Payment to promoters, Business Law and Ethics

Assignment Help:

Payment to Promoters:

  A promoter has no legal right against the company he promotes. The main reason is that the company did not ask him to promote it, and because the company could not make a valid contract with him before its incorporation.

In the case of companies which have adopted Table A,  Article 80 empowers the directors to pay promoters their promotion expenses. It is however a power given to the directors and confers no legal rights on the promoter.


Related Discussions:- Payment to promoters

Registration of prospectus, Registration of Prospectus:  S.43 (1) prov...

Registration of Prospectus:  S.43 (1) provides that no prospectus shall be issued by or on behalf of a company unless, on or before the date of its publication, there has been

Insurance law, Eagle Sales Company owns a warehouse, subject to a mortgage ...

Eagle Sales Company owns a warehouse, subject to a mortgage obtained from First National Bank. Separately, Eagle and First National obtain insurance policies from Good Hands Insura

Company law, # difference between variation of class right and variation of...

# difference between variation of class right and variation of enjoyment

Accounts and audit, ACCOUNTS AND AUDIT: By s.147(1) every company shal...

ACCOUNTS AND AUDIT: By s.147(1) every company shall cause to be kept in the English language "proper books of account" with respect to - (a) all sums of money received and

What is udhr, What is UDHR UDHR is therefore, considered as a source of...

What is UDHR UDHR is therefore, considered as a source of international law relating to human rights. Apart from UNGA-responsible for issuing resolutions, the decisions of the

Necessaries - binding contracts, Necessaries - Binding Contracts Defin...

Necessaries - Binding Contracts Definition of 'Necessaries' cleared by S. 4(2) to the Sale of Goods Act like "goods appropriate for the condition in life of that infant or min

Rules for purchase of own shares, Rules for Purchase of own shares: So...

Rules for Purchase of own shares: So now next despite the rule in Trevor V Whitworth a company may purchase or acquire its own shares in the following cases: a) Where it ac

State article 30 of international law, State Article 30 of international la...

State Article 30 of international law Article 30 further states that his or her private residence and papers, correspondence and property are all inviolable.

Legal profession - magistrates, Legal Profession - Magistrates However...

Legal Profession - Magistrates However the magistrate is an advocate that who is appointed through the Judicial Service Commission to the post of - The District M

What is legislation in law, What is legislation in law? Legislation ...

What is legislation in law? Legislation Legislation is the formalisation of rules and processes by the UK Parliament. This does that by passing acts of parliament or sta

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd