THE COMPANIES' BILL.

Greymouth Evening Star, Volume XXXI, 11 July 1901, Page 4

THE COMPANIES' BILL.

[OUR PARLIAMEXTARY REPORTER.] Wellington, This Day. The Companies' Bill, introduced by Sir Joseph Ward, is a measure of thirty-six clauses. It provides that a person shall not become a director of a company un-. less he has filed with the Registrar his consent in writing to act in that capacity, and has either signed the memorandum of association for a number of shares, not less than his qualification if any, or signed and filed with the Eegistrar a contract in writing to take from the company, and pay for his qualification the number of mentioned shares on the application for registration and the memorandum and articles of association.

The applicant shall deliver to the Eegistrar a list of persons who have consented to act as directors; but, should the list contain the name of any person who has not so consented, the applicant is liabfe to a penalty not exceeding £SO. This section shall not apply to a company registered before the commencement of the Act, or to a private company, or to a prospectus issued on beha f of a company after the expiration of one year from the date on which it is entitled to commence business.

The Bill contains provisions as to the allotment of shares, filing prosportus, meetings of companies, audit, registration, mortgages, and winding up of companies.