Page 60 Advertisements Column 3

Press, 16 July 1983, Page 60

Public Notices PUBLIC NOTICE COMMITTEE OF INQUIRY INTO SOLICITORS’ NOMINEE COMPANIES NOTICE IS HEREBY GIVEN: 1. That the terms of reference of the said Committee of Inquiry are to Inquire into and report on: (1) The purposes for which solicitors nominee companies are established: (2) Whether there are cases In which the Investment of money through a solicitors’ nominee company is a legitimate means of concealing the Identity of the Investor or the source of the Investor’s funds: (3) The circumstances In which a solicitor Is under a duty to make Inquiries Into the source of funds deposited with the solicitor for Investment through a solicitor’s nominee company: (4) Whether such a duty should be Imposed, extended, or clarified by legislation, and whether any such legislation should refer to or specify the circumstances In which a solicitor Is put on Inquiry: (5) The circumstances (if any) In which a solicitor who suspects that money has been obtained unlawfully or represents the proceeds of crime, should be permitted to accept that money for Investment through his trust account: (6) The desirability or otherwise of prohibiting references in trust account records to investors and borrowers by aliases: (7) The need for changes to the Solicitors Audit Regulations, 1969, or to any rules of the New Zealand Law Society (such as the Solicitors Trust Account Rules, 1975) in order to limit the scope for abuse of the system of nominee companies operated by solicitors and, in particular the deslra- . blllty or otherwise — (a) Of prohibiting or limiting cash deposits to trust account; or (b) Of requiring any investment with a solicitor in a form other than a cheque drawn on the investor’s bank account to be mentioned in periodic reports to the solicitor’s District Law Society. (8) The adequacy of existing audit procedures for the detection of abuses and, in particular, whether an auditor of a trust account should be under an express duty to report any suspected abuses to the practitioner’s District Law Society: (9) The scope of legal professional privilege In respect of accounting records relating to trust account money and whether such records should be privileged from search and seizure pursuant to a search warrant: (10) The desirability or otherwise of applying with such modifications as may be appropriate any existing or recommended Act, regulation, rule, practice, or procedure in respect of solicitors nominee companies to other types of nominee operations. (11) Any associated matters that may be thought by you to be relevant to any of the foregoing matters. 2. That the Committee is required to report to the Minister of Justice its findings, opinions and recommendations not later than the 31st day of October, 1983. 3. That the Committee proposes to hold its PRELIMINARY MEETING at 10.30 a.m. on Wednesday, July 27, 1983 in the - No. 1 Boardroom, Tribunals Division, Ist Floor, Databank House, 175 The Terrace, , WELLINGTON. At this sitting the committee will — (a) Determine the procedures which it will follow in the conduct of its hearings. (b) Determine who will be appearing in the course of proceedings. The Committee will then adjourn and subsequently conduct hearings commencing at 10 a.m. on Monday, August 15, 1983 in the — No. 1 Boardroom, Tribunals Division, Ist Floor, Databank House, 175 The Terrace, WELLINGTON. 4. That the Committee invites interested persons and organisations to make representations to it on all or any of the matters which form the subject of its term of reference. WRITTEN SUBMISSIONS ARE NOW INVITED AND SHOULD BE FORWARDED TO: Secretary, Committee of Inquiry into Solicitors Nominee Companies, C/- Tribunals Division, Private Bag, Postal Centre, WELLINGTON. The closing day for the receipt of submissions is FRIDAY, AUGUST 5, 1983. It is the Committee’s request that each person or organisation wishing to make submissions forward six (6) copies to the Secretary at the above, address. S. L. PRICHARD (Miss), Secretary, to the Committee. SHOP LEASE MR RETAILER, opportunity to open a branch shop in Timaru. Main street shop, busiest position, recently modernised to high standard, vacant possession very soon. Write: Shop to Lease, C/- Box 254, TIMARU or phone messages to 47-063 Timaru. THE MORRIS EIGHT TOURER CLUB OF N.Z. (INC.) P.O. Box 10-108, Christchurch. THE 10th Annual General Meeting will be held at the N.Z.R. Social Hall, Lowe St, Addington, Just off Blenheim Rd, near the overbridge, on July 16, 1983. Starts 8 p.m. 8.Y.0. and plate. All Interested persons welcome.