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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.
Theobald: Conversely there such I take to be the duty of the auditor; then he must be honest.... i.e. like he must not certify that what he does not believe to be true, reason
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
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Matters and Reports: The matters and reports to be stated in a prospectus may be summarised as follows: 1. The Matters The matters to be stated in a prospectus are:
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