TRUST COMPANIES.
PROPOSALS OF COMMITTEE. SYDNEY, Nov. 20. Mr L. W. Swan, secretary of the New Zealand debenture-holders’ committee, states that the scheme presented yesterday to the Commission inquiring into company affairs on his behalf by Mr Pitt is entirely subject to the consent of debenture-holders, who will be given an opportunity, subject to the Commissioner’s approval, of adopting or rejecting the proposals. His committee represents £174,000 in value of Investmest Executive Trust debentures. The proposals were based on debenture-holders remaining in their present position as debenture-holders, but with alterations in the articles of the companies to provide for control by a board consisting of six representatives of debenture-holders to one shareholders’ nominee. . . ■ . The three main companies, the Investment Executive Trust, Southern British National Trust and British National Trust, should remain in existence, other companies giving power of attorney with power to liquidate such companies. The proposals would remain in effect for 12 months, when debenture-holders would have an opportunity of expressing an opinion as to whether the companies should be wound up or otherwise.
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https://paperspast.natlib.govt.nz/newspapers/MS19341121.2.71
Bibliographic details
Manawatu Standard, Volume LIV, Issue 304, 21 November 1934, Page 7
Word Count
175TRUST COMPANIES. Manawatu Standard, Volume LIV, Issue 304, 21 November 1934, Page 7
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