STATE ADVANCES CORPORATION

Evening Star, Issue 22379, 1 July 1936, Page 2

STATE ADVANCES CORPORATION

BOARD OF MANAGEMENT RECONSTITUTED [Per United Peks* Association.] WELLINGTON, June 30. Steps are being taken by the Government to reconstitute the Board of Management of the State Advance* Corporation of New Zealand.- The reconstitution will take -effect as from tomorrow, when the last of four immediate appointments will be made by the Executive Council. The Minister of Finance (the Hon. W. Nash) stated to-night that the present joint managing directors, Mr A. D. Park and Mr T. N. Smallwood, had been reappointed as provided for in the State Advances Corporation Act recently passed by Parliament. The Minister also explained that it had been decided to retain on the board the services of Mr B. C. Ashwin, first assistant to the Treasury, who would be a director, ex officio. The appointment of the fourth director had been approved by the Cabinet, but the name of the man selected could not be announced until after final approval had been given by the Executive Council. Mr Nash added that it was probable that other directors, as provided for in the Act, would be appointed in the near future. The selection of the chairman of the new Board of Managers bod not yet been made, but would be decided in due course. [ln terms of the amending legislation of last session, it was provided that after July 1 the board or management of the corporation should consist of two joint managing directors to b# appointed from time ; to time by the Governor-General in Council for a term not exceeding seven years,, and one or more other directors to he appointed from time to time by the GovernorGeneral in Council and to hold office during his pleasure. In addition, there would be an ex-officio director, who would be an officer of;the Treasury approved by the Minister of Finance. It was also provided that the present joint managing directors should continue to hold office and that one of them should be appointed chairman and the other 'deputy-chairman of the new board. The appointment of the chairman is to be. made annually.]