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conditions thereinafter mentioned, subject to the confirmation of the High Court of Justice in England and Ireland, and the Court of Session in Scotland; provided that shareholders dissenting from such special resolution, and holders of debentures or debenture stock charged on the undertaking of the Company, (there are no such holders in our case) and any person or class of persons whose interests would, in the opinion of the Court, be directly affected by the proposed alteration should, subject to rules to be made for the purpose by the Court, have power to appear before the Court and show cause against the confirmation of such special resolution.
The limits and conditions above referred to are therein fully set forth, and as regards these, my Directors would make the following observations: - Condition (1) Our proposed Ordinance complies with this condition in every respect as the new or extended objects are cognate with or ancillary to the principal objects of our Company expressed in its Memorandum of Association. Condition (2) Our proposed Ordinance complies with this condition also, as our application for the proposed alteration is based upon circumstances which have arisen since the registration of the Company, namely that in several instances since that event the Directors have been compelled to refuse business out of the Colony which, had it been in the Colony, they might have effected under the present Memorandum of Association, and which was of a considerably more remunerative nature than the business which could have been effected here. It would consequently be beneficial to the best interests of the Company if the latter possessed more extended powers cognate