Newcastle Steamship Company's Preferential Shares Act (1886 No nsc) (NSW)

Newcastle Steam - autliorizG tliG issuc of Preferential

s l i i i ’ Com pany’s P k efeijen tia l

SUAEES.

Shares by the ‘'JSTewcastle Steamship Com­

pany (Limited).” \2Sth May, 1886.]

Preamble.	V^ynEPuEAS the “ Newcastle Steamship Company (Limited)” a
T V
Company established and registered under the provisions ot the “ Companies Act” has a present capital of sixty thousand pounds fully paid-up hut hy I’eason of the increase of its operations such capital is insufficient and it has heen considert'd desirable to increase the same hy the issue of preferential shares Be it therefore enacted hy the Queen’s Most Excellent Majesty hy and with the advice and consent of the Legislative Council and Legislative Assembly of New South "Wales in Parliament assembled and hv the authoritv of the • tJ
same as follows :—

Capital may be

increased by tbe	1. Tlie directors of tlu' said Company may increase the capital shares of one pound each not ('xceeding in the whole the number of sixty thousand subject to such deposits calls and conditions as the said directors may think fit.
issuc of preferential	thereof hy the issue at one time or from time to time of preferential
shares.

' 2.

1886. 49« YIC. 18

Board’s Settlement.

2. Tli(! said prc^fcrential share's shall ('iititlo the hohh'rs thereof Dividends on

to a h;df-yearly preferential divide'iid at the rate of tcii per centum per annnm on the amount froin time to time paid up therc'on Should the iK't ])rofit of ;uiy half-year iiot he sufficient to pay such prefc'rcntial dividend the deficiency shall he ])referentially payable out of the net profits of succccdiu" half-years the holders of ordinary shares shall not he entitled to any di ̂idc'ud until the claims of the preferential shareholders have heen fully satisfied If the net profits of any half- yc'ar after the payment of the preferential dividend he more than sufficient to pay a dividend at the like rate on ordinary shares the preferential shareholders slnill he c'ntitled to participate in any further dividend that may he declarc'd.

8. In the event of Ihe said Company heini>’ Avonnd-np and the Pi't'forcntiai simrcs

assets thereof after payment of all liabilities and expenses not proving sufficient to repay the whoh' of the capital paid-nji the holders of the said preferential shares shall he entitled to receive tlie amount of capital paid-up hy them Ix'forc any j)aymcnt shall he made to the holders of ordinary shares.

4. This Act may he cited as the “ Newcastle Steamship Com- Hiiort title,

pany’s Preferential Shares Act.”