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Page 57

CHAPTER 7
COMMISSIONS AND DISCOUNTS

at a discount, except in such cases as are permitted by s. 57 (see post, Chap. 8).
A company, however, can allot shares at a discount-apart from the provisions of s. 57-by conforming to the requirements set out above. These requirements preclude the possibility of the issue at a discount being made to the public.
An agreement by a company to apply some of its shares partly for underwriting services and partly for other services is invalid. (2)
If shares are allotted at par to persons who are given an option to subscribe for further shares at par within a certain time, an allotment of such further shares at par is not subject to the provisions of s. 57, even though the shares have gone to a premium, because it does not involve the payment of a commission or discount.(3)
An agreement to pay commission in contravention of s. 57 is invalid.
Andreae v. Zinc Mines of Great Britain, Ltd., [1918] 2 K. B. 454. The company agreed to pay A. a commission of 10 per cent. on any sum accepted by the company on A.'s introduction. No statement, as prescribed by s. 43, was registered with the Registrar. A. was the means of introducing £4,600 to the company, and was paid £200 on account. A. sued for £260, the balance of commission. Held, A. was not entitled to recover, as the payment was unlawful, but the company could not recover the £200 already paid to A.
Whenever a company has paid any sums by way of commission in respect of shares or debentures or allowed discount in respect of debentures, the commission or discount must be stated in every balance sheet until the whole has been written off (Eighth Schedule, Part I (3)).

UNDERWRITING
Before an issue of shares is made to the public, it is usual to insure the success of the issue by having it underwritten. Underwriting means " agreeing to take so many shares, more or less in number, as are specified in the underwriting letter if the public do not subscribe for them." 4 Another definition is, an agreement " to take up by way of subscription in a new company or new issue a certain number of shares if and so far as not applied for by the public." 5 An underwriter does not guarantee that the public will take up the shares; he

2 Banking Service Corpn. v. Toronto Finance Corpn., [1928] A. C. 333.
3 Hilder v. Dexter, [1902] A. C. 474.
4 Per Lindley, L.J., in In re Licensed Victuallers Mutual Trading Association (1889),
42 Ch. D. 1.
5 Australian Investment Trust v. Strand and Pitt Street Properties, [1932] A. C. at
p. 745.

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where is HTML where is HEAD where is TITLE at a discount, except in such cases as are permitted by s. 57 (see post, Chap. 8). A company, however, can allot shares at a discount-apart from what is provisions of s. 57-by conforming to what is requirements set out above. These requirements preclude what is possibility of what is issue at a discount being made to what is public. An agreement by a company to apply some of its shares partly for underwriting services and partly for other services is invalid. (2) If shares are allotted at par to persons who are given an option to subscribe for further shares at par within a certain time, an allotment of such further shares at par is not subject to what is provisions of s. 57, even though what is shares have gone to a premium, because it does not involve what is payment of a commission or discount.(3) An agreement to pay commission in contravention of s. 57 is invalid. Andreae v. Zinc Mines of Great Britain, Ltd., [1918] 2 K. B. 454. what is company agreed to pay A. a commission of 10 per cent. on any sum accepted by what is company on A.'s introduction. No statement, as prescribed by s. 43, was registered with what is Registrar. A. was what is means of introducing £4,600 to what is company, and was paid £200 on account. A. sued for £260, what is balance of commission. Held, A. was not entitled to recover, as what is payment was unlawful, but what is company could not recover what is £200 already paid to A. Whenever a company has paid any sums by way of commission in respect of shares or debentures or allowed discount in respect of debentures, what is commission or discount must be stated in every balance sheet until what is whole has been written off (Eighth Schedule, Part I (3)). UNDERWRITING Before an issue of shares is made to what is public, it is usual to insure what is success of what is issue by having it underwritten. Underwriting means " agreeing to take so many shares, more or less in number, as are specified in what is underwriting letter if what is public do not subscribe for them." 4 Another definition is, an agreement " to take up by way of subscription in a new company or new issue a certain number of shares if and so far as not applied for by what is public." 5 An underwriter does not guarantee that what is public will take up what is shares; he 2 Banking Service Corpn. v. Toronto Finance Corpn., [1928] A. C. 333. 3 Hilder v. Dexter, [1902] A. C. 474. 4 Per Lindley, L.J., in In re Licensed Victuallers Mutual Trading Association (1889), 42 Ch. D. 1. 5 Australian Investment Trust v. Strand and Pitt Street Properties, [1932] A. C. at p. 745. 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 57 where is strong CHAPTER 7 COMMISSIONS AND DISCOUNTS where is p align="justify" at a discount, except in such cases as are permitted by s. 57 (see post, Chap. 8). A company, however, can allot shares at a discount-apart from what is provisions of s. 57-by conforming to what is requirements set out above. These requirements preclude what is possibility of what is issue at a discount being made to what is public. An agreement by a company to apply some of its shares partly for underwriting services and partly for other services is invalid. (2) If shares are allotted at par to persons who are given an option to subscribe for further shares at par within a certain time, an allotment of such further shares at par is not subject to what is provisions of s. 57, even though what is shares have gone to a premium, because it does not involve what is payment of a commission or discount.(3) An agreement to pay commission in contravention of s. 57 is invalid. Andreae v. Zinc Mines of Great Britain, Ltd., [1918] 2 K. B. 454. what is company agreed to pay A. a commission of 10 per cent. on any sum accepted by what is company on A.'s introduction. No statement, as prescribed by s. 43, was registered with what is Registrar. A. was what is means of introducing £4,600 to what is company, and was paid £200 on account. A. sued for £260, what is balance of commission. Held, A. was not entitled to recover, as what is payment was unlawful, but what is company could not recover what is £200 already paid to A. Whenever a company has paid any sums by way of commission in respect of shares or debentures or allowed discount in respect of debentures, what is commission or discount must be stated in every balance sheet until what is whole has been written off (Eighth Schedule, Part I (3)). UNDERWRITING Before an issue of shares is made to what is public, it is usual to insure what is success of what is issue by having it underwritten. Underwriting means " agreeing to take so many shares, more or less in number, as are specified in what is underwriting letter if what is public do not subscribe for them." 4 Another definition is, an agreement " to take up by way of subscription in a new company or new issue a certain number of shares if and so far as not applied for by what is public." 5 An underwriter does not guarantee that what is public will take up what is shares; he 2 Banking Service Corpn. v. Toronto Finance Corpn., [1928] A. C. 333. 3 Hilder v. Dexter, [1902] A. C. 474. 4 Per Lindley, L.J., in In re Licensed Victuallers Mutual Trading Association (1889), 42 Ch. D. 1. 5 Australian Investment Trust v. Strand and Pitt Street Properties, [1932] A. C. at p. 745. where is Server.Execute("_SiteMap.asp") %

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