THE COMPANIES ACT

Evening Post, Volume CXXIV, Issue 61, 9 September 1937, Page 20

THE COMPANIES ACT

MR. J. S. BARTON'S CAMPAIGN

ACCOUNTANTS' ATTITUDE

Mr. J. S. Barton is continuing bis campaign for amendments of the Companies Act. At its recent meeting the executive of the New Zealand Society of Accountants received from the Wellington branch a letter stating that it had been invited by Mr. Barton and Mr. J. D. McMillan to appoint a representative to attend a special meeting to which proposals would be submitted for the organisation of a prospectus review committee. The conveners were hoping for representation of the New Zealand Law Society, the New Zealand Society of Accountants, the Associated Banks, and the Associated Chambers of Commerce. The review committee would examine prospectuses issued by companies and would give advice for the guidance of investors. Mr. J..' Mawson Stewart (Christchurch), president ox the society, said that a similar meeting had been held in Christchurch. The feeling there was that the proposal of Mr. Barton was not practicable as it would involve too much delay in the investigation of prospectuses. . , "The same conclusion was reached in Auckland," remarked Mr. E. D. Wilkinson. "I don't think it would work out, practically," stated Mr. F. H. Bass (Wellington). . .' Mr. Stewart said he thought that the Stock Exchange was acting fairly and promptly in regard to prospectuses. ..:.... The executive took no action beyond authorising the Wellington branch to send a member to +he projected meeting without commitment to any. of the proposals that would be submitted.