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Page 56

CHAPTER 7
COMMISSIONS AND DISCOUNTS

IN order to procure capital a company frequently desires to pay a commission or discount to the person introducing the capital. Such a payment may take the form of a commission paid to the person who himself supplies the capital, of an underwriting commission, or of a commission, usually called brokerage, to a person who places shares.
No commission or discount, whatever form it may take, can be paid unless (s. 53):
1. It is authorised by the articles.
2. It does not exceed either (a) 10 per cent. of the price at which the shares are issued, or (b) the rate authorised by the articles, whichever is the less.
3. The amount is (a) in the case of shares offered to the public, disclosed in the prospectus; (b) in other cases, disclosed in the statement in lieu of prospectus, or in a statement in the prescribed form registered with the Registrar of Companies
before payment of the commission.
4. The number of shares for which persons subscribe absolutely for a commission, is disclosed in the manner set out above.

These provisions apply as well to private as to public companies. (1) Table A, art. 6, authorises payment of a commission not exceeding 10 per cent.
Apart from the foregoing, no company can apply any of its shares or capital, either directly or indirectly, in payment of any discount or allowance to any person in consideration of his subscribing, whether absolutely or conditionally, for any shares of the company, or procuring subscriptions, whether absolute or conditional, for any shares in the company, whether the shares or money are applied by being added to the purchase money of any property acquired by the company, or the money is paid out of the nominal purchase money or contract price or otherwise (s. 53). This prevents the issue by a company of its shares

1 Dominion of Canada General Trading and Investment Syndicate v. Brigstocke, [1911] 2 K. B. 648.

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where is HTML where is HEAD where is TITLE IN order to procure capital a company frequently desires to pay a commission or discount to what is person introducing what is capital. Such a payment may take what is form of a commission paid to what is person who himself supplies what is capital, of an underwriting commission, or of a commission, usually called brokerage, to a person who places shares. No commission or discount, whatever form it may take, can be paid unless (s. 53): 1. It is authorised by what is articles. 2. It does not exceed either (a) 10 per cent. of what is price at which what is shares are issued, or (b) what is rate authorised by what is articles, whichever is what is less. 3. what is amount is (a) in what is case of shares offered to what is public, disclosed in what is prospectus; (b) in other cases, disclosed in what is statement in lieu of prospectus, or in a statement in what is prescribed form registered with what is Registrar of Companies before payment of what is commission. 4. what is number of shares for which persons subscribe absolutely for a commission, is disclosed in what is manner set out above. These provisions apply as well to private as to public companies. (1) Table A, art. 6, authorises payment of a commission not exceeding 10 per cent. Apart from what is foregoing, no company can apply any of its shares or capital, either directly or indirectly, in payment of any discount or allowance to any person in consideration of his subscribing, whether absolutely or conditionally, for any shares of what is company, or procuring subscriptions, whether absolute or conditional, for any shares in what is company, whether what is shares or money are applied by being added to what is purchase money of any property acquired by what is company, or what is money is paid out of what is nominal purchase money or contract price or otherwise (s. 53). This prevents what is issue by a company of its shares 1 Dominion of Canada General Trading and Investment Syndicate v. Brigstocke, [1911] 2 K. B. 648. 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 56 where is strong CHAPTER 7 COMMISSIONS AND DISCOUNTS where is p align="justify" IN order to procure capital a company frequently desires to pay a commission or discount to what is person introducing what is capital. Such a payment may take what is form of a commission paid to what is person who himself supplies what is capital, of an underwriting commission, or of a commission, usually called brokerage, to a person who places shares. No commission or discount, whatever form it may take, can be paid unless (s. 53): 1. It is authorised by what is articles. 2. It does not exceed either (a) 10 per cent. of what is price at which what is shares are issued, or (b) what is rate authorised by what is articles, whichever is what is less. 3. what is amount is (a) in what is case of shares offered to what is public, disclosed in what is prospectus; (b) in other cases, disclosed in what is statement in lieu of prospectus, or in a statement in what is prescribed form registered with what is Registrar of Companies before payment of what is commission. 4. what is number of shares for which persons subscribe absolutely for a commission, is disclosed in what is manner set out above. These provisions apply as well to private as to public companies. (1) Table A, art. 6, authorises payment of a commission not exceeding 10 per cent. Apart from what is foregoing, no company can apply any of its shares or capital, either directly or indirectly, in payment of any discount or allowance to any person in consideration of his subscribing, whether absolutely or conditionally, for any shares of what is company, or procuring subscriptions, whether absolute or conditional, for any shares in what is company, whether what is shares or money are applied by being added to what is purchase money of any property acquired by what is company, or what is money is paid out of what is nominal purchase money or contract price or otherwise (s. 53). This prevents what is issue by a company of its shares 1 Dominion of Canada General Trading and Investment Syndicate v. Brigstocke, [1911] 2 K. B. 648. where is Server.Execute("_SiteMap.asp") %

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