COMPANIES BILL
FURTHER AMENDMENTS. By Telegraph— Press Association WELLINGTON. December 8. Although many of the amendments to the Companies Bill circulated in the House of Representatives by the Minister of Finance to-day are technical in character, there are some of wider interest.
The prohibition on house to house canvassing of shares Is extended to cover the hawking of bonds, but the shares of co-operative dairy companies and other co-operative concerns are excluded from the operation of the prohibition. In addition the definition of “house” Is limited so as not to include the place where a man carries on his trade, business profession or calling. The effect of this alteration is to prevent farmers homes from coming under the house canvassing prohibition. Under the Bill as originally introduced provision was made for compromises between creditors and shareholders. An amendment expressly includes bondholders as creditors.
By another alteration the time for application for membership to the Certified Accountants Association (and through that Association to the Society of Accountants) has been extended from December 31 to January 31, 1934. A new provision requires the support of a requisition signed by onefifth of the shareholders of a company to any application to the court for an order of inspection of the company’s affairs. Dealing with the registration of charges over a company’s assets, other amendments simplify the procedure of registration where instruments are already registered under other Acts as, for instance, the Land Transfer Act. In addition it is now proposed that the registration of a charge will not constitute notice of the existence of the charge or its contents. Under the Bill as framed a company could not go to allotment until its capital requirements had been subscribed for. A compromise amendment changes this position and sets out that a company may go to allotment if 60 per cent, of its cash capital requirements has been subscribed. The Bill w’as put through all its stages and passed.
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Bibliographic details
Timaru Herald, Volume CXXXVII, Issue 19668, 9 December 1933, Page 8
Word Count
324COMPANIES BILL Timaru Herald, Volume CXXXVII, Issue 19668, 9 December 1933, Page 8
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