, Page 3

BANK OF NEW ZEALAND.

, SUPREME COURT DECISION. [Pep. Press .Association.] Wellington, August 29. The judgment of the Supreme Courl in connection with the application i'o, a declaratory order as to thp powers of the; Bank of Now Zealand shareholders, was that the shareholders had no power to increase the capital by is suing fresh shares. Five question. l wen' put to the Court, and the sub •itancn of its replies was that the shareholders have no power to authorise the issue of new shares, eithei under the Rank's deed of settlement 6; under the various Arts of the Eegisla ture quoted by the applicants, and thai consequently they are restricted from creating new shares which will affect the preference shares; that tin directors may call up the uncalled liability of £'.') (U Rd per share, but cannot he compelled to do so ; that if new capital were created it might ho issued al par or at a premium, as tho shareholders decided, but that there is uo right to issne new shaves. Costs were allowed under the scale to the Crown, to the amount of £3O.