BUSINESS METHODS.
By Teegraph—Press Association. AUCKLAND, January 26. A meeting of the Chamber of Commerce was held to consider the action of a city firm, which formed itself Into a private company for the purpose of giving debentures over its business to a firm of creditors. It was pointed out that if the debentures were exercised by the holder the assets might be disposed of at a sacrifice, the remaining creditors and shareholders receiving nothing. This opened the door for fraudulent preference by private companies. Further, a Bill of Sale was of no value until it had beer/ registered forty days, but under the Private Companies Act it became valid immediately it was registered, and this firm had been persuaded to form into a limited liability company, in order to give value to the Bill. It was decided to wait on the Minister of Justice concerning the matter.
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https://paperspast.natlib.govt.nz/newspapers/WAG19090127.2.26
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Wairarapa Age, Volume XXXII, Issue 3102, 27 January 1909, Page 7
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148BUSINESS METHODS. Wairarapa Age, Volume XXXII, Issue 3102, 27 January 1909, Page 7
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