Companies Act, 1929.

Oral Answers to Questions — Mercantile Marine. – in the House of Commons at on 26 July 1938.

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Photo of Sir Walter Liddall Sir Walter Liddall , Lincoln

asked the President of the Board of Trade whether he will note to include in any amendment of the 1929 Companies Act a clause to forbid a director of a limited liability company acting also as a trustee for the debenture holders in the same company; and will he ask the committee of the London Stock Exchange whether they can discourage this practice pending legislation?

Mr. Stanley:

The point referred to by my hon. Friend has been noted for consideration when amendment of the Companies Act is under review, and I think we must await the results of the examination of the subject which will then be made.