324 SECRETARIAL PRACTICE Tasmania. The principal Act is No. 66 of 1920 (a Consolidating Act), to which there have been four amendments; the Companies Amendment Act, No. 77 of 1922 and No. 23 of 1923, which intro- duce slight amendments in the law relating to foreign companies, and No. 69 of 1924 and No. 89 of 1928. No. 69 of 1924 is really the criminal code and merely amends certain sections of the principal Act which deal with the criminal offences of fraud and forgery. No. 89g of 1928 is a short amending Act following the latest English. legislation. It prohibits share- hawking (s. 3) and imposes restrictions on making offers of shares in writing (s. 4). There are also the Mining Companies (Foreign) Act, No. 16 of 1884, which has been amended by the following subsequent Acts: —No. 34 of 1905, No. 35 of 1916, No. 40 of 1921 and No. 69 of 1924, and the Life Assurance Companies Act, No. 6 of 1874 amended by the following Life Assurance Companies Acts: —No. 16 of 1906, No. 60 of 1916 and No. 69 of 1924. No. 66 of 1920 follows in the main the English Companies Act of £929. The following provisions are noteworthy: — S. 36 (2). On request of the transferor in writing a com- pany must require the holder of a share certifi- cate to produce it at the office of the company to be dealt with as the transfer proceedings may require. Unless otherwise provided in the articles, the Jualification of a director must be held by him solely and not as one of several joint holders. 89. Permits issue of an abridged prospectus in a news- paper advertisement provided that the fact is stated and reference to the full prospectus is made. Requires particulars of a mortgage on land by a company to be registered, whether created within or without the State. 5. 116. Balance Sheets. The annual balance sheet must be in a form prescribed by the Act and must include a statement of profit and loss. No balance sheet or other document issued on behalf of the company may contain any direct or indirect representation that the company has a reserve fund unless such reserve fund exists, and unless accompanied by a statement shewing whether it is used in the business or aot, and giving details of the investments, if it is invested. o>. 121 (3) and (4). Audit. A partner of a director may not be an auditor, and if an auditor becomes indebted to the companv. his office becomes vacant.