in Notes With two dissentients, a resolution whereby holders of the $18,000,000 debenture issue of Central Properties, Lid, accepted payment of the half yearly Interest. due on June 30\ in "Bank notes made legal tender by the was passed at a general meeting held Central Government last November In the board room of B, D. Sassoon
pam. last Wednesday.
900 were represented, directors present being Messrs, F. R. Davey, A. K-MacEwan, C. J. Meager, Tsuyee Pel, and Li Ming. When 3 similar resolution was. put to a meeting on December 2 last year concerning the Interest due at the end of the year, '2 considerable amount of opposit Jed principally by the trustees of the SMC, Pension and Superannuation Funds, was received, being only passed afler a long discussion, The funds spokesman insisted the company meet its legal obligations under the silver clause in the de-dentures, "The resolution before the meeting 'That holders of debentures in the company's outstanding debenture issue "31,000,000 hall secept. in payment ind' satisfaction of the. halt yearly interest on such debentures falling due on June 20, 1600, bank notes made legal Tender by the national decree of the Chinese "Government. which became! effective on November %, 1985, and to the extent of such payment a mnodifiaton of the rights of the said debenture holders is hereby sanctioned, When the meeting opened, Mr. Davey said that a letter had" been received from the trustees of Central Properties Ltd, appointing him chairman of the meeting.
"This meeting of debenture holders of Central Properties, Ltd, has been convened in accordance with the provisions of the trust deed for the purpose of considering the extraordinary Fesolution you have just heard read and of which due notice has been itiven," he said.
The Voting Last Year As yor are aware, a similar solution was passed by the requisite majority at a meeting held in December last, the exact figures of the voting being debentures representing $11,503,800 for. the resolution and $1,116,500 against. I dealt very fully then with the question of the Silver Clause in our. debentures and the currency situation generally, and 1 40 not propose on this occasion to do other than submit the resolution to you would point out, however, that it refers to the payment of interest due to June 30 only," he concluded, "ang is not in anyway prejudicial to the rights of debenture holders Ju respect of any future payments."
Upon the resolution being put to the meeting, nine voted for, and two against, whereupon the chairman marked:—"The resolution is carried by the requisite majority."
Text read from the printed page and cleaned; old type leaves the occasional error.