extraordinary general meeting of shareholders in the Shanghai Hotels. Ld, was held on December 23, atthe head office of the Company, No. 14 Kiukiang Road, to confirm certain special resolutions passed at an extraordinary meeting of the Company held on the 8th instant. Mr. Brodie A. Clark presided, supported by Messrs. Edward Ezra and Dr. N. Hay Bolton (Directors) and Mr. E. Burrows (Secretary), and the total number of shareholders present represented 104 founders' and 39,708 ordinary shar The secretary having read the notice convening the meeting, the Chairman said that the only business was to confirm certain resolutions passed at the extraordinary general meeting hold on December 8. The resolutions were as follows That the Articles of Association be altered in manner following (a) Articles 4, 5,6 and 7 shall be cancelled.
The following Articles shall be substituted for article ey, namely, "Upon a show of hands every member present in person and every pray present who is not a member shall have one vote and upon a poll every member present in person or by proxy shall have one vote for every share held by him,"
(c) The following article shall be substituted for Article 135 namely "'(a) Out of the net profits of the Company for the year 1920 the holders of Kounders' shares shall be entitled to the sum of $183,577.50. by way of dividend but such sum shall not be paid to or distributed among them but shall be applied to the subscription at par of 24,477 ordinary shares and such shares shall be allotted to the holders of Founders' shares in the proportion of 199 ordinary shares to each Founder's share."
"(b) Subject as aforesaid the profits of the Company shall be divisible among the members it. proportion to the capital amount paid up on the shares held by them respectively."
(ad) The following Article shall substituted for Article 175, namely, "If the Company shall be wound up and the assets available for distribution among the members as such shall be insufficient: to repay the whole of* the paid up capital such assets shall be distributed so that as nearly as may be the losses shall be borne "by the members in proportion to the capital paid up or which ought to have been paid up at the commencement of the winding up on the shares held by them respectively. And if in a winding up the assets available for distribution among the members shall be more than sufficient to repay the whole of the capital paid up at the winding up the excess shall be distributed amongst the members in proportion to the capital at the commencement of the winding up paid up or which ought to have been paid up on the shares held by them respectively. But this clause is to be without prejudice to the rights of the holders of shares issued upon special terms and conditions under the provisions of Article 58."
'That the 123 Founders' shares in the Company of $7,50 each be reorganized
Text read from the printed page and cleaned; old type leaves the occasional error.