1st, That every shareholder take out one person, if the person is above 7 years of age, for each share; and in the case of children under 7 years, two persons for each share (the shareholder counting one should he or she go out). In case of an odd child under 7, to be allowed to take in lieu a half share, and possession of the property purchased by the share funds, to be obtained only after the person or persons covering the share shall have arrived at the place, excepting in the case of death on the passage, which will be held the same as the arrival: That no sailor, unless he is a shareholder, or carry out a wife or family, be allowed to cover a share.

2d, That should any shareholder fail to embark a person or persons to cover his or her lot or lots in New Zealand, within three years from the time of the sailing of the first expedition, or such person or persons fail to arrive in regular time, death on the passage alone excepted, such lot or lots shall be sold by the Company, and the subscribed money returned to the subscriber, should the proceeds amount to as much. In case the proceeds should be below the subscribed money, the proceeds only to be remitted.

3d, That for each share, the amount of subscribed capital be L.28 for investment in New Zealand, and a specific sum for passage, and New Zealand provision supply of meal, flour, and rice for one year. That for an adult this sum be L.16 for passage, and L.6 for provision in New Zealand,—in all L.50 per share; but in the case of the shareholder taking out children to cover shares, under 14 years of age, when embarked, that the passage and New Zealand provision-money be as follows:—Below 1 year, when embarked, L.1, 10s.; below 2 years, L.2, 5s.; below 3 years, L.3, 10s., and L.1, 10s. for every year more till the age of 14. The provision-supply in New Zealand, being for children under 3 years of age, when embarked, one-fourth of that of an adult; between 3 and 6 years, one-half; between 6 and 9, three-fourths; and above 9 the same as an adult. A family consisting of more than cover its shares, to pay L.22 for an adult, and for children in proportion.

4th, That each subscriber pay up L.10 upon each share, by approved bill due on ... and the remainder when the Committee shall appoint, by approved bill, including interest, or by cash; notice of 20 days being given should one-fourth be required, and 30 days should a greater portion. That in case any of those the shareholder carries out be not adults, he shall state their age, giving proof of the same, when, according to the above scale in No. 3, a deduction will be made on the sums to be paid, in proportion as the whole sum he has to pay falls short of L.50 per share. Any one failing to pay according to these regulations, to forfeit 5 per cent. of the money he has given bill for or advanced, should the delay of payment be less than one week, and to forfeit 10 per cent. of his money for every week of delay, ten weeks’ delay forfeiting the whole money he has given bill for or advanced; excepting in the case of the shareholder dying, when his or her payment will be returned to the heir or heirs, should he, she, or they not wish to continue shareholders. Shares to be transferable.

5th, That in Britain, and previous to the expiry of the fourth year in New Zealand, each shareholder above 18 have a vote for each share until the number of shares exceed 10, but, however many shares more, not to have more than 10 votes. That the same rule be observed in all property affairs of the Company, in New Zealand; but in all political affairs in New Zealand, that every British settler in the Scots territory, above 21 years of age, have a vote after the fourth year from the arrival of the first expedition.

6th, That the first expedition, independently of its own funds, take out L.28 of each share, and L.14 of each half share, of the subscribers who are to follow, to be laid out as a New Zealand investment, the remaining L.22, or smaller sum, being left to carry out these following shareholders, and to provision them for a year in New Zealand. The passage provision to be plain and wholesome, any thing beyond this to be charged extra. The funds taken out to be in blankets, iron, tools, implements, utensils, dollars, and other articles suited for traffic with the natives.