ACCOUNTANTS' STUDENTS' SOCIETY.

Sun (Christchurch), Volume I, Issue 196, 23 September 1914, Page 9

ACCOUNTANTS' STUDENTS' SOCIETY.

A meeting of the society was held in the Caledonian Rooms on Thursday night, when Mr J. S. Day presided over a'-fair attendance of members.

The Chairman briefly introduced Mr A. F. Wright, barrister and solicitor, who then delivered a lucid and instructive lecture on "The Memorandum and Articles of Association of a Limited Company." The lecturer opened the subject in a \-ery attractive manner, and mentioned that he would dear more with the "ultra vires" side of it than with-the technical points of difference between the memo, and the articles. He emphasised the value of the r accountant as a safeguard to the sharainvesting public, and then went on to say that, companies were of old creation, the first record being of one in Richard ll.'s reign. He pointed out that the East India Company and other similar companies had done much to extend and solidify the Empire. Limited companies as we knew them were, however, of recent growth, and such, through the protection they afforded to traders, had now attained great popularity. Dealing with the memorandum of association, the lecturer, by quoting cases, emphasised the need of making the objects as wide in scope as possible, as there was often some difficulty in getting them extended. The court would not always sanction any addition to the memo, of association, taking up the position that a company cannot act in contravention to its implied objects. The lecturer brought out the point that a signatory to the memo, of association is '' ipso facto'' a shareholder to the extent of the number of shares against which his name is subscribed, whether the company ultimately proceeds to allotment or not. In reply to a question, the lecturer considered that the fact that private companies could commence business without having a penny of their capital paid up was a menace to the public and one that accountants should bring under the notice of the Legislature. The meeting closed with a very hearty vote of thanks to the lecturer.