PROTECTING INVESTORS

Press, Volume CII, Issue 30043, 30 January 1963, Page 8

PROTECTING INVESTORS

Legislation In Australia

HOBART, January 27.

Uniformed legialation will be drafted to give more protection to investor® in companies in Australia. The Tasmanian AttorneyGeneral (Mr Roy Fagan), announcing this at the end of the conference of Federal and State Attorneys-General in Hobart said it would be adopted by the Federal and State goveromenta. Minitesra had received an interim report of the asaociated stock exchangee, which outlined certain action that their sub-committee® would recommend to their constituent bodies to tighten up Hating requirements for the protection of investors. The Mintatera decided that legislation should be prepared to ensure that only qualified and substantial public eompaniea Incotporated in Australia should act m trarteej for debenture hotdera, and trustees should be given adequate powers to protect the interest of debenture hoidero. Mr Fagan said the ministers behoved care should be taken to ensure that a fair balance between the righto of the directoro of the compeny and the righto of debenture holder® wm maintained. could only help to protect the investor.