Control of Share Selling
SOME STRICT PROVISIONS IN N.S.W. BILL. United Press Association.—By Electric Telegraph.-—Copyright. SYDNEY, Nov. 21. The new Companies Bill, providing for a complete code for tho formation, management, control, and winding up of companies, aud protecting the public against fraud, was brought down in tho Legislative Assembly by the Minister,ot Justice, Mr L. U. Martin. The Bill imposes strict limitations on hawking of shares aud bonds. Two otliciul liquidators arc to bo appointed whoso services may bo engaged in tho winding up of companies. One of the provisions is that all money received before an allotment of shares must bo placed in trust, and its misuse is prohibited.
A message received on October 30 stated that a clause in tho Companies Bill prohibiting canvassing for the sale of shares was to bo considerably moditied. This was agreed to at a meeting of tho State Cabinet after consultation with various interests. Tho Bill would not prohibit canvassing for tho sale of shares. A canvasser, however, would not bo permitted to conclude au agreement for the purchase of shares. He would bo allowed to leave a prospectus and a share application form, which tho customer might fill in after full consideration.
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https://paperspast.natlib.govt.nz/newspapers/MT19351122.2.39
Bibliographic details
Manawatu Times, Volume 60, Issue 276, 22 November 1935, Page 6
Word Count
202Control of Share Selling Manawatu Times, Volume 60, Issue 276, 22 November 1935, Page 6
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