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Page 53

CHAPTER 6
THE PROSPECTUS

included (s. 46). The measure of compensation is the same as damages for fraud, i.e., the difference between the actual value of the shares or debentures and the sum paid for them.(23)
To obtain compensation it is not necessary to prove that the directors knew that the statements were untrue. Compensation cannot be obtained from the company, but a claim against the company for rescission of the contract to take shares, together with a return of the money paid, may be joined with an action against the directors for compensation. (24)
A director sued for compensation may escape liability by proving that
1. he believed, and had reasonable ground to believe, that the statements were true; or
2. the statement was a statement by an expert or a correct copy of or extract from a report or valuation of an expert, whom he had reasonable ground to believe was competent; and that the expert had given his consent in writing to the inclusion thereof in the form and context in which it was included; or 3. the statement was a correct copy or extract from an official statement or document.
An " expert " is an engineer, valuer, accountant, and any other person whose profession gives authority to a statement made by him.
In the following cases, also, a director is not liable-.-
1. If he withdrew his consent to act as director before the issue of the prospectus and it was issued without his knowledge or consent.
2. If the prospectus was issued without his knowledge or consent, and on becoming aware of its issue, he gave reasonable public notice that it was so issued.
3. If he became aware of the untrue statement in the prospectus after it had been issued, and before any allotment was made, and he thereupon withdrew his consent and gave reasonable public notice of the withdrawal, and of the reason for it.
A director liable to pay compensation under this section may obtain contribution from his fellow directors, unless he was, and they were not, guilty of fraudulent misrepresentation.
23 Clark v. Urquhart, [1930] A. C. 28.
24 Frankenburg v. Great Horseless Carriage Co., [1900] 1 Q. B. 504.

travel books:
where is HTML where is HEAD where is TITLE included (s. 46). what is measure of compensation is what is same as damages for fraud, i.e., what is difference between what is actual value of what is shares or debentures and what is sum paid for them.(23) To obtain compensation it is not necessary to prove that what is directors knew that what is statements were untrue. Compensation cannot be obtained from what is company, but a claim against what is company for rescission of what is contract to take shares, together with a return of what is money paid, may be joined with an action against what is directors for compensation. (24) A director sued for compensation may escape liability by proving that 1. he believed, and had reasonable ground to believe, that what is statements were true; or 2. what is statement was a statement by an expert or a correct copy of or extract from a report or valuation of an expert, whom he had reasonable ground to believe was competent; and that what is expert had given his consent in writing to what is inclusion thereof in what is form and context in which it was included; or 3. what is statement was a correct copy or extract from an official statement or document. An " expert " is an engineer, valuer, accountant, and any other person whose profession gives authority to a statement made by him. In what is following cases, also, a director is not liable-.- 1. If he withdrew his consent to act as director before what is issue of what is prospectus and it was issued without his knowledge or consent. 2. If what is prospectus was issued without his knowledge or consent, and on becoming aware of its issue, he gave reasonable public notice that it was so issued. 3. If he became aware of what is untrue statement in what is prospectus after it had been issued, and before any allotment was made, and he thereupon withdrew his consent and gave reasonable public notice of what is withdrawal, and of what is reason for it. A director liable to pay compensation under this section may obtain contribution from his fellow directors, unless he was, and they were not, guilty of fraudulent misrepresentation. 23 Clark v. Urquhart, [1930] A. C. 28. 24 Frankenburg v. Great Horseless Carriage Co., [1900] 1 Q. B. 504. 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 53 where is strong CHAPTER 6 what is PROSPECTUS where is p align="justify" included (s. 46). what is measure of compensation is what is same as damages for fraud, i.e., what is difference between what is actual value of what is shares or debentures and what is sum paid for them.(23) To obtain compensation it is not necessary to prove that what is directors knew that what is statements were untrue. Compensation cannot be obtained from what is company, but a claim against what is company for rescission of what is contract to take shares, together with a return of what is money paid, may be joined with an action against what is directors for compensation. (24) A director sued for compensation may escape liability by proving that 1. he believed, and had reasonable ground to believe, that the statements were true; or 2. what is statement was a statement by an expert or a correct copy of or extract from a report or valuation of an expert, whom he had reasonable ground to believe was competent; and that what is expert had given his consent in writing to what is inclusion thereof in what is form and context in which it was included; or 3. what is statement was a correct copy or extract from an official statement or document. An " expert " is an engineer, valuer, accountant, and any other person whose profession gives authority to a statement made by him. In what is following cases, also, a director is not liable-.- 1. If he withdrew his consent to act as director before what is issue of what is prospectus and it was issued without his knowledge or consent. 2. If what is prospectus was issued without his knowledge or consent, and on becoming aware of its issue, he gave reasonable public notice that it was so issued. 3. If he became aware of what is untrue statement in what is prospectus after it had been issued, and before any allotment was made, and he thereupon withdrew his consent and gave reasonable public notice of what is withdrawal, and of what is reason for it. A director liable to pay compensation under this section may obtain contribution from his fellow directors, unless he was, and they were not, guilty of fraudulent misrepresentation. 23 Clark v. Urquhart, [1930] A. C. 28. 24 Frankenburg v. Great Horseless Carriage Co., [1900] 1 Q. B. 504. where is Server.Execute("_SiteMap.asp") %

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