Common law rules, Business Law and Ethics

Assignment Help:

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.


Related Discussions:- Common law rules

Age of majority act , Humble, a local high school student, wished to buy a ...

Humble, a local high school student, wished to buy a moped. He intended to use it to get to and from school which was 3kms away. He also had a part-time job involving some travelli

Determine the levels of policy perspective, Determine the levels of Policy ...

Determine the levels of Policy perspective Policy perspective, analysis can be made on three levels, state-system level, the nation-state level and the decision making level. T

Representations regarding character or credit, Representations Regarding Ch...

Representations Regarding Character or Credit Since statements relating to a person's credit-worthiness will only be actionable whether made in pursuance of a contract that wa

Explain the second theory of international antitrust, Explain the second th...

Explain the second theory of international antitrust cooperation A second theory of international antitrust cooperation is a more limited multilateral approach under which only

Statutory power - mergers and winding up, Statutory power - mergers and win...

Statutory power - mergers and winding up: It is usual to proceed under s.207 as there are technical difficulties over s.300 procedure.  The liquidator's powers to reach a comp

Good faith - meetings and resolutions, Good Faith - meetings and resolution...

Good Faith - meetings and resolutions: The directors must act in good faith when calling a meeting,.  Thus, in Cannon v Tasks, the directors called the annual general meeting

How can consent be vitiated in relation to contracts, QUESTION 1 (a) Wh...

QUESTION 1 (a) What are the essential elements for a valid contract as stipulated by article 1108 of the Civil Code (CCM)? (b) How can consent be vitiated in relation to con

Subrogation - void contracts, Subrogation - Void Contracts       Howeve...

Subrogation - Void Contracts       However in Re National Permanent Benefit Building Society would the court stated that where an infant obtains a loan for necessaries and real

Describe the four-step planning process, Question 1: One important caus...

Question 1: One important cause of ineffective public relations efforts is the lack of planning. Using evidence from any organization, describe the four-step planning process t

List eight main objectives of tax treaties, QUESTION (a) List eight mai...

QUESTION (a) List eight main objectives of tax treaties (b) Explain carefully how cases of dual residence for both individuals and companies would be resolved by the applica

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd