SHAREBROKERS’ BILL.

Thames Guardian and Mining Record, Volume I, Issue 13, 21 October 1871, Page 2

SHAREBROKERS’ BILL.

We have before us the draft of a Bill entitled “An Act to Make Provision for Licensing Sharebrokers.” The preamble sets forth that it is expedient that provision should be made for granting licenses to sharebrokers and for the prevention of unlicensed persons acting in that capacity. The short title of the Bill is the “ The Sharebrokers’ Act, 1871.” The Bill contains 23 clauses. Its principal provisions are—that after the Ist of January, 1872, every sharebroker must take out an annual license, for which he must pay L 25 to the Colonial Treasurer, who may appoint such,and as many as he may think fit. The appointments must be notified in the New Zealand Gazette. Every sharebroker must cnter into a bond of L 2,000 for himself and two sureties of L2OO each that he will not buy and sell for himself. Sharebrokers are to give accounts to persons for whom they sell shares, and to enter the same in books which they shall show to such persons on demand, or bo liable to a fine not exceeding LIOO, and also be disqualified from ever after acting as'a sharebroker in New Zealand. Sharebrokers are to keep their names painted on, or affixed to, their places of business. Persons acting as sharebrokers without a license shall, for every offence, pay a penalty not exceeding LlO nor less than LlO. Sharebrokers to have only ono place of business in respect of one license. Persons lending license to another liable to a penalty not exceepting £SO. List of licensed sharebrokers to be kept and tor warded to the Colonial Treasurer. Sharebrokers not to recover fees, &c., unless licensed. Sharebrokers convicted of felony or guilty of fraud may be disqualified from acting as such, certificate of conviction to be sent to the Colonial Treasurer. All fines, &e., to be ehforced summarily. ' All fees are to fonn part of the consolidated revenue of the colony. Provisions are made for the establishment of Stock Exchanges, the rules to be framed in accordance with those of the London Stock Exchang- s. The rules may provide for a penalty not exceeding £5. The rules are to be transmitted to the Governor, who may approve thereof and cause them to be published in the Gazette. The Governor to have the power to alter or amend the rules. We shall publish the Act in full in our columns at an early date.