The extraordinary general meeting followed immediately, Mr. John Prentice presiding.
The Chairman said, in part:—The sub-division of capital, reducing the present fully paid-up share from 3100 to 10 shares of 10 each fully paid-up, is most desirable now that the Association undertakes marine, fire, automobile, household and practically branches of insurance, except life, for the sub-division will make the shares accessible to a wider circle of investors and contributors, and the larger number of shareholders a company undertaking the classes of insurance I have just enumerate ed, the larger number of supporters it will have.
The increase proposed in the authorized capital from $1,200,000 to $2,500,000 is intended to provide and be prepared for, at shorter notice than could otherwise be possible, opportunities which may arise to acquire the shares, or the control of the shares, of other companies carrying on insurance business more or less similar to that carried on by the Yangtsze.
There were no questions, and the following resolutions were put to meeting and carried wnanionous-
(1) That each of the existing shi of the Association be divided into 10 shares of $10 each.
(2) That the capital of the Association be increased to $2,500,- 000 by the creation of 130,000 shares of $10 each.
That the new articles already approved by this meeting and for the purposes of identification subscribed by the Chairman thereof be and the same are hereby approved, and that such articles be and they are hereby adopted as the articles of the Association in substitution for and to the exclusion of all the existing articles thereof.
Text read from the printed page and cleaned; old type leaves the occasional error.