Comparative Law Series

Acts, and a Bill to prevent fraud in relation to investments are among the measures relating to commercial matters which will be introduced in the present session of Parliament, according to the King's speech, November 8, 1938, opening the new session.

The

"Prevention of Fraud (Investments) Bill" prohibits dealing in securities except by license from the Board of Trade. According to the Office of the American Commercial Attache, London, exemption from this requirement is provided in the case of members of any recognized stock exchange, or of any recognized association of dealers in securities, and for persons authorized by any such member to deal in securities in his behalf; for the Bank of England or any exempted dealer; and for any person acting in the capacity of approved trustee of unit trusts. The recognized stock exchanges, associations of dealers in securities, approved trustees of unit trusts, and exempted dealers, will be specified in orders issued by the Board of Trade. A tribunal of inquiry would be set up under the Bill to which appeals may be taken by persons to whom licenses may be refused, this tribunal to consist of three members, one of which shall be a member of the legal profession appointed by the Lord Chancellor, and two to be appointed by the Treasury. Rules and regulations for the carrying out of the act, if and when passed, may be made by the Board of Trade.

Another section provides certain safeguards to investors in the case of industrial and provident societies and building societies, and there are a number of general provisions for the prevention of fraud in connection with the sale or offer for sale of securities, commodities, or other property.

UNION OF SOUTH AFRICA

Admiralty, Legislation Proposed.

The 40th Congress of the Association of Chambers of Commerce held at Bloemfontein, November 7 to 10, inclusive, and attended by some 60 delegates from the major cities in the Union, unanimously passed a resolution that a recommendation be made to the government in favor of the adoption by the Union of legislation patterned along the lines of the British Carriage of Goods by Sea Act of 1934.

SECTION OF INTERNATIONAL AND COMPARATIVE LAW
AMERICAN BAR ASSOCIATION

Additions to List of Committees

The following changes should be noted in connection with the list of committees functioning under the American Bar Association's Section of International and Comparative Law. The Chairman of the Committee on Arrangements for the Washington meeting is General Allen W. Gullion, Judge Advocate General of the War Department. The Committee on International Law in the Courts is headed by Mr. Edgar Turlington. An additional Committee of the International Law Division is that of International Commercial Laws of which Professor Philip W. Thayer has been named Chairmen.