Parker, seconded by Mr. G. Grayrigge: That Messrs. Lowe, Bingham Matthews be re-elected auditors to the Company for the ensuing year.
Extraordinary General Meeting an_ extraordinary general meeting which followed, the chai:- man said:—Gentlemen,—This meeting has be {been called for the purpose of making a small alteration in the company's Articles of Association, so as to bring them into line with those of practically all the other local companies in the same line of business.
As you are aware, it has become the custom in Shanghai: for a member of the firm of secretaries to have a seat on the board, an arrangement which has many ad. vantages in working.
Under Article 79 (a) as it now stands, this is impossible without making such member a managing director, the position which I now hold. This does not appear to the board to be a desirable course to adopt as a permanency and they have therefore convened this Meeting to ask you to sanction the following alteration to Article 79 (a), which at present reads as follows:
"The office of a director shall ipso facto be vacated if he holds any other office under the company except that of managing director." to this it is proposed to add the words "Membership of a firm which holds under the company the office of secretaries or general managers to the company shall not cause the office of a director to be vacated.""
Before formally putting this resolution to the meeting, I shall be pleased to answer any questions, There being no questions, the motion was seconded by Mr. J. it. McMichael and carried unanimous-
Text read from the printed page and cleaned; old type leaves the occasional error.