Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Rule in Turquands case:
This statement can be reduced to two propositions which constitute what is compositely known as "the rule in Turquand's case", namely:;
i. A person dealing with a company is bound to read the relevant restrictive provisions of the Companies Act, like the memorandum of association of the such company and the company's articles of association. Whether he doesn't do like same he will be deemed to have read them and, as a consequence, to have been aware of their provisions.
ii. In so far as the articles provide that a transaction may be effected by some internal procedure, the person dealing with the company (called "outsider") may assume that the procedure has been duly complied with.
The effect of these propositions is that the company will be bound by the transaction even if the prescribed procedure was in fact not followed or complied with. Hence an "internal procedure" for this purpose would usually be a decision of the company which is made by an ordinary resolution passed by the company in general meeting, or a resolution of the directors passed at a board meeting. Such a resolution is not registerable at the Companies Registry pursuant to s.143 or any other section of the Companies Act and the outsider who goes to the Registry would not be in a position to ascertain whether it had in fact been passed. Rather than compel him to go to the relevant office of the company to make enquiry after then the courts decided to, as it were, "give him the advantage of the doubt" through holding that the resolution will be deemed to have been passed even if it had not actually been passed.
Determine the schemes of Michael Mandelbaum Michael Mandelbaum has offered a two fold scheme, the inside-out and outside-in approach. According to inside-out approach, a natio
Methods of Public Issue: A company's authorised capital may be raised in one or the other of the following ways: a) PLACING A 'placing' occurs if the company, inste
The Doctrine of 'Ultra Vires': The doctrine of ultra vires is a legal rule that was articulated by the House of Lords in the case of Ashbury Rail, Car
Equitable Lien General examples are for the lien of an unpaid seller about land who that has moved out of possession to unpaid purchase money and such the right of partners on
What is the Flexible Exchange Rates With a fully flexible exchange rate adjustment toward the long run equilibrium occurs via a change in relative prices. This effect is shown
What are parliamentary procedures for passing legislation? Parliamentary procedure for passing legislation: A statute can simply be part of law while this has passed the
Civil Liabilities: LIABILITY FOR FAILURE TO STATE ANY MATTER OR REPORT At Common Law, a contract of allotment is not a contract Uberrimae Fidei. The company is therefore no
Forms of action: A minority of shareholders or an individual shareholder suing under one of the above exceptions may institute one of the following actions i) A personal ac
Registration of Resolutions: By S.143(1) a printed copy of the following resolutions shall, within 30 days after the passing thereof, be delivered to the registrar for registr
Reconstruction Under S.280: The essential features of this type of reconstruction have been described at 8.2.1(b). It is subject to several disadvantages and is little used.
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd