3786
THE NEW ZEALAND GAZETTE.
[No. 88

SHARES.

1. Each member shall pay to the association immediately upon the allotment of his shares the
   sum of one shilling for every share allotted to him. Subject as aforesaid the shares shall be under
   the control of the directors, who may allot the same to such persons on such terms and conditions and
   at such times as the directors think fit.

2. If by the conditions of allotment of any share the whole or part of the amount thereof shall
   be payable by instalments, every such instalment shall when due be paid to the association by the
   person who for the time being shall be the registered holder of the share.

3. The joint holders of a share shall be severally as well as jointly liable for the payment of all
   instalments and calls due in respect of such share.

4. The association shall be entitled to treat the registered holder of any share as the absolute
   owner thereof, and accordingly shall not be bound to recognize any partial, equitable, or other claim
   to, or interest, or any interest in the nature of a trust or otherwise in any shares, or any other right in
   respect of any shares, save as herein provided.

CALLS.

5. The directors may from time to time make such calls as they think fit upon the members in
   respect of all moneys unpaid on the shares held by them respectively, and not by the conditions of allot-
   ment thereof made payable at fixed times, and each member shall pay the amount of every call so
   made on him to the persons and at the times and places appointed by the directors. A call may be
   made payable by instalments.

6. A call shall be deemed to have been made at the time when the resolution of the directors
   authorizing such call was passed.

7. Fourteen days' notice of any call shall be given specifying the time and place of payment and
   to whom such call shall be paid.

8. If the sum payable in respect of any call or instalment be not paid on or before the day appointed
   for payment thereof, the holder for the time being of the share in respect of which the call shall have
   been made or the instalment shall be due shall pay interest for the same at the rate of six pounds per
   centum per annum from the day appointed for the payment thereof to the time of the actual payment.

9. On the trial or hearing of any action for the recovery of any money due for any call it shall be
   sufficient to prove that the name of the member sued is entered in the register of members of the
   association as the holder, or one of the holders of the shares in respect of which such debt accrued;
   that the resolution making the call is duly recorded in the minute-book, and that notice of such call
   was duly given to the member sued in pursuance of these regulations; and it shall not be necessary
   to prove the appointment or qualification of the directors who made such call, nor any other matter
   whatsoever; and the proof of the matters aforesaid shall be conclusive evidence of the debt.

10. The directors may, if they think fit, receive from any member willing to advance the same
    all or any part of the money due upon the shares held by him beyond the sums actually called for;
    and upon the money so paid in advance, or so much thereof as from time to time exceeds the amount
    of the calls then made upon the shares in respect of which such advance has been made, the association
    may, if the directors think fit, pay interest at such rate as the member paying such sum in advance
    and the directors agree upon; but no shareholder shall be entitled as of right to any interest on any
    money so paid in advance, and the directors may decline to pay any interest.

FORFEITURE AND LIEN.

11. If any member fails to pay any call or instalment on or before the day appointed for the
    payment of the same the directors may at any time thereafter during such time as the call or instal-
    ment remains unpaid serve a notice on such member requiring him to pay the same, together with
    any interest that may have accrued and all expenses that may have been incurred by the association
    by reason of such non-payment.

12. The notice shall name a day (not being less than fourteen days from the date of the notice)
    and a place or places on and at which such call or instalment and such interest and expenses as
    aforesaid are to be paid. The notice shall also state that in the event of non-payment at or before
    the time and at the place appointed the shares in respect of which the call was made or instalment
    is payable will be liable to be forfeited.

13. If the requisitions of any such notice as aforesaid are not complied with, any shares in
    respect of which such notice has been given may at any time thereafter before payment of all calls
    or instalments, interest, and expenses due in respect thereof, be forfeited by a resolution of the
    directors to that effect. Such forfeiture shall include all dividends declared in respect of the forfeited
    shares and not actually paid before the forfeiture.

14. No share shall be forfeited without the consent of the Board.

15. When any share shall have been so forfeited, notice of the resolution shall be given to the
    member in whose name it stood immediately prior to the forfeiture; and an entry of the forfeiture,
    with the date thereof, shall forthwith be made in the register.

16. Any share so forfeited shall be deemed to be the property of the association, and the
    directors may sell, reallot, and otherwise dispose of the same in such manner as they think fit.

17. The directors may by resolution, at any time before any share so forfeited shall have been
    sold, reallotted, or otherwise disposed of, annul the forfeiture thereof upon such conditions as they
    think fit.

18. Any member whose shares have been forfeited shall notwithstanding be liable to pay, and shall
    forthwith pay, to the association all calls, instalments, interest, and expenses owing upon or in respect
    of such shares at the time of forfeiture, together with interest thereon, from the time of forfeiture
    until payment, at six per centum per annum; and the directors may enforce the payment thereof
    if they think fit.