56. The number of the Directors shall be eight, of whom three at least shall form a quorum, and each Director shall hold at least two hundred and fifty shares in the Company.

57. The following persons shall he, and they are hereby constituted the first Directors of the Company:—

• William Douglas Carruthers, of Christchurch, General Manager of the New Zealand Trust and Loan Company.
• Thomas Maberly Hassal, of Christchurch, Merchant.
• William Montgomery, of Christchurch, Merchant.
• Joseph Palmer, of Christchurch, Chief Officer of the Union Bank of Australia in New Zealand.page 24
• The Hon. John Thomas Peacock, of Christchurch, M.L.C.
• William Reeves, of Christchurch, Gentleman.
• George Gatonby Stead, of Christchurch Merchant.
• John Studholme, of Christchurch, Runholder.