Owning of property, Business Law and Ethics

Owning of Property:

                      Under Act of a registered company, as a person, has power to own movable and immovable property. It can actually do so if it can afford to buy them, or receives them as a gift. But it is important to note that, legally, the company's property does not belong to the members, either individually or as a group. It belongs to the company alone. This rule has been explained by the English courts in numerous cases among which may be referred to as an example. It was also explained in A L Underwood Ltd v Bank of Liverpool (5) that a company's money is not members' money. Any member who uses the company's money to purchase personal items or discharge personal obligations will be liable to the company for conversion. This rule applies irrespective of whether the company is of a class popularly referred to as 'a one-man company'

Posted Date: 1/12/2013 2:03:40 AM | Location : United States







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

Write discussion on Owning of property
Your posts are moderated
Related Questions
Court-Martial Establishment Moreover Section 65 (1) of the Constitution empowers Parliament to establish court martial that shall have such jurisdiction and powers as m

Conrad put an advertisement in a newspaper on 19 November offering to sell his motor boat for $35,000. On 21 November, Joe rang Conrad and said he was prepared to pay $30,000 for t

Rule in Turquands case: This statement can be reduced to two propositions which constitute what is compositely known as "the rule in Turquand's case", namely:; i. A person

Capacity - Element of Contract Capacity to Contract However 'capacity' may be described like the legally documented right of a person to enter with a legally binding ag

The MV unfortunate was talking passengers to Lyme Cay when it receive a distress signal from a vessel nearby the master started to proceed towards the vessel but stop when he reali

Guide - African Customary Law Further the courts are to be "guided" through African customary law.  Conversely this provision provides a judge discretion whenever to allow

Intent to defraud the Italian creditor: The company owed money to trade creditors and also had outstanding against it a large claim for breach of contract which it disputed (t

Q. Impact on businesses of phoenix activity? In 1996 the Australian Securities Commission (ASC), published a report on phoenix activity titled Phoenix Activities and Insolvent

Legislature-Executive Trade off Let us move a bit closer to the reality. In standard modes of policy optimization we assure that there is a single policy maker, who controls th

Mode of Reduction: S.68 (1) expressly states that a company may reduce its capital "in any way". There is therefore no statutorily prescribed mode of reduction and the actual