Books > Old Books > Poetry Northwest (1959)


Page 70

CHAPTER 8
MEMBERSHIP OF A COMPANY

A company may buy its own shares under an order made by the Court under s. 210 (dealing with the oppression of minorities), and in such a case the order will provide for the reduction of the company's capital by the nominal value of the shares purchased.
A person who has only agreed to " place " shares does not become a member of the company, and should not be put on the register of members. His failure to perform his contract may make him liable in damages, but he is not liable for calls. (22)
A Subsidiary Company (s. 27) cannot be a member of its holding company, except when the subsidiary company is a personal representative or is a trustee and the holding company or one of its subsidiaries is not beneficially interested under the trust, otherwise than by way of security under a transaction entered into in the ordinary course of a business which includes the lending of money. This cannot be evaded by having a nominee for the subsidiary company. Any allotment or transfer of shares in a holding company to its subsidiary is void.

LIABILITY TO PAY FOR SHARES
A member must pay for his shares in full. Until he has done so, he has not fulfilled the condition limiting his liability for the company's debts to " the amount, if any, unpaid on the shares."
" The amount subscribed, which is to make the shareholder a partner in the concern, must be paid, and by no expedient nor indirect arrangement can the company evade the obligation of possessing the capital which the Legislature has enjoined shall be the capital upon which it is to trade."(23)
Payment may be made either in cash or in kind.

Payment in Cash does not necessarily mean that cash must be handed over by the applicant to the company. It is sufficient if he has a valid claim against the company, e.g., if the company owes him a sum of money and agrees to allot him shares to the nominal value of the debt in extinction of the debt. The transaction, however, must be one which is sufficient to support a plea of payment, as opposed to a plea of accord and satisfaction.(24)
Spargo's Case (1873), L. R. 8 Ch. 407. S. sold a mine to a company, and also agreed to take shares. The purchase price of both the shares and the mine was payable at once. It was agreed between S. and the company that S. should be debited in account

22 Gorrissen's Case (1873), L. R. 8 Ch. 507.
23 Per Lord Halsbury, in Randt Gold Mining Co. v. New Balkis Eersteling, [1903] 1 K. B. 461.
24 Fothergill's Case (1873), L. R. 8 Ch. 270.

travel books:
where is HTML where is HEAD where is TITLE A company may buy its own shares under an order made by what is Court under s. 210 (dealing with what is oppression of minorities), and in such a case what is order will provide for what is reduction of what is company's capital by what is nominal value of what is shares purchased. A person who has only agreed to " place " shares does not become a member of what is company, and should not be put on what is register of members. His failure to perform his contract may make him liable in damages, but he is not liable for calls. (22) A Subsidiary Company (s. 27) cannot be a member of its holding company, except when what is subsidiary company is a personal representative or is a trustee and what is holding company or one of its subsidiaries is not beneficially interested under what is trust, otherwise than by way of security under a transaction entered into in what is ordinary course of a business which includes what is lending of money. This cannot be evaded by having a nominee for what is subsidiary company. Any allotment or transfer of shares in a holding company to its subsidiary is void. LIABILITY TO PAY FOR SHARES A member must pay for his shares in full. Until he has done so, he has not fulfilled what is condition limiting his liability for what is company's debts to " what is amount, if any, unpaid on what is shares." " what is amount subscribed, which is to make what is shareholder a partner in what is concern, must be paid, and by no expedient nor indirect arrangement can what is company evade what is obligation of possessing what is capital which what is Legislature has enjoined shall be what is capital upon which it is to trade."(23) Payment may be made either in cash or in kind. Payment in Cash does not necessarily mean that cash must be handed over by what is applicant to what is company. It is sufficient if he has a valid claim against what is company, e.g., if what is company owes him a sum of money and agrees to allot him shares to what is nominal value of what is debt in extinction of what is debt. what is transaction, however, must be one which is sufficient to support a plea of payment, as opposed to a plea of accord and satisfaction.(24) Spargo's Case (1873), L. R. 8 Ch. 407. S. sold a mine to a company, and also agreed to take shares. what is purchase price of both what is shares and what is mine was payable at once. It was agreed between S. and what is company that S. should be debited in account 22 Gorrissen's Case (1873), L. R. 8 Ch. 507. 23 Per Lord Halsbury, in Randt Gold Mining Co. v. New Balkis Eersteling, [1903] 1 K. B. 461. 24 Fothergill's Case (1873), L. R. 8 Ch. 270. 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 70 where is strong CHAPTER 8 MEMBERSHIP OF A COMPANY where is p align="justify" A company may buy its own shares under an order made by what is Court under s. 210 (dealing with what is oppression of minorities), and in such a case what is order will provide for what is reduction of what is company's capital by what is nominal value of what is shares purchased. A person who has only agreed to " place " shares does not become a member of what is company, and should not be put on what is register of members. His failure to perform his contract may make him liable in damages, but he is not liable for calls. (22) A Subsidiary Company (s. 27) cannot be a member of its holding company, except when what is subsidiary company is a personal representative or is a trustee and what is holding company or one of its subsidiaries is not beneficially interested under what is trust, otherwise than by way of security under a transaction entered into in what is ordinary course of a business which includes what is lending of money. This cannot be evaded by having a nominee for what is subsidiary company. Any allotment or transfer of shares in a holding company to its subsidiary is void. LIABILITY TO PAY FOR SHARES A member must pay for his shares in full. Until he has done so, he has not fulfilled what is condition limiting his liability for what is company's debts to " what is amount, if any, unpaid on what is shares." " what is amount subscribed, which is to make what is shareholder a partner in what is concern, must be paid, and by no expedient nor indirect arrangement can what is company evade what is obligation of possessing what is capital which what is Legislature has enjoined shall be what is capital upon which it is to trade."(23) Payment may be made either in cash or in kind. Payment in Cash does not necessarily mean that cash must be handed over by what is applicant to what is company. It is sufficient if he has a valid claim against what is company, e.g., if what is company owes him a sum of money and agrees to allot him shares to what is nominal value of what is debt in extinction of what is debt. what is transaction, however, must be one which is sufficient to support a plea of payment, as opposed to a plea of accord and satisfaction.(24) Spargo's Case (1873), L. R. 8 Ch. 407. S. sold a mine to a company, and also agreed to take shares. what is purchase price of both what is shares and what is mine was payable at once. It was agreed between S. and what is company that S. should be debited in account 22 Gorrissen's Case (1873), L. R. 8 Ch. 507. 23 Per Lord Halsbury, in Randt Gold Mining Co. v. New Balkis Eersteling, [1903] 1 K. B. 461. 24 Fothergill's Case (1873), L. R. 8 Ch. 270. where is Server.Execute("_SiteMap.asp") %

Book Pages: _SiteMap , default , 001 , 002 , 003 , 004 , 005 , 006 , 007 , 008 , 009 , 010 , 011 , 012 , 013 , 014 , 015 , 016 , 017 , 018 , 019 , 020 , 021 , 022 , 023 , 024 , 025 , 026 , 027 , 028 , 029 , 030 , 031 , 032 , 033 , 034 , 035 , 036 , 037 , 038 , 039 , 040 , 041 , 042 , 043 , 044 , 045 , 046 , 047 , 048 , 049 , 050 , 051 , 052 , 053 , 054 , 055 , 056 , 057 , 058 , 059 , 060 , 061 , 062 , 063 , 064 , 065 , 066 , 067 , 068 , 069 , 070 , 071 , 072 , 073 , 074 , 075 , 076 , 077 , 078 , 079 , 080 , 081 , 082 , 083 , 084 , 085 , 086 , 087 , 088 , 089 , 090 , 091 , 092 , 093 , 094 , 095 , 096 , 097 , 098 , 099 , 100 , 101 , 102 , 103 , 104 , 105 , 106 , 107 , 108 , 109 , 110 , 111 , 112 , 113 , 114 , 115 , 116 , 117 , 118 , 119 , 120 , 121 , 122 , 123 , 124 , 125 , 126 , 127 , 128 , 129 , 130 , 131 , 132 , 133 , 134 , 135 , 136 , 137 , 138 , 139 , 140 , 142 , 143 , 144 , 145 , 146 , 147 , 148 , 149 , 150 , 151 , 152 , 153 , 154 , 155 , 156 , 157 , 158 , 159 , 160 , 161 , 162 , 164 , 165 , 166 , 167 , 168 , 169 , 170 , 171 , 172 , 178 , 179 , 180 , 181 , 182 , 183 , 184 , 185 , 186 , 187 , 188 , 189 , 190 , 191 , 192 , 193 , 194 , 195 , 196 , 197 , 198 , 199 , 200 , 201 , 202 , 203 , 204 , 205 , 206 , 207 , 209 , 210 , 211 , 212 , 214 , 215 , 217 , 218 , 219 , 220 , 221 , 222 , 223 , 224 , 225 , 226 , 227 , 228 , 229 , 230 , 231 , 232 , 233 , 234 , 235 , 236 , 237 , 238 , 239 , 240 , 241 , 242 , 243 , 244 , 245 , 246 , 247 , 248 , 249 , 250 , 251 , 252 , 253 , 254 , 255 , 256 , 257 , 258 , 259 , 260 , 261 , 262 , 263 , 264 , 265 , 266 , 267 , 268 , 269 , 270 , 271 , 272 , 273 , 274 , 275 , 276 , 277 , 278 , 279 , 280 , 281 , 282 , 283 , 284 , 285 , 287 , 288 , 289 , 290 , 291 , 292 , 293 , 294 , 295 , 296 , 297 , 298 , 299 , 300 , 301 , 302 , 303 , 304 , 305 , 306 , 307 , 308 , 309 , 310 , 311 , 312 , 313 , 314 , 315 , 316 , 317 , 318 , 319 , 320 , 321 , 322 , 323 , 324 , 325 , 326 , 327 , 328 , 329 , 330 , 331 , 332 , 333 , 334 ,