PARLIAMENTARY.

Taranaki Herald, Volume XLVII, Issue 11316, 7 September 1898, Page 3

PARLIAMENTARY.

GENERAL ASSEMBLY OF NEW ' ZEALAND.

• LEGISLATIVE COUNCIL. Tuesday, September 6. — The Hon. the Speaker took the chair at 230p m. " The Banking Bill wa3 further considered in Committee. Ou the motion of the Minister of Education, the number of proxies which a pwxyholder might use at a meeting of fihai-eholders was reduced from 500 to 250. Clause 17— Composition for liability — gave rißeto some discussion, and evenitually the power of the directors to sano4ion composition was fixed at cases under £100; all amounts over that sum to go to the Supremo Courc. A further amendment was carried, on the motion of the Hon Mr Rigg, pro« j viding that tho Board shall not accept a composition for call liabilities unless it includes forfeiture of shares. A long discussion took place on a I motion by the Hon Mr Ormond, that the ! chief auditor should be made an irremovable officer, holding office during good behaviour. This was negatived by 23 to 11, and a new clause moved by the Minister agreed, to, .enacting that the auditor shall have the right to attend meetings of the Board, but take no part in the proceedings, and that after the coming into operation . of the Act the power of veto possessed by the president shall be revoked.

The Minister also moved that the auditor shall exercise the veto, but this was negatived by ] 9 to 15, and progress reported. The Council rose at 4 45 p m.