INVESTORS’ PROTECTION
NEW SOUTH WALES ACTION. COMPANY LAW AMENDMENT. (Received Wednesday, 10.25 a.m.) 1 SYDNEY, This Day. The “Herald” says that the State Cabinet is drafting an amendment of company law and a Bill will be introduced in Parliament when it meets this month. There will be drastic alterations in the present law. Ample protection will be given to the investing public, the hawking of shares will be prohibited or restricted and there will be restrictions on statements in prospectuses.. There is a proposal to place certain control over the financial arrangements of companies and to make it impossible for profits to be absorbed in unreasonably high directors’ fees and ScilHri6S< It is probable' that "when the capital of the company exceeds a certain amount the company will be required to employ a qualified secretary. Similar legislation is contemplated in other States' to make th'e law uniform throughout the Commonwealth. The Federal Government has not power constitutionally to legislate on company laws.
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Wairarapa Daily Times, 19 September 1934, Page 5
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162INVESTORS’ PROTECTION Wairarapa Daily Times, 19 September 1934, Page 5
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