MORTGAGE FINANCE.
COUNCIL PASSES THE BILL. (Per Press Association.) WELLINGTON, March 22. The Mortgage Corporation New Zealand Bill -was passed by the Legislative Council this afternoon. The Bill was reported from the Statutes Revision Committee with a number of amendments, mainly of a minor nature. The committee recommended that the two joint managing directors should be replaced by a managing director and an assistant managing director, but the amendment- was defeated by 12 to 10. An amendment from the committee providing fqf?' the appointment of a shareholders’ director one year earlier than was proposed by the Bill was agreed to. Qn the motion of Sir James Allen, it was recommended that dividends on shares be reduced from 4J to 4 per cent.
The recommendation will be considered by the House.
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Ashburton Guardian, Volume 55, Issue 138, 23 March 1935, Page 6
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130MORTGAGE FINANCE. Ashburton Guardian, Volume 55, Issue 138, 23 March 1935, Page 6
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