The Evening Star THURSDAY, DECEMBER 5, 1872.

Evening Star, Issue 3057, 5 December 1872, Page 2

The Evening Star THURSDAY, DECEMBER 5, 1872.

Intimately connected with the object for which the Mining Conference has been convened is the Mining Companies Act passed on the 25th of October of this year, which comes into operation on the Ist January next. Its object is to facilitate both the incorporation and winding np of Mining Companies. It repeals live Acts referring to limited liability, and winding up companies founded on the limited liability principle, namely : —29 Victoria, No. 20 ; 32 and 33 Vic., No. 18 : 33 and 34 Vic., No. 20 ; 33 and 34 Vic., No. 27 ; and 35 Vic., No. 38. It is intended to be a consolidation of Acts bearing upon Mining Companies. It is divided into seven parts, the preliminary clauses defining the intention and interpretation of the Act. Its provisions do not extend to any act done or offence committed under the Acts at present in force. It secures all existing rights and duties, excepting as provided by clause 3 of part 5. Clause 4 provides that any company or partnership may be formed to carry on the business of mining without being registered as a company under the joint Stock Companies Act, 1860, which is not to apply to them. Clause 5 Limits the application of the Act to Companies formed for mining purposes, and defines the words “ Mining purposes,” “ Company,” “ Property,” and other expressions used in the Act.

Part 1., Chm.se 6, under the heading “ Mode of obtaining registration ” provides that»

Any company formed previous to the passing of the Act, and not registered under the “ Mining Companies Limited Liability Act, 1565,” or any company which may hereafter be formed, two-thirds of the shares in which have been subscribed for, may become incorporated and obtain registration.

In order to this, there must be lodged in the office of the Registrar of the Supreme Court in the district where operations are proposed to he carried on, a memorandum, signed by the manager of the company, in the form prescribed in the second schedule of the Act, and verified by statutory declaration. Within seven days afterwards a copy of memorandum and declaration is to be published in one or more newspapers in the district where operations are to be carried on, and also in the General Government Gazette; and as soon as copies can be made of those with any rules proposed to be adopted, they are to be forwarded to the Registrar for the purpose of filing them with the original memorandum. Clause 7. The Registrar is required to keep a book entitled “The Mining Companies’ Register Book,” in which he is to enter the date on which he received the newspaper and other documents, and is to write and sign on the memorandum lodged, the date of registration—whereupon, being signed, the company shall be deemed to be registered. Clauses 9 to 12 provide that upon registration, the persons whose names appear in the memorandum, together with others that may afterwards become members of the company, shall exercise all the functions of any incorporated body, and have a perpetual succession and common seal, with power to hold lands, kc. Every company is to add the word “ Limited” to the style and title under which business is carried on. The Registrar is to supply a certificate, in the form prescribed in the 3rd schedule, as a proof of registration, to any person applying, on payment of a fee of five shillings ; and this, certificate is to be held conclusive evidence in all Courts. The Gazette to be prima facie evidence that the persons named therein are the shareholders in the company. Shares unsubscribed for, or shares transferred until again re-issued or subscribed, arc to bo the property of the company, and must either be registered in its name, or in the name of a trustee appointed by it for that purpose ; but no liability is to attach either to the company or trustee in respect of such shaves.