XII.—Votes of Shareholders.

52. Every Shareholder shall have one vote for every Share up to five he shall have an additional vote for every complete five Shares beyond the first five up to one hundred and an additional vote for every complete ten Shares beyond the first one hundred Shares.

53. If any Shareholder is a lunatic or an idiot he may vote by his Committee or other legal Curator

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and if any Shareholder is a minor he may vote by his Guardian or any one of his Guardians if more than one.

54. If two or more persons are jointly entitled to a Share or Shares the Shareholder whose name stands first in the Register of Shareholders as one of the holders of such Share or Shares and no other shall if he be present be entitled to vote in respect of the same and if such person shall not be present then the person jointly entitled with him to the said Share or Shares and whose name shall stand next in the said Register as one of the holders of such Share or Shares and no other shall if he be present be entitled to vote in respect of the same and if there be more than two persons jointly entitled to the said Share or Shares so on in like order.

55. No Shareholder shall be entitled to vote at any General Meeting unless all Calls due from him have been paid.

56. Votes in respect of Shares may be given either personally or by proxy.

57. The instrument appointing a Proxy shall be in writing or in print and under the hand of the Appointor or if such Appointor is a Corporation under the Common Seal and duly attested by a witness No person shall be appointed a Proxy who is not a Shareholder of the Company.

58. The instrument appointing a Proxy shall be deposited at the registered office of the Company not less than 24 hours before the time for holding the meeting at which the person named in such instrument proposed to vote but no instrument appointing a Proxy shall be valid after the expiration of three months from the date of its execution unless in relation to an adjourned meeting.

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59. Any instrument appointing a Proxy may be in the following form which may be altered as found convenient

I _____ of _____ being a Shareholder of " The New Zealand Native Land Settlement Company, Limited," and entitled to _____ Votes [or Vote] hereby appoint _____ as my proxy to vote for me on my behalf at the [Ordinary or Extraordinary as the case may be] Meeting of the Company to be held on the _____ day of _____ [or at any General Meeting of the Company that may be held within three months from the date hereof]

As witness my hand this _____ day of _____ 188

Signed by the said in the presence of

Provided always that if any Shareholder shall have given or shall hereafter give to any other Shareholder a general Power of Attorney conferring upon such Shareholder a general power to appear for him and vote in his name at all meetings of this Company or of Companies in which he may be a Shareholder or shall in any other shape or way give to such Shareholder authority to act for him which but for the foregoing provision as to Proxies would be legally sufficient authority for such purpose then and in such case such Shareholder on whom such authority shall have been conferred shall on producing for inspection such Power of Attorney or a duly certified copy thereof at the office of the Company at least one day before the meeting at which he desires to act under the same and if such be required on production of the original of such power or on proof that the same is deposited at any Deeds or Land Registry office within the Colony and so long as such power or authority is not in writing expressly revoked be entitled to attend such General Meetings of this Company and act and vote in the name and on behalf of the Shareholder conferring such authority upon him.