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Common law rules:
The above common law rules have been modified by the following statutory provisions:
VOID ALLOTMENTS
a) S.50 A renders an allotment void if it was made to a body corporate which is not a registered company without the prior written consent of the Treasury. This section was presumably "slotted in" in order to prevent public funds given by the Treasury to parastatal organisations from being invested in bogus companies "owned" by some of the senior personnel in parastatals.
b) S.53 (1) renders an allotment void if it was made before aplying for, or obtaining, stock exchange permission for the company's shares to be dealt in on the stock exchange. This is only applicable in cases where the prospectus had stated that the permission had been, or would be, applied for.
Order for compulsory liquidation: The Official Receiver also calls separate meetings of creditors and of contributories within one month of the order for liquidation: s.236.
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LEGISLATIVE OR PARLIAMENTARY CONTROL: (i) Parliamentary approval and (ii) Ministerial approval and (iii) Publication into the England Gazette and
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