Jan. 30.] THE NEW ZEALAND GAZETTE. 151

Meetings.

3. Meetings of the Board shall be convened by notice given, posted, or telegraphed to each member of the Board by the Chairman of the Board, or by its manager, secretary, or other principal officer, and a meeting shall be convened whenever any member of the Board so requests.

4. All meetings held in Wellington shall be held at the office of the Board, and a meeting shall be held in Wellington at least once a month. Two members present at a meeting form a quorum, and may exercise and discharge the powers and functions of the Board.

5. The Chairman shall, as far as practicable, attend every meeting, but no meeting shall be deemed invalid by reason of his absence therefrom. He shall preside at all meetings at which he is present.

6. In the absence of the Chairman the members present at any meeting shall appoint one of their number to preside as Acting-Chairman, and he shall have all the powers of the Chairman.

7. All questions arising at any meeting shall be decided by a majority of votes of the members present.

8. The Board shall cause minutes to be duly entered in a book provided for the purpose, and such minutes shall contain a faithful record,—
   (1.) Of the names of the members of the Board present at each meeting thereof;
   (2.) Of all matters which come under the consideration of the Board, and the resolutions, orders, or directions of the Board thereon;
   (3.) Of generally all the proceedings of the meeting.
   The minutes of every meeting shall be read over at the next succeeding meeting, and, after being corrected in any particular in which they may be found to be erroneous, shall be confirmed by the Board and signed by the Chairman.

9. Subject to the foregoing regulations relating to meetings, the members of the Board may meet together for the despatch of business, adjourn, and otherwise regulate their meetings as they think fit.

Chairman.

10. The services of the Chairman are to be exclusively devoted to the Board and the affairs thereof, and he is charged with the duty of seeing that its resolutions, orders, and directions are given effect to and carried out.

Vacation of Office.

11. In addition and without prejudice to the powers of removing members conferred by the said Act, the office of a member of the Board shall be vacated,—
    (1.) If he becomes bankrupt or executes a deed of arrangement or composition for the benefit of his creditors; or
    (2.) If he is found lunatic or becomes of unsound mind; or
    (3.) If, without special leave of absence from the Board, he absents himself from three consecutive monthly meetings held in Wellington, as provided by No. 4 of these regulations; or
    (4.) If he resigns his appointment by notice in writing to the Governor or to the directors of the bank who, as the case may be, appointed him; or
    (5.) If he holds any other office or place of profit under the Board; or
    (6.) If he is concerned in or participates in the profits of any contract with the Board; or
    (7.) If he participates in the profits of any works done for the Board; or
    (8.) If, having been appointed by the Governor or the aforesaid directors, as the case may be, he is removed by the Governor or the directors, as the case may be:
    Provided that a member shall not be deemed to be concerned in or to participate in the profits of any contract with or work done for the Board by reason merely of his being a member of any registered or incorporated company which has entered into any such contract or done any such work; but he shall not vote in respect of any such contract or work, and if he does so vote his vote shall not be counted.

Powers and Functions.

12. It shall be the duty of the Board to administer the assets for the time being under its control with a view to the speedy sale and realisation thereof to the best advantage, and, pending any sale or disposal, to carry on any stations or estates thereto, and manage the live-stock belonging thereto, and generally to administer the assets under its control, so as to turn the same to account and render the same productive of income.

13. It shall also be the duty of the Board, as regards the assets under its control, to observe and comply with all laws and regulations relating to fencing and the destruction of rabbits, and all other laws and regulations incumbent on the owners or occupiers of land or the owners of live-stock.

14. Without prejudice to the other powers, authorities, discretions, functions, and duties conferred by the said Act or these regulations, the following shall be vested in the Board, that is to say,—
    (1.) It may take such steps as it thinks fit in order to assume and maintain control and possession of the assets vested in the Board by the said Act.
    (2.) It may appoint, and at its discretion remove or suspend, a general manager, and also such agents, officers, clerks, station-managers, and servants for permanent, temporary, or special services as from time to time it thinks fit; and may define their powers and duties, and fix their salaries or wages; and may require security in such instances and to such amount as it thinks fit: Provided that generally and except in special cases no permanent appointment shall be made on such terms as to require more than three calendar months’ notice for its determination by the Board.
    (3.) It may take as tenant, either for a term of years or on yearly, monthly, or other tenancy, such offices and other premises as from time to time are deemed requisite for the discharge of the functions of the Board, and that at such rent and upon such terms and conditions as the Board considers reasonable: Provided that no such tenancy shall in any case be for a longer period than nine years.
    (4.) It may, with the consent of the bank or Estates Company, as the case may be, engage the services from time to time, and either temporarily or otherwise, of such officers, clerks, and servants of either the bank or the Estates Company as are agreed upon, and that on such terms as to salary or remuneration and otherwise as are thought fit.
    (5.) It may, with the consent of the bank or the Estates Company, as the case may be, from time to time occupy and make use of any office or premises forming part of the offices or premises of the bank or the Estates Company, and that on such terms as to rent or remuneration as are agreed upon.
    (6.) It may institute, conduct, defend, compound, or abandon any legal proceedings by or against the Board or concerning the affairs of the Board; and also may compromise and settle any claims or demands by or against the Board, or relating to the property and affairs of the Board, on such terms as it thinks fit.
    (7.) It may refer any claims or demands by or against the Board to arbitration, and observe and perform the awards.
    (8.) It may keep and overdraw a banking account, and draw, accept, indorse, make, and negotiate bills of exchange, promissory notes, and other negotiable instruments.
    (9.) It may lease, purchase, and acquire any land or estate, or interest in land, or any personal property deemed desirable for obtaining the entirety of interest in any estate or block of land in which the Board is interested, or for the more convenient working or use of any estate or property under the control of the Board, or for rendering any asset under the control of the Board more saleable, productive, or efficient. For accomplishing any of these objects the Board may, in its discretion, carry out and complete any negotiations or contracts entered into or made by the Estates Company or the Auckland Agricultural Company (Limited) for the acquisition of any land or estate, or interest in land, or any personal property.
    (10.) It may from time to time appoint attorneys and agents in England and elsewhere for such purposes, and with such powers and functions, and upon such terms as to remuneration and otherwise as it thinks fit, and may execute such powers of attorney and other instruments of appointment and revocation as it thinks fit in the premises: Provided that no such attorney or agent shall be empowered to do any act which the Board itself could not lawfully do.
    (11.) It may enter into all such negotiations and contracts, and rescind and vary contracts, and execute and do all such acts, deeds, instruments, and things as it considers expedient for the purpose of selling, working, managing, leasing, turning to account, rendering productive, transferring, realising, disposing of, and generally administering the assets and properties for the time being under its control, and exercising the