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Page 66

CHAPTER 8
MEMBERSHIP OF A COMPANY

debentures in a public company can be made unless three days before allotment a statement in lieu of prospectus, signed by each director, has been filed (s. 48).

Effect of Irregular Allotment (s. 49).-When an allotment is made which does not satisfy the conditions set out above, the applicant has two remedies, one against the company and the other against the directors.
As against the company, he can avoid the allotment within one month after the holding of the statutory meeting, or, if no statutory meeting is held, within one month after allotment.
Legal proceedings need not be taken within a month. Notice of avoidance within the month, followed by prompt legal proceedings after the month, is sufficient.(16)
As against the directors, he can sue such of them as knowingly contravened or authorised the contravention of the conditions for any loss, damages or casts .he may have sustained. Any such proceedings against directors must be brought within two years of allotment. The company has a' similar remedy against the directors for loss, damages and costs.

Time of Allotment (s. 50).-When shares or debentures are offered for allotment or for sale by a prospectus issued generally, that is, to persons who are not existing members or debenture holders of the company, no allotment can be made until the third day after the first issue of the prospectus-called " the time of the opening of the subscription lists." When the prospectus is first issued as a newspaper advertisement, this is the day on which the advertisement first appeared. Contravention of this 'provision does not render the allotment void, but the company and its officers in the case of allotment and the persons making the offer in the case of a sale are liable to a fine of £500.
The foregoing does not apply to a prospectus in respect of which a certificate of exemption under s. 39 (p. 46) has been obtained (s. 50 (7)).

Stock Exchange Quotation (s. 51).-If the prospectus states that application has been or will be made for permission to deal in the shares or debentures offered thereby on any Stock Exchange, the money received from applicants must be paid into a separate bank account. The permission must be applied for before the third day after the first issue of the prospectus and if this is not done, or if

16 In re National Motor Mail-Coach Co., Ltd., [1908] 2 Ch. 228.

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where is HTML where is HEAD where is TITLE debentures in a public company can be made unless three days before allotment a statement in lieu of prospectus, signed by each director, has been filed (s. 48). Effect of Irregular Allotment (s. 49).-When an allotment is made which does not satisfy what is conditions set out above, what is applicant has two remedies, one against what is company and what is other against what is directors. As against what is company, he can avoid what is allotment within one month after what is holding of what is statutory meeting, or, if no statutory meeting is held, within one month after allotment. Legal proceedings need not be taken within a month. Notice of avoidance within what is month, followed by prompt legal proceedings after what is month, is sufficient.(16) As against what is directors, he can sue such of them as knowingly contravened or authorised what is contravention of what is conditions for any loss, damages or casts .he may have sustained. Any such proceedings against directors must be brought within two years of allotment. what is company has a' similar remedy against what is directors for loss, damages and costs. Time of Allotment (s. 50).-When shares or debentures are offered for allotment or for sale by a prospectus issued generally, that is, to persons who are not existing members or debenture holders of what is company, no allotment can be made until what is third day after what is first issue of what is prospectus-called " what is time of what is opening of what is subscription lists." When what is prospectus is first issued as a newspaper advertisement, this is what is day on which what is advertisement first appeared. Contravention of this 'provision does not render what is allotment void, but what is company and its officers in what is case of allotment and what is persons making what is offer in what is case of a sale are liable to a fine of £500. what is foregoing does not apply to a prospectus in respect of which a certificate of exemption under s. 39 (p. 46) has been obtained (s. 50 (7)). Stock Exchange Quotation (s. 51).-If what is prospectus states that application has been or will be made for permission to deal in what is shares or debentures offered thereby on any Stock Exchange, what is money received from applicants must be paid into a separate bank account. what is permission must be applied for before what is third day after what is first issue of what is prospectus and if this is not done, or if 16 In re National Motor Mail-Coach Co., Ltd., [1908] 2 Ch. 228. 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 66 where is strong CHAPTER 8 MEMBERSHIP OF A COMPANY where is p align="justify" debentures in a public company can be made unless three days before allotment a statement in lieu of prospectus, signed by each director, has been filed (s. 48). Effect of Irregular Allotment (s. 49).-When an allotment is made which does not satisfy what is conditions set out above, what is applicant has two remedies, one against what is company and what is other against what is directors. As against what is company, he can avoid what is allotment within one month after what is holding of what is statutory meeting, or, if no statutory meeting is held, within one month after allotment. Legal proceedings need not be taken within a month. Notice of avoidance within what is month, followed by prompt legal proceedings after what is month, is sufficient.(16) As against what is directors, he can sue such of them as knowingly contravened or authorised what is contravention of what is conditions for any loss, damages or casts .he may have sustained. Any such proceedings against directors must be brought within two years of allotment. what is company has a' similar remedy against what is directors for loss, damages and costs. Time of Allotment (s. 50).-When shares or debentures are offered for allotment or for sale by a prospectus issued generally, that is, to persons who are not existing members or debenture holders of what is company, no allotment can be made until what is third day after what is first issue of what is prospectus-called " what is time of what is opening of what is subscription lists." When what is prospectus is first issued as a newspaper advertisement, this is what is day on which what is advertisement first appeared. Contravention of this 'provision does not render what is allotment void, but what is company and its officers in what is case of allotment and what is persons making what is offer in what is case of a sale are liable to a fine of £500. what is foregoing does not apply to a prospectus in respect of which a certificate of exemption under s. 39 (p. 46) has been obtained (s. 50 (7)). Stock Exchange Quotation (s. 51).-If what is prospectus states that application has been or will be made for permission to deal in what is shares or debentures offered thereby on any Stock Exchange, what is money received from applicants must be paid into a separate bank account. what is permission must be applied for before what is third day after what is first issue of what is prospectus and if this is not done, or if 16 In re National Motor Mail-Coach Co., Ltd., [1908] 2 Ch. 228. where is Server.Execute("_SiteMap.asp") %

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