RESERVE BANK

Southland Times, Issue 22378, 18 July 1934, Page 8

RESERVE BANK

STAFF PREPARING FOR OPENING. (Per United Press Association.) Wellington, July 17. The Reserve Bank is now installed in premises in the Dominion Farmers Institute and the staff is preparing for the opening of business on August 1. AMENDING LEGISLATION DEFECTS IN ACT OF LAST YEAR. Wellington, July 16. “There is no doubt that the Reserve Bank will begin operations on August 1” said the Minister for Finance, the Rt. Hon. J. G. Coates, in response to an inquiry this evening. Questioned regarding a report that amending legislation was pending, Mr Coates said it was true that a Finance Bill would be introduced m the House this month. Certain representations had been made by the Governor of the bank (Mr Leslie Lefeaux) about anomalies in the Reserve Bank Act passed last year, and the purpose of the proposed Bill was to deal with those defects. Mr Coates said one point to be. clarified related to the appointment of shareholders’ directors. The Act provided that only shareholders who had held shares for at least six months could vote at general meetings, and that only shareholders so qualified were eligible for appointment or election as shareholders’ directors. An amendment in the Bill, was to make regular the recent appointments. Another amendment was connected w : th the annual meeting of shareholders. This was to be held not later than July 31 each year; but it was not proposed to hold the first meeting until next year. . Mr Coates said the Bill contained other minor amendments, which he was not yet at liberty to divulge.