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Page 34

CHAPTER 5
PROMOTERS

BEFORE a company can be formed there must be some persons who have an intention to form a company, and who take the necessary steps to carry that intention into operation. Such persons are called promoters. " The term 'promoter' is a term not of law but of business, usefully summing-up in a single word a number of operations familiar to the commercial world, by which a company is generally brought into existence." (1) Again, a promoter has been described as " one who undertakes to form a company with reference to a given object, and to set it going, and who takes the necessary steps to accomplish that purpose." (2) It is also said, " The term ` promoter' involves the idea of exertion for the purpose of getting up and starting a company (or what is called ` floating ' it)." (3)
A company may have several promoters. Persons who give instructions for the preparation of the memorandum and articles of association, who obtain the directors, prepare the prospectus, negotiate underwriting contracts and contracts for the purchase of property by the company, and procure capital, are all promoters.
A person may become a promoter after the company is incorporated, e.g., by issuing a prospectus, or by procuring capital to enable the company to carry out the preliminary contract. Whether a person is actually a promoter and, if so, the date when he became one is a question of fact.
Anyone who acts merely as the servant or agent of a promoter is not himself a promoter. A solicitor, therefore, who does the legal work necessary to the formation of the company is not a promoter.(4)

POSITION OF PROMOTERS
A promoter stands in a fiduciary position towards the company. His duties towards the company may be considered according as he

1 Per Bowen, J., in Whaley Bridge Printing Co. v. Green (1879), 5 Q. B. D. 109.
2 Per Cookburn, C.J., in Twycross v. Grant (1877), 2 C. P. D. 469, 541.
3 Per LindleY. L.J., in Emma Silver Mining Co. v. Lewis (1879), 4 C. P. D. 396.
4 Re Great Wheal Polgooth, Ltd. (1883), 53 L. J. Ch. 42.

travel books:
where is HTML where is HEAD where is TITLE BEFORE a company can be formed there must be some persons who have an intention to form a company, and who take what is necessary steps to carry that intention into operation. Such persons are called promoters. " what is term 'promoter' is a term not of law but of business, usefully summing-up in a single word a number of operations familiar to what is commercial world, by which a company is generally brought into existence." (1) Again, a promoter has been described as " one who undertakes to form a company with reference to a given object, and to set it going, and who takes what is necessary steps to accomplish that purpose." (2) It is also said, " what is term ` promoter' involves what is idea of exertion for what is purpose of getting up and starting a company (or what is called ` floating ' it)." (3) A company may have several promoters. Persons who give instructions for what is preparation of what is memorandum and articles of association, who obtain what is directors, prepare what is prospectus, negotiate underwriting contracts and contracts for what is purchase of property by what is company, and procure capital, are all promoters. A person may become a promoter after what is company is incorporated, e.g., by issuing a prospectus, or by procuring capital to enable what is company to carry out what is preliminary contract. Whether a person is actually a promoter and, if so, what is date when he became one is a question of fact. Anyone who acts merely as what is servant or agent of a promoter is not himself a promoter. A solicitor, therefore, who does what is legal work necessary to what is formation of what is company is not a promoter.(4) POSITION OF PROMOTERS A promoter stands in a fiduciary position towards what is company. His duties towards what is company may be considered according as he 1 Per Bowen, J., in Whaley Bridge Printing Co. v. Green (1879), 5 Q. B. D. 109. 2 Per Cookburn, C.J., in Twycross v. Grant (1877), 2 C. P. D. 469, 541. 3 Per LindleY. L.J., in Emma Silver Mining Co. v. Lewis (1879), 4 C. P. D. 396. 4 Re Great Wheal Polgooth, Ltd. (1883), 53 L. J. Ch. 42. where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 34 where is strong CHAPTER 5 PROMOTERS where is p align="justify" BEFORE a company can be formed there must be some persons who have an intention to form a company, and who take what is necessary steps to carry that intention into operation. Such persons are called promoters. " what is term 'promoter' is a term not of law but of business, usefully summing-up in a single word a number of operations familiar to what is commercial world, by which a company is generally brought into existence." (1) Again, a promoter has been described as " one who undertakes to form a company with reference to a given object, and to set it going, and who takes what is necessary steps to accomplish that purpose." (2) It is also said, " what is term ` promoter' involves what is idea of exertion for what is purpose of getting up and starting a company (or what is called ` floating ' it)." (3) A company may have several promoters. Persons who give instructions for what is preparation of what is memorandum and articles of association, who obtain what is directors, prepare what is prospectus, negotiate underwriting contracts and contracts for what is purchase of property by what is company, and procure capital, are all promoters. A person may become a promoter after what is company is incorporated, e.g., by issuing a prospectus, or by procuring capital to enable what is company to carry out what is preliminary contract. Whether a person is actually a promoter and, if so, what is date when he became one is a question of fact. Anyone who acts merely as what is servant or agent of a promoter is not himself a promoter. A solicitor, therefore, who does what is legal work necessary to what is formation of what is company is not a promoter.(4) POSITION OF PROMOTERS A promoter stands in a fiduciary position towards what is company. His duties towards what is company may be considered according as he 1 Per Bowen, J., in Whaley Bridge Printing Co. v. Green (1879), 5 Q. B. D. 109. 2 Per Cookburn, C.J., in Twycross v. Grant (1877), 2 C. P. D. 469, 541. 3 Per LindleY. L.J., in Emma Silver Mining Co. v. Lewis (1879), 4 C. P. D. 396. 4 Re Great Wheal Polgooth, Ltd. (1883), 53 L. J. 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