BANK OP NEW ZEALAND.
PENDING RESOLUTIONS. < By Telegraph —Press Association. Wellington, Tuesday. The following is the text, of the resolutions which will be proposed at the meeting of London shareholders of the Bank of New Zealand to-day:— "That it is inconsistent with an independent bank to extend the Government guarantee for £1,000,000 debentures maturing in 1914, and that the board be requested to pay them off." "That the bank's finances having improved by upwards of £-2,000,000 since the present -CI,(100,000 debentures were renewed th£ board would be justified in paying off the £1,000,000 from its own resources."
"That the Government, under the Act of 1808, took a maioritv of the directorate, thus controlling the board, to safeguard its liability under the guarantees of which the'present. £1,000,000 is the last. The shareholders will therefore claim to have the control restored to them, the Government having a minority on the board, but retaining the appointment of auditor and the present veto, which will give equal control. The shareholders are prepared, when the board is reconstituted, to furnish £-2,000,000 new capital as required."
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Taranaki Daily News, Volume LV, Issue 272, 9 April 1913, Page 8
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180BANK OP NEW ZEALAND. Taranaki Daily News, Volume LV, Issue 272, 9 April 1913, Page 8
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