The Pamphlet Collection of Sir Robert Stout: Volume 88
Capital
Capital.
4. The capital of the Company is £100,000 divided into 10,000 shares of £10 each, and no shareholder shall hold more than 500 shares in the Company.
5. In all issues and allotments of shares herein provided for, the Board shall have power to issue and allot any of such shares to such person whether a Director or not as they shall think fit.
6. Every person applying for shares shall, on making such application, pay to the Company the sum of two shillings and sixpence for every share so applied for by him, and on the same being allotted to him shall immediately thereupon pay the further sum of two shillings and sixpence for every share so allotted to him; and there after shall, on the first Monday in every month, commencing with the month of January, 1878, and continuing for the period of thirty-seven calendar months next thereafter pay the monthly sum of two shillings and sixpence on every share held by such shareholder, so that on the expiration of the period of thirty-eight months from the commencement of such payment, the sum of £5 shall have been paid up on each share so allotted. The payments on application for shares may be made to the credit of the Company at the National Bank of New Zealand; and all subsequent payments shall be made on or before the above specified days at the registered office of the Company, or at the offices of any agent or agents of the Company, appointed for the purpose by the Board, during the ordinary office hours of business of the Company. The above-mentioned payments subsequent to the payment on allotment are herein termed instalments. No notice to shareholders of such instalments becoming due shall be necessary.
7. After the expiration of the period of thirty-eight calendar months, the Board may from time to time make such calls upon the shareholders in respect to the moneys unpaid on their shares as they think fit. A call shall be deemed to have been made at the time when the resolution authorising such call was passed, and any such call as last aforesaid shall become and be payable at such time or times and such place or places as shall be named or appointed by the Board: Provided that three months' notice at least is given of every such call, and no such call shall exceed 20s. per share or be made payable by larger instalments than 5s. per share at intervals of not less than one week.
8. The Board may issue and allot all or any of the shares not taken up before the 14th day of November, 1877, at any time or times in such quantities and on such terms in all respects whatsoever, whether as to payment of instalments and calls or otherwise, as the Board, in their own absolute discretion, shall think fit; and also may issue the same or any part thereof in London or otherwise out of the Colony, and may depute to any agent or agents specially appointed for the purpose the power to allot such shares so issued in London or elsewhere out of New Zealand.