Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Exceptions of Merger accounting:
S.56 (1) permits a company to give financial assistance for a purchase of, or subscription for, its shares in the following circumstances:
a) Where the lending of money is part of the ordinary business of the company and the money is lent by the company in the ordinary course of its business. In Steen v Law (52) the Privy Council explained that this provision does not validate a loan given for the express purpose of enabling the loanee to purchase the lending company's shares. This is so because no company can be constituted for the sole purpose of lending money to persons who would be buying its shares so that a loan it gives for any other purpose would be regarded as an "unusual" or "extraordinary", loan. To be valid, therefore, the loan must have been given for one of the purpose for which the company ordinarily or usually lends money but was diverted (wholly or partly) to a purchase of the lending company's shares.
b) Where the loan is to trustees to enable them to purchase fully paid shares in the company to be held under an employees' share scheme.
c) Where the loan is to employees' (other than directors) to enable them to purchase or subscribe for fully-paid shares in the company or its holding company to be held by themselves by way of beneficial ownership. If a company gives a loan to an employee to purchase shares in the company the employee must have the shares registered in his own name and not the name of a spouse or child. This is intended to induce the employee to be more motivated and productive by ensuring that he personally and directly reaps the fruits of his increased productivity.
Contracts in Restraint of Trade This is a contract through which a person voluntarily or unwillingly restricts his future liberty to carry at his trader business or profession
EXPLAIN THE KNGSTON COTTON MILL CASE
Q. Name based definition of phoenix activity? The approach taken in New Zealand has been to define phoenix activity in terms of the re-use of the name, or a name similar, to th
Question Note the behaviour of all parties with respect to the Mitchell Jones scenario which is (or could potentially be) a breach of the RTL Code and why you believe the beh
Discuss about the International Court of Justice as the organisation of United Nations. The International Court of Justice (ICJ): Its major functions are to settle legal
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
Question 1: With the enactment of the Labour Act 1975, how far has the freedom of the employer to unilaterally terminate contracts of employment been abrogated? Question 2:
Equity: Moreover the word "equity" ordinarily means "fairness" or "justice". In fact as a source of England law there the phrase "doctrines of equity" denotes the body of Eng
Service of Notice: Section 134 (a) provides that, unless the articles of the company make other provision in that behalf, notice of the meeting of a company shall be served on
Law Society of England However the Law Society of England is a body corporate constituted through the Law Society of England Act. Therefore its objects or functions are, amon
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd