THE COMPANIES ACT.
SAFEGUARDING INVESTORS. VIEWS OF CHIEF JUSTICE. The opinion that it was time the Com« panies Act was strengthened was expressed by the Chief Justice, £ir Michael Myers, in the course of the hearing of a case in the Supreme. Court in Wellington. "It is about time the provisions of the Companies Act were strengthened, as they have been in Englarid," he said. " In England there was legislation passed as far back as 1929. Apparently wo are still thinking about it. " I think it is well worth while for the authorities to consider whether auv prospectus should be allowed to go to the public unless it bears a certificate of some authority or authorities. I know* of course, there is a danger in that, because if a prospectus bears the imprimatur of any Government officer, the suggestion is that the Government ought to be responsible if there is any loss. I know that is a difficulty, but it. does occur to tne that there ought to be some half-way house so that ab least people can bo sure that the terms of the prospectus have been very carefully considered by someone other than the promoters themselves."
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New Zealand Herald, Volume LXIX, Issue 21112, 20 February 1932, Page 8
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198THE COMPANIES ACT. New Zealand Herald, Volume LXIX, Issue 21112, 20 February 1932, Page 8
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