ACCOUNTANCY

Evening Post, Volume CXVIII, Issue 54, 1 September 1934, Page 10

ACCOUNTANCY

MEETING OF INSTITUTE

NEW COMPANY LAW

In^the course of his presidential address, at the 41st annual meeting of the Incorporated Institute of Accountants, held in tho Accountants' Chambers, Mr, J. L. Areus mentioned that the institute was incorporated in May, 1894, and it was an interesting fact that the membership today, with the exception of two, consisted entirely. of members who had qualified by examination. He was informed that the institute Was. the only association of accountants in the world with such a record. .■■■.■ COMPANIES ACT. Mr. Areus pointed out that while: the new Companies Act protected' more fully both creditors and shareholders than the ola Act, there were certain amendments which should be made at no distant date. No provision was made, for'instance, for the audit of roceivcr's or liquidator's accounts. No doubt, said Mr. Arcus, arising out of the investigation of the affairs of the Investment Executive Trust Company there would be further amendments to company law which would have the effect of tightening up the bond issuo business, and providing bondholders with power to appoint their, own auditors and to have some*voice in the management of the concerns. ' Mr. Arcus also referred to the question of a Royal Charter for accountants in the Dominion, and stated that efforts were being made, by the institute in co-operation with other accountancy bodie/, to obtain this desirable honour. Subsequently 'members voted the sum of £200 towards the expenses of obtaining a charter. ■;:, OFFICERS ELECTED. Mr. J. S. Butler, of Hastings, was elected president for' the forthcoming year, and Mr. W. J. Kodgcrs, of Auckland, vice-president. The retiring councillors wore reappointed, • with the exception of Mr. Peter Barr, of Dunedin, who had resigned. Mr. H. H. Henderson was appointed in his stead. Mr. G. J. J. Feil was reappointed auditor and Mr. C. D. Morpeth secretary. A motion was passed expressing the high appreciation of the council and the members of the instituto of the eminent services rendered over a long term of years by Mr. Peter Barr to the institute and. to accountancy in New Zealand, and their great regret at his retirement* The membership of the institute now stands at 407, an increase of five foT the year. During the year. the last remaining foundation^ member, Mr.. W. J. Irvine, of Napier, had passed away.

There was a surplus of income over expenditure for the year amounting to £249. 16s. The accumulated fund-of tho institute amounts to £2850 11s.