Commencement of business, Business Law and Ethics

Commencement of Business:

Section III (1) provides that a public company which has issued a prospectus cannot commence business or exercise any borrowing powers unless:-

                   a)      the minimum subscription has been raised; and

                   b)      every director of the company has paid to the company on each of the shares taken or contracted to be taken by him and for which he is liable to pay in cash, the proportion payable equal to a proportion  to, on application and allotment on the shares offered for public subscription; and

                   c)      no money is or may become liable to be repaid to applicants for any shares or debentures which have been offered for public subscription by reason of any failure to apply for or to obtain permission for the shares or debentures to be dealt in on any stock exchange; and

                   d)      Therefore there has been delivered to the registrar of registration a statutory declaration by the secretary or one of the directors, in Form No.211, that the aforesaid conditions have been complied with.

Posted Date: 1/12/2013 3:15:20 AM | Location : United States







Related Discussions:- Commencement of business, Assignment Help, Ask Question on Commencement of business, Get Answer, Expert's Help, Commencement of business Discussions

Write discussion on Commencement of business
Your posts are moderated
Related Questions
QUESTION 1 Discuss the legislative framework governing employment law in Mauritius. QUESTION 2 Pam works as a technician at Continent Ltd. During the few past weeks, Pa

What are the main sources of European Law? There are three main sources of EU (European) law: a. Primary legislation: It is the Treaties of Rome and Paris that initial

STATUTE LAW: There this is an Act of Parliament.  Whether this is law made through parliament directly in exercise of legislative power conferred upon it through the constitut

Some provisions of the Factories Act and its amendments are given below. 1.   These provisions relate mainly to the health, safety and welfare of the workers in industry. 2.

hello.. iahve one business law assignment can you please give me quote?

Question 1: Analyze the contribution and role of logistics in the provision of good customer service. Question 2: Discuss the case for and against using in-house or t

Warranties - Terms of a Contract However there is no precise legal definition of such "warranty" that in legal nomenclature, where is susceptible for a variety of interpretati

State in brief about the term - Reputations Reputations can be defined as the actions an agent and expected to take. If he takes it up, he establishes his reputation or otherwi

Deadlock in the management: The company existed only to "work a particular patent" and as it could not do so it should be wound up. But if there are two or more alternative

QUESTION (a) In scientific ethics, list four fundamental principles of scientific research? (b) Give five differences between law and ethics (c) When does a ‘Conflict of