The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1871-08-19 00:00:00

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STOFRBRIDGF. AND KIDDERNTINSTEII

BANK.

"I he thirty-seventh annual general meeting of
the proprietary of the above bank was held iii
thin town on Monday afternoon last; Mr. Zach•
ch.•tis NValker occupying the chair The report
of the directors was received and adopted, ned
a dividend was declared of 10s per share, with
a bonus of 10s per share, being after the rate of
20 per cent, per annum, free of income tax, pay-
able on and after the 91st inst. The sum of
£5,000 was carried to Guarantee Fund No. 2,
created as afterwards mentioned, and the bal-
ance of £1,704 19s 2d was carried to profit and
loss account. The thanks of the meeting were
given to the directors for their careful attention
to the interests of the bank during the past year,
and the thanks of the proprietors were also voted
to Mr. T. D. Thomas, the general manager, for
his able and successful management of the
. bank ; and to the branch managers and other
; officers, for their iittention to their respective
duties. On the report of the scrutineers, Mr.
John Branston Freer and 31r. Thomas Lea.
M.P., were declared elected directors for the
ensuing year. A resolution was also passed,
" That, on and after the day next after the day
of the confirmation of the following resolution,
the regulations of the company, contained in the
deed of settlement hereinafter mentioned to be
modified, substituted, or added to, be, and the
same are hereby modified, substituted, and ad-
ded to, and that in substitution thereof, and in
addition thereto, the following regulations and
clauses be, and the sane are hereby enacted :
" That the capital of the company be in-
creased from £250,000, in Clause 3 mentioned
to £375,000, by the issue, at such time as the
Board may think fit, of 5,000 shares of r 25
each.

" That Clause 66, as altered end amended
.Inly 92, 1839, he repealed, and in lien thereof it
lie eihieted as follows : That as soon as th,
books and accounts shall have been made up
and balanced after the close of each half-year,
as provided by Clause 64, tlie net profits which
shall appear to have been made by the compani
during such preceding half-year, after deducting
therefrom the sum, if any, set apart by the Board
of Directors for the purposes of the guarantee
funds hereinafter provided for, shall be divided
by the directors among the proprietors in pro-
portion to their respective shares, either after
the form of dividends or bonuses.

" That Clause 87, as altered and confirmed
respectively April 11, 1836, and September 8,
1857, be further altered and amended, by enact-
ing that the first proviso in the said clause be
repealed, and that the same be further altereil
and amended by enacting that when and so oho,
as the guarantee fund and its aceuzuulations
thereon shall amount to a sum equal to the then
half paid-up capital, the excess beyond such
amount, and such proportion of the net half-
year's profits as the Board of Directors from
time to time may think desirable, shall be re-
tained by the Board of Directors, in order to
form a guarantee fund, to be called the Guaran-
tee Fund No. 2, which fund shall from time to
time be applicable, at the discretion of the dir-
ectors, to any purposes of the company for which
capital is properly applicable, or to augment the
paid-up capital of the company, or for the pay•
went or equalisation of the dividends am,
bonuses.

" That the word fund,' at the end of the see•
ond proviso in the said Clause 87, be 'eau
• funds.'"

At the close of the proceedings, the best
thanks of the meeting were given to Mr. km-
cheus Walker, for his conduct in the chair.