FRESH REGULATIONS

Dominion, Volume 11, Issue 190, 1 May 1918, Page 6

FRESH REGULATIONS

COEERMG C4PJWL AW) UMR NEW DEVELOPMENT WORK PROHIBITED RKTRICIMS ON COMPANIES Regulations under the War Legislation Act, 1917, dealing with the use of iuboiir and c.'ipitiii in industry and the registration of companies v-wo gazetted yesterday. They .prohibit "devtlopment works being undcruikuii without tho consent of the Government, restrict the registration of new companies and require the consent of the Government to be Riven before new capital is n.jscd for ! any company." The term "development work" is to cover the erection (including the repair and extension) of any building, the installation of any plant or inachi««ry. the construction of any drainage uorks. hiirI boiir ivories, or water works, the. coiulnencement of any mining works, mid the formation or construction of any road, bridge, railway, or tramway. It is not Unvfui for any local authority or for any person or body corporate to .undertake or commence any development works, or to entw into any contract for any such works during V\\e cenuinuanee of these regulations, without having first obtained the consent of the Minister of Finance so fo do. Tliis prohibition does not apply ■■- (n) To any development vorks the total cost or the estimated total tost of iviiich does not exceed .£1)000; cr (b) To «ny building proposed to bo erected wholly or principally for residential purposes; or (c) Where any building or other work has been destroyed or damaged by fire or earthquake, tc the reconstruction or repair of such building or work, so fur ,as the totol cost of such reconstruction or repair does not exceed the amount oi j iraurnnco moneys (if any) p; , .!-.', or pr.y- ---[ able in respect of the destruction of or damage to Hie,original buiidins , or work. ' It is provided that no company or private company registered in New Zealand either before or After the r.oinincucclnent of these regulations shall, without the consent of the Minister of Finance, increase its capital by the creation and issue of new shares, or by the issue of shores which but lor th& provisions of these regulations it would be authorised to issue, or by the calling-up of the amount or any portion of the amount unpaid in respect of any shares, or by the issue, of debentures. Every application for the consent of the Minister ■of Finance under this regulation shall stnto full particulars ns to the purposes for which the proposed increase of capital is required. Where application is made to (lie Attorney-General for authority to issue a certificate of tho incorporation of any company the Attorney-General may refuse to authorise the issue of such certificate if he is of opinion, having regard to the exigencies of the present war and the conditions treated thereby, that tho objects or any of the objects for which the commmy is established are not essential in'"the public ii.terest. Where application is made to the At-torney-General, by or' on behalf of a company incorporated out of Nw Zenland, for a license to carry on business in New Zealand the .Attorney-General may refuse to issue such license if he is of opinion, having regard to the exigencies or the present war nnd the conditions created thereby, that the businrss proposed to be carried on in New- Zealand is not essential in the public interest.