Shares

7. No person shall be deemed to have accepted any share in the Company unless he shall have signified his acceptance of the same by his signature, in such manner as the Directors may appoint, or, being an original applicant for such share, he shall have signed a written or printed application for the same, and the same shall have been allotted to him by or on behalf of the Company, or being a transferee of any share he has testified his acceptance thereof by writing under his hand in such form as the Company from time to time directs.

8. The capital of the Company is £50,000 in 10,000 shares of £5 each. Five shillings per share is payable on application, Five Shillings on allotment, and the residue by calls of Five Shillings per share at intervals of not less than one calendar month.

9. 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 centum per annum from the day appointed for the payment thereof to the time of the actual payment.

10. 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.

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11. And whereas the Directors of the Company purchased from Frederick George Moore, and John Fortescue Evelyn Wright, and certain other persons who are hereinafter called the promoters, their interest in a lease of land in the Nelson District, and agreed that as the consideration for the purchase of the same the promoters should be allotted One thousand four hundred paid up shares of the Company. Now, the Company do hereby ratify and confirm the said agreement with the promoters, and authorise the Directors as soon as a proper and satisfactory transfer of the said lease shall have been completed to allot to the promoters One thousand four hundred paid up shares in the Company.