BOND-ISSUING COMPANIES

Otago Daily Times, Issue 22610, 29 June 1935, Page 21

BOND-ISSUING COMPANIES

INCORPORATION COMMISSION THE PRELIMINARY WORK (Per United Press Association) AUCKLAND, June 28. The Bondholders' Incorporation Commission, which was set up during the last session of Parliament, has now completed a great deal of the necessary preliminary work and is beginning to take up the actual problems with which it was designed to deal. The commission was formed for the purpose of helping the bond-issuing companies, and particularly the bond holders out of the legal difficulties that stood in the way of the realisation of their projects. The members of the commission, Messrs J. S. Barton (chairman), N. Duthie and J. H. Henry, have been sitting in Auckland this week, and so far have been acting largely as conciliation and advisory commissioners in the preliminary discussions and conferences with the directors of the companies and representatives of the bond holders. There are now three or four companies almost ready to take their applications for the incorporation of their bond holders. Mr Barton left for Sydney by the Monowai to-night, and one of his chief duties while in Australia will be to investigate the possibilities of reciprocal legislation. The difficulties that have been found in New Zealand are being experienced in New South Wales. At least one of the Australian Governments ha 9 indicated a desire to discuss the possibility of reciprocal legislation. Mr Barton expects to be away for some weeks, and to visit more than one of the Australian State capitals.