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Company Share Application CHRISTCHURCH PROSECUTION First of Kind in Dominion (By Telegraph—Press Association.) CHRISTCHURCH, June 26. A charge under the Companies Act, 1933, said to be the first of its kind in New Zealand was laid in the Magistrate’s Court to-day, when A. Perry and Co., brokers, of Christchurch, pleaded guilty to issuing an application for shares without a prospectus. The defendant company was fined £2 and costs by the magistrate, Mr. E. C. Levvey, who stated that he would treat the case as a warning. Counsel for the assistant-Registrar of Companies said the maximum penalty was £5OO. The whole purpose of the regulation was to prevent people being defrauded. In this case there was no suggestion of fraud, and it was the first prosecution under the Act in New Zealand.
Counsel for the company said his clients had overlooked the sub-section.
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Bibliographic details
Hawke's Bay Tribune, Volume XXV, Issue 163, 26 June 1935, Page 5
Word Count
144PROSPECTUS OMITTED Hawke's Bay Tribune, Volume XXV, Issue 163, 26 June 1935, Page 5
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