An extraordinary meeting of the shareholders of this Association was held on Monday afternoon xt the offices of the Secretativs, Messrs, Russell & Cv.
BMr. F. D. Bus presided, and there were also present Messre, J. F, Rodewald and H, J. Such (directors), G. M, Ford, Knights, 5. H. Oxley, X.S, Harvey, Y. A. Gubbay, F. J. Green, M. C. Nickels, J. Buchanaw, KG. Ogle, D C, Campbell, W. Allanson, and W, 8, Jackson repre souting 5,524 share The Cxamwax—Gentlemen, permission I will ope being w quorum will you read the notice conve Mr. Jackson read the notice accordingly, The CuarusaN snid—Gentlemen, your Directors have been for some time past in consultation with the London Committee and their legal advisers with reference to certain proposed amend the Arti" cles of Association, wud they now lay by. fore you the results of their careful del berate The draft of the pro ridments has been in your hands since the 19th ultimo, and you will observe it provides for changes in Articles 87 to 103, both inclusive. Lhe most important alterations are ty be found in the revised articles Nos. 06 and 97. The changes in the other articles for thy most part arise out of th alterations and have no special The consolidation of the Perma Special Reserve Funds having been suggested during the course of the revision after careful tion. had the approval of your Directors, Under the previous orgaviastion of the Associnti the nominal capital, on which interest was paid by the underwriting Account, was very small; and the Permanent though equally capital, us far ws hi svourity was concerned, did not for charge upon the undsewriting Accu! but earned interest only from its invests mints, The distinction betwoon the Per. manvut and Special Reserves no longer existed when on the formation of " Linlted Company nearly wil the accumulations were capitalised, and your Directors are of opinion that the ction in the Articles of Association was retained merely by inadvertence. The proposed alterations in the Articles will place them in a oleate: he text hes there into now paragraphs solely with a view to keeping Intact the presen ber of Articles, Agcording to the existing Articles no extra dividends or bonuses can be paid out of Reserves until the Permanent Reserve Fund amounts to £50,000. Under the proposed amendments this restriction will no Tonger exist; and your Directors are of opinion that the alterations now submitted mill prove of material benefit to the mem bers when, in the course of events, it bee comes practicable to increase the returns to all who are interested in the welfare of the Assucintion.
Mr. Ropewauv proposed—" That the Articles of Assuciation be revised by the substitution for Articles 87 to 103 inclusive of the Articles us per circular from the Secretaries dated 19th August, 1880."
Mr, Oxzey seconded the motion, and it carried unanimously.
The Cainax—Gentlemen, I have nothing further to say, except that wa shall be obliged t" call another meeting within not less than fourteen clear days to conficin the alterations passed.
The meeting then closed with a vote of to the Chairman,
Text read from the printed page and cleaned; old type leaves the occasional error.