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RESERVE CAPITAL:
The reserve capital is defined by S.62 of the Act as the portion of the issued but uncalled capital of a limited company which the company's members, by special resolution, have resolved that the company shall not call up unless and until it is in liquidation. It is to be called up only for purposes of the liquidation. As soon as the resolution is passed, the capital is, as it were, "put on reserve". The directors' power under the articles to make calls on shares will not be exercisable in respect of that capital, unless the company is being wound up. It is referred to in the marginal note to S.62 as "the reserve liability" of a limited company.
Holder or Other Holder in Due Course The holder of a bill of exchange who that does not come within the statutory definition of such a holder in due course holds that the bill
Unsecured trade creditors: It refers to a "class" of members or of creditors. Obviously if two or more companies are involved or if one company has two classes of shares, eg.
Types of Contract - Law of Contract However common law of US relating to the contract classifies contracts with the following categories as; Specialty Contra
Question 6 Indicate any amounts from these transactions that is assessable income for the 2016/17 tax year. (a) Frida is a resident taxpayer employed by Sharpe Office Supplies. Sh
Disclosed Principal - Relations between Agent and Third Party Whether the agent acted to a disclosed principal through informing the third party such he was an agent acting to
Explain the Causation, Remoteness and Contributory Negligence in short. Causation: When the accident was going to occur anyway then causation is not proved, which is a third
Company Secretary: 4.19.1 Appointment of the Secretary By section 179, every company must have a secretary but a sole director cannot be a secretar
Registration Procedures: The procedures to be followed by persons who intend to form a registered company will depend on whether the proposed company is to be a public company
Terms used in Contract However there are certain terms may identify conditions and warranties like are implied into every contract covered through the Sale of Goods Act where
CASE LAW: The aforesaid statutory provisions for the protection of minorities have been supplemented by judicial intervention in a variety of cases which are generally expl
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