COMPANIES BILL

Press, Volume CVI, Issue 31190, 14 October 1966, Page 21

COMPANIES BILL

“Locking The Stable” (N.Z. Press Association) WELLINGTON, Oct. 12. With the Companies Amendment Bill the Government was attempting to lock the stable door before the horse bolted, the AttorneyGeneral (Mr Hanan) told Parliament tonight during the second-reading debate on the bill. Dr. A. M. Finlay (Opp., Waitakere) said the bill was an involved and highly-tech-nical piece of legislation. The most important of the amendments the bill makes to the Companies Act deals with prospectuses and protection for debenture-holders and depositors. Dr. Finlay referred to the procession of witnesses which had appeared before the Statutes Revision Committee. They ranged “from the profound to the ingenious.” Committee members were appalled at the lack of capacity of some people soliciting from the public—and received hundreds of pounds from them. The committee was concerned to prevent a company failure resulting in a loss for those who had put their money into the hands of such people, said Dr. Finlay.

S.C.M. Secretary.—Miss D. Pond has been appointed Teachers’ College secretary for the Student Christian Movement for 1967. Her appointment will begin at the annual summer conference of the movement, which is to be held at Nga Tawa College, near Marton, from December 29 to January 4.