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.