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Explanatory statement - mergers and winding up:
It is also necessary that the members or creditors who are to vote on the scheme should be able to understand its full effects. Accordingly when notices are issued to convene the meetings ordered by the court an explanatory statement must also be issued: CA, s.208. The statement:
(a) explain the effect of the scheme ie. puts the proposal forward in terms which a non-expert can understand;
(b) disclose any material interests in the scheme of the directors, whether as directors, members, creditors or otherwise and the effect of the scheme on the directors' interests if different from like interests of other persons;
(c) if the scheme affects the rights of debenture holders the statement discloses any interest of a trustee for debenture holders in the scheme.
As an example a statement has been held to be deficient under (a) because it stated that assets had been valued but did not disclose the amount of the revaluation. If the statement is defective on technical points the court cannot approve the scheme. The whole operation must be repeated using a satisfactory explanatory statement.
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
Most executions take place using a lethal injection. The company that manufactures the drug that is most used has now announced that it is choosing to no longer produce that drug.
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Exceptions: The rule in Turquand's case will not apply if: i.The person suing the company is in fact an insider, such as a director of the company: Howard v Patent Ivory
Liability Of Members: S.72 (1) provides that in the case of a reduction of share capital a member of the company so there past or present and shall not be liable in respect of
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