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.