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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.
Rights of co-guarantors among themselves A guarantor who that has paid more than his share below the guarantee is entitled such to contribution from his co-guarantors, although
Explain two scenarios in which a restraint of trade clause would typically be used.
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1. Justices in the U.S. Supreme Court are appointed for life. Unless they choose to retire, they have the right to remain in office and cannot be removed by congress or by the Pres
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