CONTRIBUTING SHARES
Protection For Sellers
The Sydney Stock Exchange is investigating ways to protect holders of contributing shares. The general seerdtary (Mir D. M. Butcher) reported this after comiplaiints by several original shareholders in Land Planning and Development, Ltd., which made a public issue of 600,000 5s shares,
payable 2s 6d on application, in June, 1960. The shareholders say they sold their shares before the 2s 6d call was made in February, 1961, but their share transfers were not presented tor registration by the buyers. This left the sellers still the legal shareholders and liable for the call.
“Legal advice is beim; sought and a submission '"il be considered at the next meeting of the Australian Associated Stock Exchanges,’’ Mr Butcher said.
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Bibliographic details
Press, Volume CII, Issue 30043, 30 January 1963, Page 15
Word Count
122CONTRIBUTING SHARES Press, Volume CII, Issue 30043, 30 January 1963, Page 15
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