RECENT IMPERIAL LEGISLATION.

Temuka Leader, Issue 2165, 19 February 1891, Page 4

RECENT IMPERIAL LEGISLATION.

The Imperial Parliament last year passed several important Acts, which will probably be followed, as far as their principles are concerned, by colonial legislatures, Ihe law as to joint stock companies is dealt with by a group of three statutes. The first enables a company, by special resolution and with the leave of the court in certain specified cases, to alter its memorandum of association with respect to its objects. The second introduces to a large extent the procedure in bankruptcy in the winding up of joint stock companses. The Directors’ Liability Act renders directors and, others liable for statements in prospectuses, unless they can prove their innocence in the manner elaborately prescribed by the Act. Theßankruptey Act is another instance of wondrous changes introduced in the progress of a measure, The Act as it now stands introduces several marked alterations in the law, particularly as to compositions and schemes of arrangement with creditors, and as to discharge. In future the first step in a composition will be the lodging by the debtor Of a written and signed proposal, one meeting of creditors only need be held, the Court is bound in certain cases to refuse its indispensable sanction unless 7s fid in the pound be reasonably secured, The law with regard to discharge is rendered much more stringent, and no discharge either by composition or in bankruptcy is to free the debtor from liability under a judgment against him for seduction, affiliation, or as correspondent in a matrimonial cause, except to the extent and under the con ditions which the Court orders, 3he Intestate Estates Act provides that; when a man dies, leaving a widow but no issue, if the net value of his real and personal estate does not exceed £SOO all shall belong to the widow. If the estate exceeds £SOO the widow is to have a charge on it for that sum with interest at four per cent, until payment. The Act also declares that any provision which a widow may obtain under the Act is to be in addition to that which she would have obtained if the Act had not passed. Taken altogether the Imperial. Parliament, notwithstanding the Irish question, found time to pass a number of most useful measures.