Powers, Business Law and Ethics

Powers:

The ultra vires doctrine limits a company's powers to the attainment of the company's objects under its  memorandum of association. Partnerships are not  affected by the ultra vires doctrine and partners enjoy relative freedom to diversify the firm's  operations.

(i)      Termination

A member's death, bankruptcy or insanity does not terminate the Company's legal existence whereas a  partner's death, bankruptcy or insanity terminates the partnership unless the partnership agreement provides otherwise.

(j)      Borrowing Money

A company can borrow on the security of a "floating charge". A partnership cannot borrow on a "floating  charge".

(k)     Ownership of Property

A company's property does not belong to the shareholders, either individually or collectively. Consequently, a member cannot insure the property  since he has no insurable interest therein: Macaura v Northern Assurance Co (4). A firm's property is the property of the partners who can  therefore insure it and, in the case of cash, make  drawings from it.

Posted Date: 1/12/2013 2:14:11 AM | Location : United States







Related Discussions:- Powers, Assignment Help, Ask Question on Powers, Get Answer, Expert's Help, Powers Discussions

Write discussion on Powers
Your posts are moderated
Related Questions
Resident Magistrate's Court Establishment Further Resident Magistrate's Court is constituted through S.3 (1) of the Magistrate's Courts Act that is provides that 'ther

Standard of proof in civil cases: Therefore the standard of proof in civil cases is on a preponderance of probabilities or on a balance of probabilities.  So it must be more p

For this unit you will be given a hypothetical business situation, which is to be developed in line with statutory and voluntary compliance requirements to enable the business to o

What is the European law? European law: Designed to make a single market for European member states to trade freely all along with each but has as moved onto a closer tie

Derivative action: In Nurcombe v Nurcombe Lawton L J stated that a derivative action is a procedural device for enabling the court to do justice to a company controlled by mis

What is the composition of the legislature Given the composition of the legislature, the strategic voting, the possibility under which the policies and their economic outcomes

A team of players from a Singapore-based university was planning a trip to Cameron Highlands, where an exhibition on the history of tea, the process of growing, harvesting and proc

what is wbp? and its danger and benefits ? components of wbp?

QUESTION 1 Barclays Bank in Mauritius has interviewed various candidates for the post of Chief Executive Officer. Its HR department has requested you to provide them with some

What is the difference between the plain meaning and the liberal approaches to the interpretation of contracts? Provide me with an example of each to show me you understand the dif