MINING COMPANIES' LIMITED LIABILITY AMENDMENT ACT.

Westport Times, Volume IV, Issue 721, 8 October 1870, Page 3

MINING COMPANIES' LIMITED LIABILITY AMENDMENT ACT.

An Act to amend " The Mining Companies' Limited Liability Act, 1865," and " The Mining Companies' Limited Liability Act Amendment Act, 1869."

Be it enacted by the General AsBembly of New Zealand, in Parliament assembled, and by the authority of the same, as follows : 1. The short title of this Act shall be " The Mining Companies' Limited Liability Act Amendment Act, 1570." 2. Section eighteen of " The Mining Companies' Limited Liability Act, 1865," is hereby repealed. 3. Any shareholder in any Company incorporated under the said Act shall We power to vote by proxy, 6igned by such shareholder without seal, for the making or altering any rule for the purposes mentioned in section forty of the said Act in all cases where no rules to the contrary shall have been previously made by any such Company. 4. If any shareholder fail to pay any call payable by him, the Directors at any time after the expiration of two months from the day appointed for the payment of such call may declare the Bhare or shares in respect of which such call was payable forfeited, and that whether the Company shall have sued for the amount of such call or not.

5. Before declaring any share forfeited, at least thirty days notice in writing shall he served on such shareholder, and such notice shall be posted ty registered letters to the address of such shareholder, and service of such notice shall date from the date of posttog thereof, and a notice shall also be published in two issues of one local newspaper setting forth the number of the shares and the names of the shareholders whose shares are intended to be forfeited ; and such notice shall require him to pay such call, together With interest and expenses that may have accrued by reason of such nonpayment, on a day and at a place to be therein named, and stating that in the event of the non-payment on or before the time and at the place appointed, the shares in respect of which such calls were made will be liable to be forfeited.

6. All shares so forfeited shall be deemed to be the property of the Company, and may be disposed of for the common benefit of the Company in such manner as the shareholders at an extraordinary meeting of the Company toay think fit. V. Notwithstanding anything to the contrary provided by any Act now in «ew Zealand, it shall be lawful for

any company duly incorporated under "The Mining Companies' Limited Liability Act, 18G5," and " The Mining Companies' Limited Liability Amendment Act, 18G9." to appear either by Manager or the Solicitor to the company in any Resident Magistrate's Court: Provided that in cases where the manager shall appear for the company it shall be necessary for him to produce a certificate signed by two Directors authorising him to do so.