COMPANIES BILL

Hokitika Guardian, 18 October 1933, Page 5

COMPANIES BILL

BEFORE THE HOBS

COMMITTEE'S REPORT SUBMITTE

(Per Press Association—Copyright),

WELLINGTON; * October 18. In the House ofißepresqn'tatives yesterday afternoon, the ' * Orchard Tax Amendment 'Bill and Weights and Meksure s Amendment Bill were introduced by. Goyernor-Gonefal’s message, and read a first -time. * • ‘ ■ : * Explaining, the -former Tneasure, the Hon. C, .E. MacMillan/- (Minister of Agriculture), said it. was’similar; to the Bill which had been - introduced last session. ... >■>;- ." The, Hon. Adam Hamilton (Minister of Labour), explaining the Weight’s and Measures 'Amendment:'Bill,PsaiddShat it gave power to the Labour Department to prosecute persons who; kept .underweight articles for sale; Under the pre-

sent legislation it was ' necessary for an article .to have beemsold before proceedings- could be- taken; - 7

In giving effect to the resolutions of the Imperial 'Conference, provision .was made for a comparison between New Zealand and British standards at regular intervals. The New 'Zealand yardstick and standard-pound' weight would have .to be .sent home* every, five , years to make sure therevwas no. variation. The.following-;Bills .yvere put -t.lirbur'i the remaining stages?, and passed: • Nurses and Midwives’ . Registrati-'-i -Amendment, National Art Gallery a;\l Dominion Museum Amendment, .Agricultural and Pastoral Societies Amendment, Arbitration --'' Clauses (Protocr!) and Arbitration (Foreign Awards), Marriage Amendment, * and Jutlicatiire Amendment! 1 .7/ 1 .. ! ‘ When the House resumed at 7.30 p.m. the Egmont ’ National Perk Amendment Bill was introduced by. Gov-ernor-General’s menageand read' i first time. !• V*•

The Companies Billf was also introduced by ,GovernoivGenera I’s message and‘read the first time. '

. . The Hon.M.G./Cogtes .said That, the Bill consisted of 264 .pages, .and between four and five hundred elapses., ft was the. result;' bf>'.some -..three yea -s’ study by a' committee, se£ up', by The late Sir, Thoipas v 'Sidey, and .consisting of lawyers, accountants, auditors,, company secretaries,; an'dppqmpahyTawy,-; -s. The provisipiis ineliidedl restriction bn what was * commonly/ known ' as sh re hawking. , u / ... ■' - The Mirii'sfekTeadAto'... th(f'House. ’ a brifef ' report submitted,' by The / coinn. Ittee which'had framed the legisfat'pn. The. report stated" that,?, tjip poipmit :oe had endeavoured to follow..the\lmpe ial Act as closely as circumstances would permit, The committee.had not. considered; any recommendations sns to the winding up of rules whieh itconsidered was a most- importflut part of fhe law of companies, : ' i :r '■ ; \ ' : . The absence of■ such'rules was a son ious defect, and the committee tru: ted that winding up rules would be issued at the earliest possible date. -

The domimittee believed'- 'tliat, the Bill as now drafted would give 1 greater protection to shareholders', and creditors; and further protect the public in the matter of new flotations. In unanimously recommending that the Bill be passed' this session, the committee, although holding a difference of oph.ion on some details of legislation, expressed the-opinion that the-measure in its present form was a very great advance in company law in New Zealand.. Mr H. G. R. Mason (Lab., Auckland Suburbs), expressed disappointment that the Bill contained no clauses to "clear up the mless about winding-up companies.” He said that 'the law on this subject was most antiquated, and the most hopeless part of New Zealand company law. V . Tlie House rose-at 9.30;p.m.