April 26, 1934

BANKING AND COMMERCE


Fourth report of the select standing committee onlbanking and commeroe.-Mr. Hanson (York-Sunbury).


DOMINION COMPANIES ACT


Hon. C. H. CAHAN (Secretary of State) moved for leave to introduce Bill No. 64 respecting Dominion Companies.


?

Some hon. MEMBERS:

Explain.

Topic:   DOMINION COMPANIES ACT
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CON

Charles Hazlitt Cahan (Secretary of State of Canada)

Conservative (1867-1942)

Mr. CAHAN:

Mr. Speaker, this bill is a revision of the existing Companies Act and also of the Companies (Clauses) Act, with some modifications of the general statutes which were formerly parts 4 and 5 of the present Companies Act.

In the first place the Companies Act at present existing deals with companies with share capital as well as corporations without share capital. It is proposed to divide the provisions of the existing Companies Act into two parts, the first dealing exclusively with companies with share capital and the second with corporations without share capital, which carry on their operations without

pecuniary gain. It has been found that joining the two together has led to mistakes through misapprehension as to which sections should apply to these two very different classes of companies. Then the present part 2, which is really an enactment of the old Companies (Clauses) Act, and which contains provisions applicable to companies incorporated by private statute of this parliament, has been made part 3; it was formerly in part 2. The other parts of the act are general.

Upon careful consideration of this bill I do not think it will prove to be one for discussion from a party point of view or really from a political point of view. The bill contains very stringent provisions with regard to the auditing of the accounts of companies and the publication of such audited accounts. The bill also contains very strict and stringent provisions with regard to the issue of prospectuses by companies or by underwriters on behalf of companies. In fact it has seemed to me at times that these provisions are perhaps too strict having regard to the conditions which prevail at the present time. They are so much more strict and stringent than the provisions of the provincial companies acts that if this act is adopted I think it may result in a very serious diminution in revenue for the consolidated fund, because until provincial acts are amended or modified in like manner many applicants for charters certainly will go to the provincial authorities rather than to the dominion authority. The provisions with regard to auditing and the issuing of prospectuses are more stringent in this bill than in any other act in any British country at the present time. I make that statement with confidence, after having examined most of such acts. Therefore I trust this bill will receive the careful consideration of hon. members of the house before it is dealt with by the committee of the whole.

Topic:   DOMINION COMPANIES ACT
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CON

Richard Burpee Hanson

Conservative (1867-1942)

Mr. HANSON (York-Sunbury):

Is there any provision in the bill with respect to the restriction of the issue of securities?

Topic:   DOMINION COMPANIES ACT
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CON

Charles Hazlitt Cahan (Secretary of State of Canada)

Conservative (1867-1942)

Mr. CAHAN:

Certainly; first the provisions with regard to the report of the auditors are very stringent, and in the second place the company's securities can be issued and sold only by means of prospectuses issued by the company or by its underwriters under provisions which are very stringent indeed.

Motion agreed to and bill read the first time.

Questions

Topic:   DOMINION COMPANIES ACT
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QUESTIONS


(Questions answered orally are indicated by an asterisk.) dominion loans


LIB

Wilfrid Girouard

Liberal

Mr. GIROUARD:

What is the total amount of the loans contracted by the dominion government from August 15, 1930, to March 31, 1934?

Topic:   QUESTIONS
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CON

Edgar Nelson Rhodes (Minister of Finance and Receiver General)

Conservative (1867-1942)

Mr. RHODES:

This information will be found in complete detail in the budget speech of this year, to which I would refer my hon. friend.

Topic:   QUESTIONS
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PENSIONS CUT OFF AND RESTORED

LAB

Mr. MITCHELL:

Labour

1. How many pensioners were cut off from February 1, 1933, until the order to restore them was issued?

2. Have they all been restored?

3. How many pensions were cut off between January 25, 1933, and February 1, 1933?

Topic:   QUESTIONS
Subtopic:   PENSIONS CUT OFF AND RESTORED
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CON

Mr. MacLAREN: (Minister of Pensions and National Health)

Conservative (1867-1942)

1. 1.003.

2. Pension has been restored, or is in process of restoration, in all cases to which the order in question applies.

3. Information is not available as daily records are not kept.

Topic:   QUESTIONS
Subtopic:   PENSIONS CUT OFF AND RESTORED
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LAKE AYLMER, DISRAELI, QUE., BRIDGE

LIB

Mr. ROBERGE:

Liberal

1. Did the dominion government contribute to the cost of construction of the bridge erected in 1933 by Mr. Poudrier, on lake Aylmer, at Disraeil?

2. If so, what was the amount so contributed? Mr. STEWART (Leeds):

1. and 2. The dominion government in its relief measures does not deal with individuals but only with provinces and, consequently, would have no information regarding such a contract with Mr. Poudrier.

Topic:   QUESTIONS
Subtopic:   LAKE AYLMER, DISRAELI, QUE., BRIDGE
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THREE RIVERS, QUE., UNEMPLOYMENT RELIEF

CON

Mr. BOURGEOIS:

Conservative (1867-1942)

1. From December 11, 1933. to March 31, 1934, how much did the government of the province of Quebec claim from the Department of Labour on account of direct relief for the city of Three Rivers?

2. How much of it has been paid?

3. Is there any amount still outstanding, and why?

Topic:   QUESTIONS
Subtopic:   THREE RIVERS, QUE., UNEMPLOYMENT RELIEF
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April 26, 1934