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Under New Measure Corn. panies Will Be Required to File Certain Informa, tion Before Commencing Business in Ontario SHAREHOLDERS' LIST NOT TO BE REQUIRED . . "A geologist," he said, "once wasted Ottawa Oficial Says 200 000 75 to 80 per cent. of his time exploring ' ' unpromising areas. The 1tPf survey Square M iles of Unexplored has done away with that now.' . Mr. Narroway used lantern slides to Tendon) Photographed in show how "surveys" from the air had ." ' contributed extensively to the develop- Last Five Years ment ot the Dominion's natural re- sources. Two hundred thousand square -.----t-t-t-- miles of hunexplored st,e,,r,rei,tfrii' trifle an; nounced ad been ma e n e as AIDS DEVELOPMENT five years. f" " AIDS DEVELOPMENT OF NATURAL WEALTH Speaking to some fifty members of world's record." the Ontario Legislature, yesterday noon MrheNargoway P"wRirf,f,1"'fif, ff, the A. M. , , mem rs y Hon. am nayson. Tomas??? ay, Assistant Director ot Minister of Lands and Forests. who p ca Surveys, Ottawa, de- took occasion to stress the spirit of co- clared that "aerial surveys" have em operation which exists between his de- tirely eliminated the "waste time" partment and the Department of the spent b Interior at Ottawa. years y geological parties in former TWO COMPANY BILLS NV AID ADMINISTRATION OF "BLUE SKY" LAW Attorney-General Price is leaving n. stone unturned to facilitate the ad- ministration ot his new Security Frauds Prevention Act. Yesterday Ir: brought down to the Legislature an amendment to the Companies Act, a:, well as a new bill, which is to bo known in future as the Companies In- formation Act. Both have been de- signed, he told the House, "to tit in" with the Security Frauds PrevenLion measure. General Application. Under the act respecting informs- $331112: JuGl"rt'lli. 1'"i'i'lls"i'thl"ilr2i'i,'lp, tion, every public company,' before tuses has to take out a certificate sign commencing business in Ontario, wili ed by the Minister entitling it to com be required to file certain information mence business. It the company ha in the Department of the Provincial a good solicitor. he files: it 15. under . _ . . stood, a prospectus that is of little as Secretary. This information is to be to the public, but conforms with m on a form to be prescribed tog, Order- act, and then takes out his certificate in-Council. Directors .a.n.d officers of If on the other hand, the solicitor 0 the company shall be liable upon sum- the company is not cognizant of th mary conviction to a penalty of 530 terms of the act and innocently com for each day of dt'tault, The law will mences business without taking out 1 be one ot general appltcation. to all certificate, the company finds that ttl companies, tio matter where incorpo- its acts are invalid, and the innocen rated. The bill also empowers the third party who, years afterward, ac grovincial Secretary to obtain informa- cepts a conveyance of the comDany' tion from any company, and prowdcs property, may find that his title i a penalty if such information is not faulty forthcoming. - . WorldRecord in A ri [Su t) yi g Established by C di Ai m h isxov-aucscrr1ay-el. 21mg» "There isn't much glamour or excite- ment about it," he said, "but in this particular line of work Canadian air- men have nevertheless established the Section 138 of the Companies Act has, with one exception, been trans- ferred bodily to the new "information", measure. The only change is the dc-l letion of the old requirement that alli companies shall send in to the depart-i ment a list of their shareholders. This' requirement has been taken out of the Federal Act, and it is felt that it should be removed from the Ontario Act, particularly as under the general sections the Provincial Secretary may demand this list whenever he desiresl it. Changes Summarized. To summarize the changes embodied in Col. Price's amendment to the Com- panies Act; are as fo11cwrt:. __ "The clauses compelling all com- panies to file prospectuses or state- ments in lieu thereof will be deleted, and in their place will appear a gen- eral law not in the Companies Act, but to the effect that all companies shall file certain information on a prescribed form. Failure to file this information will not invalidate the acts of the com- pany, but will make the directors liable to penalties which may be collected on a summary conviction] The annoying Certificate entitling the company to commence business will also disap- pear. Under the Companies Act. as it now stands, a company which offers shares to the public alter it files its prospec- tuses has to take out a certificate sign- ed by the Minister entitling it to com- mence business. It the company has a good solicitor. he tiles, it is under- stood, a prospectus that is of little use to the public, but conforms with the act, and then takes out his certificate. If, on the other hand, the solicitor or the company is not cognizant of thcl terms of the act and innocently corn-! mences business without taking out a: certificate, the company finds that all; its acts are invalid, and the innocent' third party who, years afterward, ac-'; cepts a conveyance of the coTe1ny,'N property, may find that his title is': faulty. H) Mt MI) INSECTS . T0 COST $120,000 Further supplementary estimates 'amounting to $326,923.50 were voted iby the Ontario Legislature yesterday 'afternoon. They were tabled around 4 o'clock, came up tor the House's con- sideration at 5.15 o'clock, and were all passed-with no dissent and compara- tively little discussion-at 5.50 o'clock. Further Supplementary Esti- GAME RESERVE GRANTS Work ot voting them was speeded up as fast as possible in order to clear the way for the main estimates, which will be down tomorrow. The "further supplementaries" were, by departments, as follows: Legislation, $1,500; Attorney-General's Department, $75; Education Department, $6,000; Lands and Forests Department, $120,- 000: Mines Department, $74.80; Game and Fisheries Department, $6,300; Public Works Department, $96,612.20; Highways Department, $41,639; Health Department, $4,375; Labor Department, $1,100; Provincial Secretary's Depart- ment, $32,175; Agriculture Department, $11,272.50, and Miscellaneous, $5,800. For Lac Seul Dam. Of the Lands and Forests Depart- mental vote ot $120,000---the biggest ot all-tloo/no is for the Lac Seul Storage Dam, and survey and con- struction plans therewith. The other $20,000 is for the carrying out of for- estry insect control work. The $74.80 vote of the Department of Mines is to compensate Gas CommiSo sioner R. B. Harkness for clothing de- stroyed while he was testing clay de- posits in the Mattagami Basin. . Three Crown game reserve grants--- Jack Miner, $400; E. L. Marsh, $200, and Thomas N. Jones. $200---are in- eluded in the Game and Fisheries esti- mated. New Infirmary, New Jail. The $5,000 of the Public Works De- partment vote is tor construction of a new infirmary at the Ontario Hospital, Hamilton, and $25,000 is for the build- ing of aAnew jail at Kenora. , For salaries of officers and employees (additional) at the Ontario Brick and Tile plant at Guelph Reformatory, $9,- 400 will be voted under the Provin- cial Secretary's Department. Miscel- laneous estimates include grants of $2,000 and $5,000 to the United Empire Loyalists' Association and the On- tario Olympic Committee, respective- ly, and a payment of $600 to expenses incurred by the special committee appointed last session to consider the Hawkers and Peddlers Bill. mates Voted Total $326,923