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Function of the Court:
In Scottish Insurance Corporation Ltd v. Wilsons & Clyde Coal Co. Lord Simmons stated:
"But important though its task is to see that the procedure by which a reduction of capital is carried through is formally correct and that creditors are not prejudiced, it has the further duty of satisfying itself that the scheme is fair and equitable between the different classes of shareholders". Therefore the court would therefore, not confirm a scheme of reduction if it is of the view that it is not "fair and equitable" to any of shareholders.
Reduction of Capital: 4.1 The general rule is that it is illegal for a company to reduce its capital. This is so because such a reduction would be tantamount to reducing
Possessory Lien Possessory Lien right of a party in possession about anothers goods to retain like the m as security about an obligation owned as in the owner. Therefore the
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Mrs. Lanuzzi began smoking in 1951 when she was fifteen. She smoked two packs a day until her death from lung cancer in 1984. She had tried several times, unsuccessfully, to quit.
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