COMPANY METHODS
PROTECTING INVESTORS Drastic Changes in the Law AUSTRALIAN PROPOSALS (By Telegraph—Press Assn.—Copyright.) (Received 19, 10.25 a.m.) SYDNEY, Sept. 19. The “Sydney Morning Herald” says that, the State Cabinet is drafting an amendment of the company law and a bill will be introduced iu Parliament when it meets this month. There will be drastic alterations in the present law. Ample protection will be given to the investing public. The 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 profits to bo absorbed in unreasonably high directors’ fees and salaries. It is probable that when the capital of a company exceeds a certain amount the company will be required to employ a qualified secretary. Similar legislation is contemplated in other States to make tho law uniform throughout the Commonwealth. The Federal Government has not the power constitutionally to legislate on company laws.
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Bibliographic details
Hawke's Bay Tribune, Volume XXIV, Issue 237, 19 September 1934, Page 7
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170COMPANY METHODS Hawke's Bay Tribune, Volume XXIV, Issue 237, 19 September 1934, Page 7
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