“A WARNING”
BROKER HAS NO PROSPECTUS. SMALL FINE INFLICTED. [Per Press Association.—Copyright! CHRISTCHURCH, This Day. A charge under the Companies Act, 1933, said to be the first of the kind in New Zealand, was laid in the Magistrate’s Court yesterday, when A. Perry and Company, Christchurch brokers, pleaded guilty to issuing an application for shares without a prospectus. Defendant was fined £2 and costs by the magistrate, Mr E. C. Levvey, who stated he would treat the case as a warning. Counsel-for the assistant registrar of companies, said the maximum penalty was £SOO. 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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Northern Advocate, 27 June 1935, Page 7
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137“A WARNING” Northern Advocate, 27 June 1935, Page 7
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