BANK OF NEW ZEALAND.

Wairarapa Age, Volume XXV, Issue 10713, 12 September 1913, Page 4

BANK OF NEW ZEALAND.

MEETING OF SHAREHOLDERS. (By Telegraph — Press Association.) WELLINGTON, Last Night. A meeting of shareholders of the Bank of New Zealand to-day discussed the Bank/Of New Zealand Bill, and resolutions were passed as follows: "That seeing that the shareholders are owners of two-thirds of the cam-, tal of the bank, an anomaly-exists ia the respective representation of shareholders and the State on tho board, and the meeting is of opinion that to secure reasonable representation theboardshould ibe .increfteed to> ; eiglrt members, of which jthe '"shared .holders- 'shall,.elect: half.; that in", ot- ,„. der to afford jigreater ,;■ amongst the nominee members of ih«'- :■ board,, the tera of office be four, years j that the existing liability of £3 6s 8d be called; up gradually with calls on new ordinary shares: that provision be made in the Bill denniriff • the rights of proprietors at general meetings,, so as to-give.". them tfc<*v>v v right of discussion and power, to pass resolutions, on the board, always subject to the Minister's power of veto; that the power of the Government auditor remain as at present; that the right to vote at a meeting bn granted to, the Crown as regard* new shares issuable to it; ihat clause 50 of the Bill,: relating t» tta sin Hire fund, be strongly protested against; That an amendment of section 7 be* made by tb» insertion of the word* similar to those in section 3 of the*. 11903- Act]; that in view of. the de- | claratory iurigment of the >«upre!i.e> I Court,, a reeling of insecurity and > | alarm'-has been aroused, and as it is.' possible thai further encroachment | without rega-rd to equitable considerations may bV attempted liter oh, »t is resolved tliat unless matoml modifications are agreed to ~n the Bill, shareholders as a whole may preferto surrender iheir holdings, forsuch value as may be deterauitjd onan .actuarial' basis, and ihia proposalis put forward for const Icration of the Government."

RESOLUTION OF PROTEST. BY SOUTHERN SHAREHOLDERS. (£« Tdegraphr-Prm Association.) CHRISTCHURCH, Last Night. A meeting, of Canterbury sharein the. Bank of New Zealand this afternoon, presided over by» A. H.. TumbuH, and representing 6000 shares in North Canterbury and 3000 in. South. Canterbury, unanimously adopted the fohowing motion: "That * this meeting, of of th» Bank of Now Zealand emphatically; ..- protests' against the terms -'and con-' ditione set forth in the' Bill nolv before Parliament, on the following- ■ grounds: <l> That thereby no ©quit- ' .able representation is ", afforded' to. shareholtiers. (2) ThXF in common equity to- the shareholders the Government should accept pafcmeht of the ofie million guaranteed debentures in-July next, as originally intended and' provided, and that provision should be made whereby, after such , payment is' completed, the directorate shall be elected or nominated in proportion to the capital subscribed, the Government retaining right of veto on any policy, measures and suspensory power by its chief auditor. Further, that the(Governmentjiav-ihg-been adequately rewarded for its past assistance to the bank, is not fairly entitled to further interest in any fresh* capital issued."