The annual address by the President of the Incorporated Law
Society, Mr. Addison, given on Tuesday, strikes us as above the average of such speeches. It shows the usual jealousy of legal reform in the matter of land transfer, but is free from the exaggerated talk sometimes indulged in regard- ing that measure. Mr. Addison prefers the Incorporated Law Society's Bill for cheapening the transfer of land to that proposed by the late Government. If we understand him, the proposal is to give the owner of the legal estate an absolute right to sell. The holders of equitable interests are merely to have the right to pursue the purchase-money when it comes into the vendor's hands. The purchaser will have no concern with them. When he has paid his money and got his deed he will be free from all anxiety, even as to Death-duties in arrear. There will, however, be a register for cautions or caveats, which may be put on by any owner of an equitable interest. This will ensure that he will receive notice and be able to prevent the purchase-money being made away with. The President also condemned the tendency of modern legislation in regard to imposing too strict limitations on directors. "Careful men," he said, "will not allow their names to appear as directors if the duty is cast on them of verifying accurately every statement, and satisfying them- selves that no fact which could possibly be held material had been omitted." Surely this is rather a dangerous argument. We do not see why men should be encouraged to become directors by giving them immunity for acts of negligence. The pay they receive should cover the risk.
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