Bank of New Zealand Act 1904
Bank of New Zealand Act 1904
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Bank of New Zealand Act 1904
Public Act |
1904 No 2 |
|
Date of assent |
18 July 1904 |
|
Contents
An Act to make Further Provision respecting the Bank of New Zealand.
BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—
1 Short Title.
The Short Title of this Act is “The Bank of New Zealand Act, 1904”
; and it shall be read with “The Bank of New Zealand Act, 1903”
(hereinafter called “the principal Act”
), and be deemed to have been in force as from the date of the passing of that Act.
2 Priority of capital stock.
The capital stock referred to in paragraph (a) of section eleven of the principal Act shall have priority, both as to capital and dividend, as against the assets of the Bank, over all existing shares of the Bank, whether preference or ordinary.
3 Form of stock.
Such stock, or any portion thereof, may be issued either in the form of stock certificates or warrants to bearer, as prescribed by paragraph (b) of section eleven aforesaid, or as registered stock which shall be transferable by deed or otherwise as the directors may determine, in such amounts and subject to such regulations as the directors may prescribe, and certificates may be issued in respect of such registered stock.
4 Issue of fresh certificates on transfer, &c., of stock.
(1.)
Fresh certificates or warrants may be issued on the subdivision of stock, or in exchange or substitution for certificates or warrants surrendered upon transfer or otherwise, or for certificates or warrants lost or destroyed.
(2.)
The issue of any such fresh certificates or warrants shall not be deemed to be an issue of stock in excess of the sum of one million pounds sterling within the meaning of the proviso to paragraph (e) of section eleven aforesaid.
5 Certificates and warrants to be countersigned.
All certificates or warrants, whether issued to bearer or for registered stock, including the certificates or warrants referred to in sections three and four hereof, shall be countersigned as prescribed by paragraph (c) of section eleven aforesaid; and the Controller and Auditor-General, or other person appointed pursuant to that paragraph, is hereby empowered to countersign accordingly: Provided that before countersigning any certificates or warrants to be issued in exchange or substitution for surrendered, lost, or destroyed certificates or warrants, the officer countersigning shall satisfy himself as to such surrender, loss, or destruction, and he may, if he thinks fit, in the case of a lost or destroyed certificate, require such indemnity to be taken by the Bank as to him seems proper.
6 Auditors.
With respect to the Auditors of the Bank the following provisions shall apply:—
(a.)
The limit of time fixed by section forty-seven of “The Bank of New Zealand and Banking Act, 1895,”
is hereby abolished, and all the statutory powers of appointment and otherwise exercisable by the Governor in Council, the Colonial Treasurer, and the Agent-General respectively with respect to the Auditors shall continue to subsist until other provision in that behalf is made by Act.
(b.)
The term for which the Auditors may be appointed may be any period not exceeding seven years.
(c.)
Where an officer in the employ of the Bank who is also a member of the Association constituted by “The Bank of New Zealand Officers’ Guarantee and Provident Association Act, 1900,”
is appointed one of the Auditors, he shall, whilst holding the office of Auditor, be deemed to be an officer in the employ of the Bank for all the purposes of the last-mentioned Act, and clause nine of the rules set out in the Schedule to that Act is hereby modified accordingly.
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Versions
Bank of New Zealand Act 1904
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