§ 12. Mr. BRACKENasked the President of the Board of Trade whether he intends to take any action regarding the increasing number of undertakings registered under the Industrial and Provident Societies Act which are advertising and pushing the sale of their shares by means which could not be used under the Companies Act?
§ Mr. RUNCIMANThe Committee on Fixed Trusts has already called attention to this matter, and I am considering how best it can be dealt with.
§ Sir ARTHUR MICHAEL SAMUELAs this abuse could be met and remedied by a suitable Clause in the existing Companies Act, 1929, what is the reason for the delay in setting up a Departmental Committee to look into the flaws and defects in the Companies Act?
§ Mr. RUNCIMANI am advised that the solution is not quite as simple as my hon. Friend thinks.
§ Mr. BRACKENWhile my right hon. Friend is contemplating investigations, is he aware that many small investors are being ruined?
§ Mr. RUNCIMANI would rather deal with the thing wisely than make a mess of it.