RE ALTERATIONS IN " THE MINING COMPANIES ACT, 1872."
I have porusod tho proposod alterations submitted to mo by Mr Bronniui and othors, nnd havo givon thorn my best nt» tontion. I havo also oonforrod with Mr Kcid upon thorn, and, with certain verbal altoratidna' whuSh' ho ' will submit, wo approve of thoir propriety nnd form* In addition to the amondmonts in soo* tions 28, 62, 63, 64r, Sty 66 and 57, thcro are norno others whibh' I Would make and in whidi Mr ftoid coniurs. In roferonco to sootion 28. and dontingont upon it bco» tion 20, 1 am inclined to think that thoso flootions aro rendorod inoporntiyo by aoo> tion 103 of The btamp Act,' 1875, which rondor» invalid ijp« o facto all blank trana* fors. Tho quostion was only arguablo undor ' Tho Stamp Act, 1872,} booause 'Tb.o Mining Companies A.ot,' 1872, wah tho later Act of tho two ; and upon that fact I basod an argument which, pro tan to, was admittod in a oano doculod in this Difltriot Court. If, however, lam wrong tho suggestion is v valuablo one j if I am right* tho amendment may bo treatod an mv* plusogo.
My first Buggoslion in in roforenoo to section 00. I do not think it goes far cnou'glu, If it turn* out that a transfer i» mado.upon ft Trust, I cannot consider tho disability 'imposed sufliciont in itsolf a fraud to tho company, It is in law a fraud,' find as nunh should bo punished to j tho full extent; In such casos, as a rulo. Iho transforreo is ft ' man of sfrnvf / and a company in all probptbiJity, would havo no adequate remedy for" calls duo. Thoroforo, I would proposo tho addition aftor tho last word in sootion 30, tho following words s •—"But ho shall notwithstanding any such transfer bo liable in tho tiamo manner in all rospoots as to calls, or in caso of wind* ing-up, to contributions, as if no such, irinsfofhad'o^orboon mado." As to suction 35.— This sootion givoa very j amplo pbwors to roefcify tho Sharo Rogis' ton but it ajsp, does, not gofaronougb, In my own experience oasos havo arisen wiiovo tho Osurt has bcon anxious to deal with tho matter boforo it, but ha« boon unablo so to, do for want of appropriate maohiuoryTGo cWy'L^put iti ordoh. I would, theroforoj insert after tho word 'uny,' at tho end of tho Ist lino of tho sootiou I—" Porson being or claiming to bo a" ; and , in order to givo creditors powor. I would ftdd aftor tho words 4 transforreo of a sharo '— ' or as n croditor of tho company, or othcrwiHO howso* over ;' and after tho word t oompahy ' in tho 14th lino I would supply tho words, I or othorwiso howfioovor.' Aftor tho last word of tho soction, in brdor to onduo tho Court with common* surato powor to onforco ita order, I would onaot as follows :— " And for that pur* poso.to nviko or diroot to bo made, suoh inquirioa eithor boforo tho Court or Judge, or boforo suoh officer of tho Court or other proper porson as Iho Court or Judge may think fit, with full power for tho Court, a Judgo.oflicoror person to issaoall suoh Bubpconas ad tcsttficandum or duccs* tocum as mny bo doomed nooossnry j and ■ for the purpose ftforos.aid it sljall^ej awful for Iho Court or.. Judge, ofthor ;tvith oi without such onquirios as aforesaid to 'mliko such order in tho promisos as shall kpipoar to bo right, and every fluoh ordor whothor with or without oosts, shall have tho somo forco and oiFoofc as a judgmout or otttoT order *>F th/Oo]iirtj a;nd phall bo' enforced at tho' instance of any of tho pirtios to tho application by tho Bnrao prOcosH as nny judgmont may now bo onforood in tho ordinary jurisdiction of tho Court or* judgo $ and whenever any person shall bo dirootod by any suoh ordor to db or perform any act, matter or thing shfcll make dofault thoroin after notioo of such order (to bo given > as tho Court or a Juclro mny direct) suoh dofault shall bo deomod a contempt of Court, and shall bo punishablo by attachment according to thopraotico of tho Supremo Court of Now Zoaland in ljko ensos, but without, prejudice to ariy otlsy pwtaodings in rom which which aro herein provided for." Sections 44 and 45— Thore sooms no roason why tho provisions of tho Victorian Act, for inoroasing oapital by increasing tho amount of tho sharoa, should havo. boon omitted, Strangely enough 'tho soUodulo 4 ftssumos that thoy woro not omittod. This I would remedy by inserting in Sootion 44, aftor tho words • iuoroasc its capital' tho words ' ,by increasing tho amount payable in rospobt of oach fihnro, or,' and aftor tho words ' issue of now shares, 1 tto words « 'or by both of thoso moans ;' and aftor tho Wordp 'to bo' at tho beginning of tho 2nd lino from the bottom tho. words s— , in tho oaso^of new shares.' ' Sod ion 00— Only requires amendment by eliminating tho words ' which shall Kayo boon forfoiiod,' and substituting tho wefvd'' nny ' boforo tho word 'sharos.' X tl ink a proviso might woll bo oddod tdstiblion 108, aftor tho form, to tho following effoot :■-" Provided always that thoCcjurtora Judgo, may, in suoh oases r and upon flach tortns, and at such timos, as may bo doomed propor, by ordor au* thoriso tho liquidator to diaburso such Bums roasonablo oxpensos in and about tho winding •up proceedings, or for tho purposo of paying any interim dividend, or 'dividonds duo, regard boing always had to tho probabil* ily of' nny unprovod and outfltanding dobts, and tho amount thereof. 1 ' Section 131 is ft source of doubt and should bo amended as follows :~-" Provided always that until any nuoh rulos shall bo framed as nforosnid, tho Court or a Judgo thcroof, may mnko suoh ordor as to payraonfc to any party, of nny foos, ooßts or othor oxponsos as suoh Court or Judgo may think, all which ordors shall bo enforced by tho liko proooss as uro horoinboforo providod." Scolion 77— MrRoidhaBwritton upon. It roquiros nmondmont by giving tho Court powor to imposo upon porsons applying to romovo a liquidator, tho duty of giving soourity for costs. '; -7 , In conclusion I would remark that this memo, doos not protend to be exhnuiitivo. It only aims at pointing out somo of tho pnotioal difficulties whioh have occurred to mo in praolioo, and in studying tho act since it enmo into forco. Thoro aro a few verbal inaccuraoios whioh a oaroful comparison of tho N. Z, Act, with that of Victoria 1871 will at a glanoo disclose What ia rcqnirod is a 'consolidation of tho acts of 1872 and 1877, with somo or all of tho suggestions miulo by tho gentlomon who havo in» structod Mr Uoid and mysolf. That boing done a fairly workable act might bo
drafted, which tho wisdom of Parliunnmt could not fail to improve into something like perfection. Wit/mam Pitt. Chambers, Broidwny, ltooftou, . August Oth, 1878.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/IT18780816.2.6
Bibliographic details
Ngā taipitopito pukapuka
Inangahua Times, Volume 701, Issue 701, 16 August 1878, Page 2
Word count
Tapeke kupu
1,180RE ALTERATIONS IN " THE MINING COMPANIES ACT, 1872." Inangahua Times, Volume 701, Issue 701, 16 August 1878, Page 2
Using this item
Te whakamahi i tēnei tūemi
No known copyright (New Zealand)
To the best of the National Library of New Zealand’s knowledge, under New Zealand law, there is no copyright in this item in New Zealand.
You can copy this item, share it, and post it on a blog or website. It can be modified, remixed and built upon. It can be used commercially. If reproducing this item, it is helpful to include the source.
For further information please refer to the Copyright guide.