THE COMPANIES ACT

Press, Volume LXXIII, Issue 22195, 11 September 1937, Page 7

THE COMPANIES ACT

CAMPAIGN FOR AMENDMENTS [THE PRESS Special Service.] WELLINGTON, September 10. Mr J. S. Barton is continuing his campaign for amendments of the Companies Act, At its recent meeting,, the executive of the New Zealand Society of Accountants received from the Wellington branch a letter stating that it had been invited by Mr Barton and Mr J. D. McMillan to appoint a representative to attend a special meeting to which proposals would be submitted for the organisation of a prospectus review committee. The conveners were hoping for representation of the New Zealand Law Society, the New Zealand Society of Accountants, the Associated Banks, and the Associated Chambers of Commerce. The review committee would examine prospectuses issued by companies and would give advice for the guidance of investors. Mr J. Mawson Stewart t (Christchurch), president of the society, said that a similar meeting had been held in Christchurch. The feeling there was that the proposal of Mr Barton was not practicable, as it would involve too much delay in the investigation of prospectuses. "The same conclusion was reached in Auckland," remarked Mr E. D. Wilkinson. "I don't think it would work out, practically," stated Mr F. H. Bass (Wellington). Mr Stewart said he thought that the Stock Exchange was acting fairly and promptly in dealing with prospectuses. The executive took no action, beyond authorising the Wellington branch to send a member to the projected meeting without commitment to any of the proposals that would be submitted.