SHARE TRANSFERS AND SALE OF LAND

Chronicle (Levin), 3 August 1946, Page 8

SHARE TRANSFERS AND SALE OF LAND

-Press Associcition

By Telegraph-

DUNEDIN, Aug. 2. "It seems clear that the transfer cf shares in a company is not a matter j which requires the consent of the Land I Saies Court. Shares constitute neither ilegal nor equitable interest in land and ; section 43 of the Servicenien 's Settle ment and Imnd Saies Act eontaius no prohibition. against the .transfer of shares 5a cqnrpjti^yN'c/- Jir ' This- g/gdttqiveAt LkvaS t ntade in a I resprVed/judgment issued vesterday by J the Otago Land Saies Committee in the case'wliieh came before the committee on Tuesday, in which the Crown asked for the revocation of consent to the sale of property 011 the grounds that a false or misleading statement had been made in connection with the applieation, or that . material facts in connection writli the transaction were not submitted to the committee. The judgment further pointed orrt that even if grounds for revoking the order had been revealed, and they fvere not. the committee could not have done so "It may well be, " the judgmen. added, "'that in future applications for consent to transfer of land to a trustee on behalf of a company intended to be incorporated under the Conipanies Act, 1933, the committee will feel constrained to require fuller in. formation as to the nature and purpose of the transaction and related trans actions, than is normally requijed in other cases.