TRUST LAW

Gisborne Times, Volume LXXXII, Issue 12526, 11 April 1935, Page 5

TRUST LAW

BARRISTER: ADDRESSES N.S.W ' -assembly. ATTORNEY-GENERAL’S REPLY. (TLB. A.' by Elec. Tel. Conyright) (R.cc. April 11. 12.65 p.m.) SYDNEY.. April 11 • ' The Legislative Council passed the Trust, Companies (Liquidation) Bdl, uftcr postponing a clause providing for the disqualification of five persons for.ten years from acting, as director of certain companies which were the subject of recent Royal commission Df E. Lonat, barrister; addressed the House on behalf of a, section ot the debenture holders in the Southern British National Trust, Limited, which is to he liquidated. He ashed for the right to carry on and be 'given' ciontrof of the assets. Ho'said the ballot had revealed that the debenture holders were opposed! to control r,y the Public Trustee. He- added that the assets of the Trust ranged from 16s- 6d in the £, to 19s according to the valuation of the Trust budding- ' Air Manning (Attorney-General) said) that ho'bad been staggered by some of the arguments/used kv Lonat, The Royal - commissioner had unequivocally denounced the- plan - or reconstruction [which was inspired bj Air McArthur, Moreover, expert opinion favored , Eqmdation, while the debenture . holders 'represented I by Dr Louat comprised onlv -one-third of the people concerned "• Air Alarming emphasised that, ns there would: be proceedings' before tbb courts ' with repeat to the liquidation', the Government '• regrtrdlecP it- as : wisp top allow the clause about the disTualifrcati-on of cerium, persons to remain oyer until liquidation . ,