MINING- COMPANY'S ACT AMENDMENT.

Press, Volume LIV, Issue 9836, 20 September 1897, Page 6

MINING- COMPANY'S ACT AMENDMENT.

(PRESS ASSOCIATION TELEGRAM.) WELLINGTON, September 10. The Mining Company's Act Amendment Bill, to be introduced by the Government this session, provides that every foreign mining company doing business in this colony shall make adequate provision in New Zealand for transfers of its shares and for the execution and issue in New Zealand of scrip certificates or other documents of title. It shall cot be lawful for any shareholder to be entered on both the colonial and foreign shareholders' registers at the same time in respect to the same shares. There is a provision in the Bill that at any sale of forfeited shares in a' non-iiSbility company, if the shares cannot be sold for a sum sufficient the meet the call due upon it they ma}' be withdrawn by the Directors and shall become the property of the Company. This clause is designed to put a stop to a practice which has grown up on the part of those whose shares have been forfeited by preventing them from purchasing the shaves back at a nominal figure when they are offered at auction. It is also provided by the Bill that in every case in which a debt is incurred by a non-liability Company the. Directors shall be personally responsible for it, but no Director shall be liable for any debt incurred without his knowledge or if he proves that he protested against it in writing.