THE SHAREBROKERS ACT, 1871.

Thames Guardian and Mining Record, Volume I, Issue 93, 26 January 1872, Page 2

THE SHAREBROKERS ACT, 1871.

Tiie New Zealand Gazelle of the 15th instant notifies that the Sharebrokers Act will conic into force on the Ist February, In the interpretation of the Act a sharebroker shall menu any person who, whether on commission or for any fee,acts as the agent of another in buying, selling, transferring, or dealing in shares. “ Shares ” shall mean and include shares in any company incorporated under the Joint Stock Companies Act, 1800 ; as also the Mining Companies Limited Liability Act. The license is annual, and reckoned from the day it is granted. Every sharebroker shall, before such license be granted enter into a bond to her Majesty the ■Queen in the penalty of £I,OOO for'himself, and two responsible sureties of £250 each on the security of some guarantee company to the amount of £SOO, conditioned that he will not, during the time he shall continue to he licensed, buy or sell any shares for himself, or on his own account, except through another broker, and that lie will keep a book to contain entries of all such shares, and the amount of every sale to every person, and the price at which the same shall be sold. Aud every sharebroker who shall be so licensed as aforesaid shall, every time lie shall sell to any person any shares, give to the person for whom ho sold the same an account, in writing, signed with his name, of the number of shares so sold, to whom the same were sold, and the true rate of purchase or price paid ior the same, and sliali enter in the said book to be kept by him a like account, together with the name of the person for whom he sold the same. If any person not being duly licensed as a sharebroker, iu accordance with the Act, shall in any manner act or carry on business as such sharebroker, such person shall for every such offence forfeit and pay a sum not exceeding £IOO and not less than £2O. And further, if any person having obtained such license, as aforesaid, shall lend the same to any other person for the purpose of carrying on such business, as, aforesaid, under colour thereof, he shall forfeit and pay, on conviction, for every such offence any sum not exceeding £so' and not Jess than £lO. These are a few of the principal clauses of the Act. The penalties are heavy, and may he enforced under summary jurisdiction. We noticethat Dr Pollen has been appointed as licenser of sharebrokers for Auckland, and John Kobiuson, lisq., for the Thames.— Croat.