THE COMPANIES ACT.
ATTENTION TO DEFECTS. AMENDMENTS SUGGESTED. Certain defects in the Companies Act were discussed by Mr. A. D. Stewart in a lecture before the Auckland branch of tho New Zealand Society of Accountants last evening. Mr. P. Dawson presided. The action of some companies in obtaining credit without revealing the existence of a debenture was criticised by the speaker, who said the matter was to be reviewed as soon as a copy of tne English amending Act was received. He urged the society again to give its attention to the matter. Another defect mentioned was the power given a company to appoint its own liquidators. Mr. Stewart quoted sevoi'til cases of companies which hau gone into liquidation without the knowledge of creditors, who received nothing. There was also ground for criticism in tho present restricted powers to liquidate. The provisions for the issue of debentures also required tightening up. Ihese, said Mr. Stewart, were some of the many features detrimental to the trading community which required remedying. Other topics referred to by the speaker were assignments, payers and non-payers, credit and discharges under the Bankruptcy Act.
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New Zealand Herald, Volume LXV, Issue 20002, 19 July 1928, Page 11
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188THE COMPANIES ACT. New Zealand Herald, Volume LXV, Issue 20002, 19 July 1928, Page 11
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