326
SECRETARIAL PRACTICE
S. 270. Forbids any advertisement of capital in which
the amount of nominal or authorised capital
is stated without the words ‘nominal’ or
‘authorised,’ or in which the amount of paid-up
capital or of any charge on the uncalled
capital is not stated.
5. 271. No dividend shall be payable except out of profits.
5. 272. Shares may not be issued at a premium until a
company has been established twelve months,
and any premiuin received must be credited to
reserve.
Victoria. The company law in Victoria has recently been
consolidated in the Companies Act, 1928 (No. 3659) operating
on 12th February, 1929. It is based mainly on the Act of 1913,
No. 2631, which, in turn, was based on the English Companies
(Consolidation) Act, 1908, and many sections are taken verbatim
from: the English Act. The Act is divided into five parts: —
Part 1 (ss. 3-294) dealing with Trading companies. Part II
(ss. 205-438) with Mining companies. Part III (ss. 439—489) with
Life Assurance companies. Part IV (ss. 490-494) with Dairying
companies and Part V (ss. 495-505) with unclaimed moneys.
There are few sections differing materially from the English Act
which are worthy of comment :—
S. 10. Any five or more persons may form a public com-
pany and any two or more, a proprietary
company.
50. Every company must have a registered office in
Victoria, notice of which, and of any change
thereof must be given to the Registrar-General.
5. 310. Deals exclusively with mining companies and enacts
that notice of the name of the manager and of
any change in the manager must be filed with
the Registrar-General.
mining company may not borrow money or
mortgage any of its property without the
sanction of an extraordinary meeting and a
majority of two-thirds in number and value of
the shareholders.
WEsT AUSTRALIA. The company law of West Australia is
almost identical with that of South Australia. The principal Act
is the Companies Act, No. 8 of 1893 (a Consolidating Act), to
which there have been the following amendments: The Com-
panies Act Amendment Acts, Nos. 2 of 1896, 35 of 1897, 28 of
1898, 54 of 1899, 19 of 1902, and 31 of 1022 and No. 28 of 1929
(Co-operative Companies). :
There are also the following special Acts: —
The Dividend Duties Act, No. 32 of 1902 as amended by the
Dividend Duties Amendment Acts Nos. 30 of 1906. 24 of 1015.
22 of 1918, 40 of 1918, 32 of 1920 and 25 of 1624.
