‘The Press’ Complies With News Media Act
“The Press” complies with all provisions of the News Media Ownership Act, 1965, a survey of shareholders in the Christchurch Press Company, Ltd., has shown.
About 94 per cent of “The Press” shareholding is in the hands of New Zealand people. All shareholders in “The Press,” and other New Zealand newspapers, have been required to complete a statement of domicile, under the provisions of Section 8 of the News Media Ownership Act. The purpose of the Act is to ensure that at least 80 per cent of the shares in newspapers “having a substantial circulation” is held in New Zealand and that no overseas company or person has more
than a 15 per cent interest. The Act also restricts the voting powers of shareholders domiciled outside New Zealand, and authorises newspaper companies t ■ refuse membership to persons so domiciled.
Only about 20 persons domiciled outside New Zealand held shares in the Christchurch Press Company, Ltd., said Mr R. A. Barker, the company’s secretary, yesterday. “The shareholding is mostly in the hands of Canterbury people,” he said. “We find as a result of the required survey on shareholders’ domicile that we need take no further action to comply with the new Act,” said Mr Barker.
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Bibliographic details
Press, Volume CIV, Issue 30947, 31 December 1965, Page 12
Word Count
211‘The Press’ Complies With News Media Act Press, Volume CIV, Issue 30947, 31 December 1965, Page 12
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Acknowledgements
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