§ 26. Mr. REMERasked the President of the Board of Trade whether his attention has been drawn to the attempt to obtain proxies for the Sanitas Trust capital scheme from shareholders in the company who will not benefit by signing the proxies; and if he is prepared to use his powers under the Companies Act, 1929, to intervene for the protection of aggrieved shareholders?
§ Dr. BURGINMy right hon. Friend's attention has been drawn to a newspaper report of an extraordinary general meeting of Sanitas Trust, Limited, on 5th July, at which a scheme for the increase of capital was considered, but he has no information in regard to the use of proxies at this meeting, and the Board of Trade have no power under the Companies 16 Act, 1929, to intervene in a matter of this nature.
§ Mr. REMERDoes not this matter show that it is vitally necessary that the Board of Trade should amend the Companies Acts at the earliest possible moment?
§ Dr. BURGINThere is nothing in the newspaper reports that I have seen which would give that indication as yet, but I am watching it closely.
§ Sir ARTHUR MICHAEL SAMUELHas not the President of the Board of Trade already received a considered letter from the Association of British Chambers of Commerce showing that the very point that is now raised is one which requires immediate attention?
§ Dr. BURGINThat is a matter on which I should have to make inquiries.