THE COMPANIES ACT

Nelson Evening Mail, Volume LXXI, 11 September 1937, Page 4

THE COMPANIES ACT

MR J. S. BARTON’S CAMPAIGN ACCOUXTANTS’ ATTITUDE Mr J. S. Barton is continuing his campaign for amendments of The Companies Act. At its recent meeting the executive of the New Zealand Society of Accountants received from the Wellington branch a letter stating llrat it laid been invited by Mr Barton and Mr J. D. McMiilan to appoint a representative to attend a special meeting to which proposals would he submitted for the organisation of a Prospectus Review Committee. The conveners were lioping for representation of tlie New Zealand Law Society, the New Zealand Society of Accountants, the Associated Banks, and the Associated Chambers of Commerce. The Review Committee would examine prospectuses issued by companies and would give advice for the guidance of investors. Mr .J. Mawson Stewart (Christchurch) President of the Society, said that a similar meeling hud been held in Christchurch. The feeling there was that the proposal of Mr Barton was not practicable as it would involve 100 much delay in the investigation of prospectuses. “The same conclusion was reached in Auckland,” remarked Mr E. D. Wilkinson. “1 don’t fhina it would work out, practically,” stated Air If. 11. Bass (Wellington). Mr Stewart said he thought that the Stock Exchange was acting fairly and promptly in regard to prospectuses. The Executive took no action beyond authorising the Wellington branch to send a member to the projected meeting without commitment to any of the proposals that would he submitted.