PRIVATE COMPANY'S DEBENTURES.
AN AUCKLAND GRIEVANCE,
(Per Uniied Press Association.) AUCKLAND, February 3. A deputation from the Chamber of Com. mcrce waited on Dr Findlay this afternoon, bringing under his notice an aqomaly in the New Zealand banking law. It was pointed out that under tho present law a private company could register as a limited liability company and give out debentures securing a creditor to the loss and injury of all other creditors. Tho deputation sought to have these debentures placed oil the same footing as an ordinary bill of sale, which must be registered within 21 days, and could be challenged within four mouths. A case was cited of what, was described as fraud committed by legal means. Dr Findley promised to go into the whole matter. He said the question was a very difficult one. It was possible that some new definition of fraudulent representation would meet the case. He also promised to consider the question of an amendment of the Bankruptcy Act.
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Otago Daily Times, Issue 14439, 4 February 1909, Page 7
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166PRIVATE COMPANY'S DEBENTURES. Otago Daily Times, Issue 14439, 4 February 1909, Page 7
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