Clarence and New England Steam Navigation Company's Act Amendment Act of 1878 No cne (NSW)

ANNO QUADRAGESIMO PRIMO

V I C T O R I A R E G I N E .

All Act intituled "An Act to make preferential

Three thousand one hundred and seventy-

five unallotted Shares of Five pounds each in

the capital of the Clarence and New England

Steam Navigation Company." [5th April,

1878.1

a

WH E R E A S a joint stock Company called " T h e Clarence and N e w England Steam Navigation C o m p a n y " was duly incorporated	by an A c t of the Legislature of New South Wales passed in the twenty-
ninth year of Her present Majesty's Re ign and intituled "An Act to
Incorporate the Proprietors of a certain Company called the Clarence
and New England Steam Navigation Company and for other purposes
therein mentioned" A n d whereas by the deed of settlement of the said Company it was provided that the capital of the said Company should
be thirty thousand pounds divided into six thousand shares of five
pounds each A n d whereas only two thousand eight hundred and twenty-five of these shares have been allotted to and taken up b y the shareholders o f the said Company and there remains three thousand one hundred and seventy-five of such shares unallotted A n d whereas with a view to induce the taking up of the said three thousand one hundred and seventy-five unallotted shares the directors of the said Company have been duly authorized b y a meeting of the shareholders
of the said Company duly convened and held on the twenty-fourth day of Apr i l one thousand eight hundred and seventy-seven to apply for an

A c t

A c t of the Legislahire o f N e w South Wales to authorize the said

directors to issue the unallotted shares and preferential shares and pre­ ferentially entitled to a dividend in the manner hereafter appearing
A n d whereas it is expedient for the well-being of the said Company

and for inducing the said shareholders o f the said Company and others to take up and pay for such unallotted shares that the same should be made preferential and a dividend preferentially paid thereon Be it therefore enacted by the Queen's Mos t Excel lent Majesty b y and with the advice and consent o f the Legislative Council and Legislative
Assembly of N e w South Wales in Parliament assembled and by the
authority of the same as follows : —

1. The three thousand one hundred and seventy-five unallotted shares of five -pounds each in the capital stock of the said Company shall be and the same are hereby declared to be preferential shares and the holders of such shares as shall hereafter bo paid up in full shall be entitled in the event of the dissolution or the winding up of the said Company to payment of the amount of such shares out of the assets of the said Company in preference to the holders of the said two thousand eight hundred and twenty-five previously allotted shares.

2. Dur ing the continuance of the said Company a dividend after

the rate of ten pounds per centum per annum shall be paid on such preferential shares at every half-yearly general meeting of the share­ holders of the said Company out of the net profits of the said Company
if such profits be sufficient and if such profits shall not be sufficient in
any half year to pay a dividend at such rate then the same or the amount deficient shall be paid out of the future net profits of the Company and until so paid shall be a charge thereon.

3. The A c t shall be styled and may be cited as the " Clarence and N e w England Steam Navigation Company's A c t Amendmen t A c t

of 1878."