DEBENTURE-HOLDERS
DEFICIT IN COMPANIES ACT In the current issue of the ‘ New Zealand Accountants’ Journal ’ the contrihutor of ‘ Legal Notes ’ refers to a. deVet in the amended Companies Act. “ While the Act has vastly increased ’ e protection of shareholders by the creased audit provisions.” tlm writer "ates, “ yet it is plain that the audit i for the information and benefit of shareholders, and not of dcbonturcholdei's. It would appear to be no diffieult matter to frame statutory provisions conferring upon debenture-holders who have subscribed for debenture capital on file basis of prospectuses issued to the public, the right upon taking the proper steps to have an audit of the hooks of the company for their protection; to have an audit by an auditor distinct from and independent of the company’s audit or. one appointed for and on behalf of the debentureholders.’’
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Evening Star, Issue 21822, 11 September 1934, Page 7
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141DEBENTURE-HOLDERS Evening Star, Issue 21822, 11 September 1934, Page 7
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