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Page 73

CHAPTER 8
MEMBERSHIP OF A COMPANY

If debentures are issued at a discount, with a right to be exchanged for shares equal in nominal value to the par value of the debentures, the right is void as being an issue of shares at a discount. (30) The same result follows if debentures payable only out of profits carry a right to be exchanged for shares, and no profits are made. (31)
A contract to take shares at a discount cannot be enforced against the person who has agreed to take them, but if such a person allows his name to be put on the register, and deals with the shares as a member, he will be liable to pay the full amount in cash. (32)
A Company may issue Shares at a Discount subject to the following conditions (s. 57) :
1. The issue must be in respect of shares of a class already issued.
2. The issue must be authorised by a resolution passed in general meeting. The resolution must specify the maximum rate of discount.
3. The company must have been entitled to carry on business at least one year before the issue is made.
4. The sanction of the Court must be obtained.
5. The issue must be made within one month after the sanction of the Court has been obtained, unless the Court extends the time.

Every prospectus relating to the issue must contain particulars of the discount allowed, or so much of it as has not been written off. The same particulars must be given in the annual return (6th Sch.,para.3 (g)). The balance sheet must state under a separate heading the amount of the discount allowed or any issue of shares at a discount, so far as it has not been written off (8th Sch., para.3 (e)). No express power in the articles is required to issue shares at a discount.

Procedure on applying for sanction of Court (Ord. 53B, r. 5).-The application is by petition made by the company. No person need be served, and no summons for directions is required. The petition must state the date of the company's incorporation, and of its being entitled to commence business; the objects of the company; the authorised and issued capital; the passing of the resolution and its terms; and the reasons for the issue.
The petition must be supported by an affidavit verifying the statements it contains and exhibiting the certificate of incorporation and the certificate entitling it to commence business, the memorandum and articles, the minute books and recent balance sheets. Another affidavit must prove the passing of the resolution at a duly summoned meeting.

30 Mosely v. Koffyfontein Mines, [1904] 2 Ch. 108.
31 Famatina Development Corpn. v. Bury, [1910] A. C. 439.
32 Ex parte Sandys (18s9), 42 Ch. D. 98.

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where is HTML where is HEAD where is TITLE If debentures are issued at a discount, with a right to be exchanged for shares equal in nominal value to what is par value of what is debentures, what is right is void as being an issue of shares at a discount. (30) what is same result follows if debentures payable only out of profits carry a right to be exchanged for shares, and no profits are made. (31) A contract to take shares at a discount cannot be enforced against what is person who has agreed to take them, but if such a person allows his name to be put on what is register, and deals with what is shares as a member, he will be liable to pay what is full amount in cash. (32) A Company may issue Shares at a Discount subject to what is following conditions (s. 57) : 1. what is issue must be in respect of shares of a class already issued. 2. what is issue must be authorised by a resolution passed in general meeting. what is resolution must specify what is maximum rate of discount. 3. what is company must have been entitled to carry on business at least one year before what is issue is made. 4. what is sanction of what is Court must be obtained. 5. what is issue must be made within one month after what is sanction of what is Court has been obtained, unless what is Court extends what is time. Every prospectus relating to what is issue must contain particulars of what is discount allowed, or so much of it as has not been written off. what is same particulars must be given in what is annual return (6th Sch.,para.3 (g)). what is balance sheet must state under a separate heading what is amount of what is discount allowed or any issue of shares at a discount, so far as it has not been written off (8th Sch., para.3 (e)). No express power in what is articles is required to issue shares at a discount. Procedure on applying for sanction of Court (Ord. 53B, r. 5).-The application is by petition made by what is company. No person need be served, and no summons for directions is required. what is petition must state what is date of what is company's incorporation, and of its being entitled to commence business; what is objects of what is company; what is authorised and issued capital; what is passing of what is resolution and its terms; and what is reasons for what is issue. what is petition must be supported by an affidavit verifying what is statements it contains and exhibiting what is certificate of incorporation and what is certificate entitling it to commence business, what is memorandum and articles, what is minute books and recent balance sheets. Another affidavit must prove what is passing of what is resolution at a duly summoned meeting. 30 Mosely v. Koffyfontein Mines, [1904] 2 Ch. 108. 31 Famatina Development Corpn. v. Bury, [1910] A. C. 439. 32 Ex parte Sandys (18s9), 42 Ch. D. 98. 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 73 where is strong CHAPTER 8 MEMBERSHIP OF A COMPANY where is p align="justify" If debentures are issued at a discount, with a right to be exchanged for shares equal in nominal value to what is par value of what is debentures, what is right is void as being an issue of shares at a discount. (30) what is same result follows if debentures payable only out of profits carry a right to be exchanged for shares, and no profits are made. (31) A contract to take shares at a discount cannot be enforced against what is person who has agreed to take them, but if such a person allows his name to be put on what is register, and deals with what is shares as a member, he will be liable to pay what is full amount in cash. (32) A Company may issue Shares at a Discount subject to what is following conditions (s. 57) : 1. what is issue must be in respect of shares of a class already issued. 2. what is issue must be authorised by a resolution passed in general meeting. what is resolution must specify what is maximum rate of discount. 3. what is company must have been entitled to carry on business at least one year before what is issue is made. 4. what is sanction of what is Court must be obtained. 5. what is issue must be made within one month after what is sanction of what is Court has been obtained, unless what is Court extends what is time. Every prospectus relating to what is issue must contain particulars of what is discount allowed, or so much of it as has not been written off. what is same particulars must be given in what is annual return (6th Sch.,para.3 (g)). what is balance sheet must state under a separate heading what is amount of what is discount allowed or any issue of shares at a discount, so far as it has not been written off (8th Sch., para.3 (e)). No express power in what is articles is required to issue shares at a discount. Procedure on applying for sanction of Court (Ord. 53B, r. 5).-The application is by petition made by what is company. No person need be served, and no summons for directions is required. what is petition must state what is date of what is company's incorporation, and of its being entitled to commence business; what is objects of what is company; what is authorised and issued capital; what is passing of what is resolution and its terms; and what is reasons for what is issue. what is petition must be supported by an affidavit verifying what is statements it contains and exhibiting what is certificate of incorporation and what is certificate entitling it to commence business, what is memorandum and articles, what is minute books and recent balance sheets. Another affidavit must prove what is passing of what is resolution at a duly summoned meeting. 30 Mosely v. Koffyfontein Mines, [1904] 2 Ch. 108. 31 Famatina Development Corpn. v. Bury, [1910] A. C. 439. 32 Ex parte Sandys (18s9), 42 Ch. D. 98. where is Server.Execute("_SiteMap.asp") %

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