§ 29. Mr. A. M. SAMUELasked the Secretary for Scotland whether he is aware that a trading company, incorporated under the Companies Acts and calling itself the Scottish National Trust Company, Limited, is inviting subscriptions; will he state in what respect the company is national; and, if it is not a national trust, will he either request or compel the promoters of the concern to delete the word National from the title of the company so that no misunderstanding by investors may arise?
Mr. WEBBI have been asked to reply. The answer to the first part of the question is in the affirmative. Under the provisions of the Companies Acts the Registrar has no power to refuse to register a company on the ground that the word "National" is included in its title, but the question whether greater powers should be conferred on the Registrar has already been noted for consideration when the next revision of the Companies Acts is undertaken.
§ Mr. SAMUELIs the right hon. Gentleman not aware that the case of misleading titles of companies was dealt with by Lord Wrenbury's Committee in 1918, and has he any power to put that recommendation into operation?
§ Mr. HANNONIs it not a fact that the words "National" and "Imperial" are employed by unscrupulous speculators in this country and will he take steps to stop this?
Mr. WEBBIt is quite true that there was a report in 1918, but no steps were taken in the succeeding years to carry those recommendations into legislation. The result is that the Board of Trade finds itself without power to take any action.
§ Mr. SAMUELCan he make this request to this company, which may be perfectly respectable?