XN000022-1990-07-25 — Page 41

WEDNESDAY, JULY 25, 1990

39

ADEQUATE FACILITIES FOR COMPANY NAME SEARCHES

ADEQUATE FACILITIES FOR NAME SEARCHES WILL BE MADE AVAILABLE TO ENSURE THAT THE PUBLIC HAS AMPLE ACCESS TO THE RECORD OF COMPANY NAMES, THE ACTING FINANCIAL SECRETARY, THE HON DAVID NENDICK, SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

SPEAKING IN THE RESUMED DEBATE ON THE COMPANIES (AMENDMENT)

BILL 1990, (NO. 5)

MR NENDICK SAID THIS ENSURED THAT ADEQUATE SAFEGUARDS WERE AVAILABLE FOR EXISTING COMPANIES.

COMPANY TO CHANGE ITS

IT WOULD ALSO MINIMISE THE POSSIBLE HARDSHIP TO A NEW WHICH MIGHT BE DIRECTED BY THE REGISTRAR OF COMPANIES NAME WITHIN 12 MONTHS OF ITS INCORPORATION, HE SAID.

WHERE A REGISTRAR,

OF COMPANIES,

MR NENDICK POINTED OUT THAT UNDER THE PROPOSED SYSTEM, COMPANY NAME WAS REGISTERED WHICH, IN THE OPINION OF THE WAS TOO SIMILAR TO A NAME ALREADY ENTERED IN THE INDEX THE REGISTRAR MIGHT, WITHIN 12 MONTHS OF COMPANY TO CHANGE ITS NAME.

REGISTRATION, DIRECTED THE

GROUP BOTH THE ADMINISTRATION AND THE AD HOC

CONSIDERED THAT CHECKING THE THE RESPONSIBILITY FOR

INDEX OF COMPANIES TO GUARD AGAINST "TOO LIKE" NAMES SHOULD REST WITH THE PRIVATE SECTOR, HE SAID.

ENSURE "IT IS FOR THE PROMOTERS OF ANY NEW COMPANY TO THOROUGH SEARCH IS CONDUCTED BEFORE APPLYING FOR INCORPORATION.

THAT A

"AS I HAVE ALREADY SAID, WE SHALL BE ENSURING THAT ADEQUATE FACILITIES ARE MADE AVAILABLE FOR SUCH SEARCHES, HE ADDED.

14

MEMBERS OF

THE AD HOC

HE THANKED THE HON MARTIN BARROW AND GROUP FOR THEIR CAREFUL CONSIDERATION OF AND SUPPORT FOR THE BILL.

ON THE AD HOC GROUP'S CONCERN ABOUT THE

POSSIBILITY NENDICK

UNSCRUPULOUS

MR PROMOTERS, OF THE NEW SYSTEM BY GOVERNMENT AGREED A FIRM AND HARD LINE HAD TO BE TAKEN.

OF ABUSE SAID THE

PENALTIES IN MOVING COMMITTEE STAGE AMENDMENTS TO INCREASE THE

FAILURE TO

WITH COMPLY

THE REGISTRAR'S SAID

WELL THERE COULD

TO COMPLY WITH

IN RESPECT OF A COMPANY'S DIRECTION TO CHANGE ITS NAME, MR NENDICK CIRCUMSTANCES WHERE A COMPANY MIGHT REFUSE REGISTRAR'S DIRECTION, REGARDING THE PENALTIES AS BUSINESS EXPENSES.

BE

THE

EVEN A SUBSTANTIAL INCREASE IN THE MIGHT NOT BE ADEQUATE IN SUCH A CASE, HE ADDED.

PENALTIES IN MONEY

"WE CONSIDER THAT ONLY THE POSSIBILITY ENSURE COMPLIANCE WITH THE REGISTRAR'S DIRECTION.

OF

IMPRISONMENT

/"TO THIS

TERMS

WOULD