Principle of statutory provisions, Business Law and Ethics

Principle of statutory provisions:

Most of the cases in which the principle has actually been applied appear to fall within one of the following two classes:-

1. Where the company is defrauded

(i)             Misappropriation of corporate property

                                                         Examples:

-     Like 'Menier v Hooper's Telegraph Works'

                                                                            -and like 'Cook v Deeks'

(ii)          Breach of duty by directors

                                                         Examples:

                                                                           -Alexander v Automatic Telephone Co.

     Where the minority as individuals are defrauded

(i)            Expulsion of minority

                                               A purported expulsion of a member from the company will amount to fraud unless it is done bona fide and for the benefit of the company.  The following cases are relevant:

                                      -Dafen Tinplate Co. Ltd. v Llanelli Steel Co. Ltd.

                                      -Brown v British Abrasive Wheel Co.

                                      -Sidebotton v Kershaw Leese & Co

(ii)          Inequitable use of majority power

                                                         Examples: Clemens v Clemens Bros Ltd. (99)

 

Posted Date: 1/15/2013 2:56:03 AM | Location : United States







Related Discussions:- Principle of statutory provisions, Assignment Help, Ask Question on Principle of statutory provisions, Get Answer, Expert's Help, Principle of statutory provisions Discussions

Write discussion on Principle of statutory provisions
Your posts are moderated
Related Questions
Determine the term - cyclic majority voting The cyclic majority voting, a problem first recognized by Marquis de Condorcet in 1785, the indeterminacy of voting process, has bee

What are the main areas of case law? Case law: There are two main areas, as follows: • Common law: It is an amalgamation of past cases that are used to make decision

Special Courts However in addition to the courts dealt into paragraphs as 2.1 - 2.7 above, there exist in England a number of other institutions that are called "courts" or "t

Requirements of Registration of Hire Purchase Agreements Each Hire purchase Agreement must will in the English language It have be delivered to registration with

Articles of association: The articles of association cannot absolve the auditors from any obligation imposed upon them by the statute....  Under the statute the members of the

QUESTION 1 (a) What are the three main features of security? Define the different types of security that banks normally take to secure credit facilities (b) The Borrower Pro

What is the major issue concerning the international law The major issue concerning the international law is its implementation within the domestic system. A State can enforce

Non-Payment of Cheques A banker's authority about pay a cheque that will be determined or that terminated through: like; (a) Countermand of payment, below s.75 (a). the Act

difference b/w offer and ITT AND PAKISTANI CASES OF AUCTION ,ADVERTISMENT,TENDERS AND DISPLAY OF GOODS?

MEANING OF "OPPRESSION":                    The Section does not define the word "oppression" or what constitutes "oppressive conduct".  However, the Cohen Committee's Report