7. No person shall be deemed to have accepted any share in the Company unless, being an original applicant for such share, he shall have signed a written or printed application

8. The capital of the Company shall be payable as follows, that is to say :—2s. 6d. per share shall be paid by each intending shareholder upon his application in writing to the said Company, for shares; a further sum of 2s. 6d. per share upon allotment of shares to each applicant, or such sum as together with the said 2s. 6d. per share paid upon application as aforesaid shall make up the sum of 5s. per share upon the number of shares actually allotted to each applicant; and the further sum of 15s. per share upon the number of shares allotted to or held by each shareholder for the time being, making in all One Pound per share. Such last-mentioned sum of 15s. per share to be payable to the Company in six successive calls of 2s. 6d. each per share, at intervals of four months, which shall be due as follows, that is to say : —

• No. 3—2s. 6d. per share upon the 1st day of February, 1878.
• No. 1—2s. 6d. per share upon the 1st day of June, 1878.
• No. 5—2s. 6d. per share upon the 1st day of October, 1878,
• No. 6—2s 6d. per share upon the 1st day of February, 1879.
• No. 7—2s. 6d. per share upon the 1st day of June, 1879.
• No. 8—2s. 6d. per share upon the 1st day of October, 1879.

and payable at any of the Branches of the page 11 Union Bank of Australia in New Zealand, or at such other place or places in New Zealand as shall from time to time be appointed by the Directors for that purpose. For all purposes the aforesaid calls shall now be deemed to be made and no other notice shall be necessary, and every shareholder shall remain liable for any of the said calls which may remain unpaid, and for all interest or expenses thereon so long as such shares shall remain on the Register in the name of such shareholder; but there shall be posted to the address of each shareholder, according to the Register, not less than fourteen days before the due date of each of the before-named six calls, a reminder of the amount due by the said shareholder according to the Register upon the first day of the month preceding the due date of each of such calls. The Directors shall have power to postpone the due dates of any of the said calls if they shall think fit. As to the remaining unpaid capital of the Company beyond the aforesaid total sum of One Pound per share, no further call shall be made except as hereinafter provided, without the sanction of an extraordinary general meeting of the shareholders of the Company for the time being, to be duly convened for that purpose; and whenever any such further call shall have been so sanctioned the same shall be deemed to have been made at the time when the resolution of such extraordinary general meeting authorising such calls shall have been passed; and any such call as last aforesaid shall be and become payable at such time or times and such place or places as shall be named or appointed by the Directors.

9. If an emergency arise, which in the opinion of the Directors makes it expedient that a call or calls should be made upon the shareholders, the Directors may make such call or calls at such time or times and in such manner as they shall think fit, without it being necessary to refer the matter to a general meeting of the Company.

10. If before or on the day appointed for payment any shareholder does not pay the amount of any call to which he is liable, then such shareholder shall pay interest for the same at the rate of fifteen pounds per cent, per annum from the day appointed for the payment thereof to the time of the actual payment.

11. The Directors may, if they think fit, receive from any of the shareholders willing to advance the same, all, or any part of the monies due upon the respective shares beyond the sums actually called for; and upon the monies so paid in advance, or so much thereof as from time to time exceeds the amount of the calls then made upon the shares in respect of which such advance has been made, the Directors may pay interest at such rate as the shareholder paying such sum or sums in advance and the Directors may agree upon.