COMPANIES BILL.

Waikato Times, Volume 114, Issue 19125, 9 December 1933, Page 5

COMPANIES BILL.

AMENDMENTS APPROVED. HAWKING SHARES AND FARMERS. WELLINGTON, Friday. Although many of the amendments to the Companies Bill, circulated in the House of Representatives by the Minister of Finance, Mr Coates, to-day, are technical in character, there" are some of wider interest. The prohibition on house-to-house canvassing of shares Is extended to oover the hawking of bonds, but shares of co-operative dairy companies and other co-operative concerns aTe 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 hill as originally introduced provision was made for compromises between creditors and shareholders. An amendment expressly includes bondholders as creditors. A new provision requires the support of a requisition, signed by onellfUi 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 companies’ assets, other amendments simplify the procedure of registration where tiie instruments are already registered under other Acts, as, for instance, the Land Transfer \,q. in addition, it is now proposed that, 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. A compromise amendment changes tills posilion and sets nut Ihal a company may go In allotmen! if 60 per cent, of its cash capital requirements lias been subscribed. The bill was recommitted to allow Mr Coates’ amendments to he considered. ’These, were agreed to and the bill was passed.