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Page 50

CHAPTER 6
THE PROSPECTUS

example, if the company employs an accountant to go through the books and make a report, and then sets out the report in a prospectus, it will not be liable for any inaccuracy in the report.(10) But if the company makes statements of its own, although they are expressed to be based upon a report, it will be liable for the consequences unless in clear and unambiguous terms it has warned intending applicants for shares that it does not vouch for the accuracy of the report, or any statement based on it.
In re Pacaya Rubber and Produce Co., Ltd., [1914] 1 Ch. 542. A company issued a prospectus inviting subscriptions for the purpose of buying a rubber estate in Peru. The prospectus contained extracts from the report of an expert on the spot, which gave the number of the matured rubber trees on the estate, and other information. The report was false. Held, the accuracy of the report was prima facie the basis of the contract, and therefore the company should, if it did not intend to contract on that basis, dissociate itself from the report in clear and unambiguous terms, and warn the public that it does not vouch for its accuracy. As there was no such warning, the contracts to take shares should be rescinded.
An innocent misrepresentation is a sufficient ground for rescission. It is not necessary to prove knowledge of the untruth of the statement.
Non-disclosure of a material fact may be misrepresentation, if the omission makes what is stated misleading. " It is not that the omission of material facts is an independent ground for rescission, but the omission must be of such a nature as to make the statement actually made misleading." (11)
Coles v. White City (Manchester) Greyhound Assn., Ltd. (1929), 45 T. L. R. 230. A prospectus described a piece of land as " eminently suitable " for greyhound racing. The land in question was, however, affected by a town planning resolution, with the result that, unless the local authority's consent was obtained before any buildings were erected, the company would not be entitled to any compensation in the event of the removal of the buildings under the town planning scheme. The local authority :9fused its consent. Held, the omission to disclose the facts set out above rendered the description of the land as " eminently suitable " misleading, and persons who had subscribed for shares on the strength of the prospectus were entitled to rescind their contracts.
2. That he was induced to take the shares by reason of this misrepresentation. Whether or not the applicant has been induced to take shares by reason of the misrepresentation is a question of fact depending on the circumstances of each case. He is entitled to rely upon the prospectus, and is not bound to verify the statements it contains. If, therefore,

10 Bentley & Co. v. Black (1893), 9 T. L. R. 580.
11 Per Rigby, L.J., in McKeown v. Boudard Peveril Gear Co. Ltd. (1897), 74 L. T. 712.

travel books:
where is HTML where is HEAD where is TITLE example, if what is company employs an accountant to go through what is books and make a report, and then sets out what is report in a prospectus, it will not be liable for any inaccuracy in what is report.(10) But if what is company makes statements of its own, although they are expressed to be based upon a report, it will be liable for what is consequences unless in clear and unambiguous terms it has warned intending applicants for shares that it does not vouch for what is accuracy of what is report, or any statement based on it. In re Pacaya Rubber and Produce Co., Ltd., [1914] 1 Ch. 542. A company issued a prospectus inviting subscriptions for what is purpose of buying a rubber estate in Peru. what is prospectus contained extracts from what is report of an expert on what is spot, which gave what is number of what is matured rubber trees on what is estate, and other information. what is report was false. Held, what is accuracy of what is report was prima facie what is basis of what is contract, and therefore what is company should, if it did not intend to contract on that basis, dissociate itself from what is report in clear and unambiguous terms, and warn what is public that it does not vouch for its accuracy. As there was no such warning, what is contracts to take shares should be rescinded. An innocent misrepresentation is a sufficient ground for rescission. It is not necessary to prove knowledge of what is untruth of what is statement. Non-disclosure of a material fact may be misrepresentation, if what is omission makes what is stated misleading. " It is not that what is omission of material facts is an independent ground for rescission, but what is omission must be of such a nature as to make what is statement actually made misleading." (11) Coles v. White City (Manchester) Greyhound Assn., Ltd. (1929), 45 T. L. R. 230. A prospectus described a piece of land as " eminently suitable " for greyhound racing. what is land in question was, however, affected by a town planning resolution, with what is result that, unless what is local authority's consent was obtained before any buildings were erected, what is company would not be entitled to any compensation in what is event of what is removal of what is buildings under what is town planning scheme. what is local authority :9fused its consent. Held, what is omission to disclose what is facts set out above rendered what is description of what is land as " eminently suitable " misleading, and persons who had subscribed for shares on what is strength of what is prospectus were entitled to rescind their contracts. 2. That he was induced to take what is shares by reason of this misrepresentation. Whether or not what is applicant has been induced to take shares by reason of what is misrepresentation is a question of fact depending on what is circumstances of each case. He is entitled to rely upon what is prospectus, and is not bound to verify what is statements it contains. If, therefore, 10 Bentley & Co. v. Black (1893), 9 T. L. R. 580. 11 Per Rigby, L.J., in McKeown v. Boudard Peveril Gear Co. Ltd. (1897), 74 L. T. 712. 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 50 where is strong CHAPTER 6 what is PROSPECTUS where is p align="justify" example, if what is company employs an accountant to go through what is books and make a report, and then sets out what is report in a prospectus, it will not be liable for any inaccuracy in what is report.(10) But if what is company makes statements of its own, although they are expressed to be based upon a report, it will be liable for what is consequences unless in clear and unambiguous terms it has warned intending applicants for shares that it does not vouch for what is accuracy of what is report, or any statement based on it. In re Pacaya Rubber and Produce Co., Ltd., [1914] 1 Ch. 542. A company issued a prospectus inviting subscriptions for what is purpose of buying a rubber estate in Peru. what is prospectus contained extracts from what is report of an expert on what is spot, which gave what is number of what is matured rubber trees on what is estate, and other information. what is report was false. Held, what is accuracy of what is report was prima facie what is basis of what is contract, and therefore what is company should, if it did not intend to contract on that basis, dissociate itself from what is report in clear and unambiguous terms, and warn what is public that it does not vouch for its accuracy. As there was no such warning, what is contracts to take shares should be rescinded. An innocent misrepresentation is a sufficient ground for rescission. It is not necessary to prove knowledge of what is untruth of what is statement. Non-disclosure of a material fact may be misrepresentation, if what is omission makes what is stated misleading. " It is not that what is omission of material facts is an independent ground for rescission, but what is omission must be of such a nature as to make what is statement actually made misleading." (11) Coles v. White City (Manchester) Greyhound Assn., Ltd. (1929), 45 T. L. R. 230. A prospectus described a piece of land as " eminently suitable " for greyhound racing. what is land in question was, however, affected by a town planning resolution, with what is result that, unless what is local authority's consent was obtained before any buildings were erected, what is company would not be entitled to any compensation in what is event of what is removal of what is buildings under what is town planning scheme. what is local authority :9fused its consent. Held, what is omission to disclose what is facts set out above rendered what is description of what is land as " eminently suitable " misleading, and persons who had subscribed for shares on what is strength of what is prospectus were entitled to rescind their contracts. 2. That he was induced to take what is shares by reason of this misrepresentation. Whether or not what is applicant has been induced to take shares by reason of what is misrepresentation is a question of fact depending on what is circumstances of each case. He is entitled to rely upon what is prospectus, and is not bound to verify what is statements it contains. If, therefore, 10 Bentley & Co. v. Black (1893), 9 T. L. R. 580. 11 Per Rigby, L.J., in McKeown v. Boudard Peveril Gear Co. Ltd. (1897), 74 L. T. 712. where is Server.Execute("_SiteMap.asp") %

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