AMENDMENT OF LAW
Proposed New Bill in New South Wales CONTROL OF COMPANIES SHARE HAWKING TO STOP (United Preae Association —By Ete'itnc Telegraph Copyright.) Received noon to-day. SYDNEY, Sept. 19. The “Sydney Morning Herald” says that the State Cabinet is drafting an amendment of Company Law and the Bill will be introduced in Parliament when it meets this month. There will be drastic alterations in the present law and ample protection will be given to the investing public. Hawking of shares will be prohibited or restricted, and. there will be restrictions on statements in prospectuses. There is a proposal to place certain control over the financial arrangements of companies and to make it impossible for the profits to be absorbed in-rea-sonably high directors’ fees and salaries.
It is probable that when the capital of the company exceeds a certain amount the company will be required to employ a qualified secretary. Similar legislation is contemplated in other States to. make the law uniform throughout the Commonwealth. The Federal Government has not the power constitutionally to legislate on company laws.
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Bibliographic details
Hawera Star, Volume LIV, 19 September 1934, Page 7
Word Count
178AMENDMENT OF LAW Hawera Star, Volume LIV, 19 September 1934, Page 7
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