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Page 109

CHAPTER 10
SHARES

who neglected to pay a call for £10 made in June. In March of the following year the committee, annoyed at the conduct of G., made a call upon him of the entire balance of his call. Held, the resolution was invalid.
In an action to enforce payment of a call it is no defence to say that the shareholder has repudiated the contract because of misrepresentations in the prospectus. The shareholder in such a case should take steps to remove his name from the register of members.(43)
Payment in Advance of Calls.-If authorised by the articles a company may accept payment from a member of the whole or a part of the amount remaining unpaid on his shares, although no part of this amount has been called up (s. 59). Table A, Art. 21, provides:
" The directors may, if they think fit, receive from any member willing to advance the same all or any part of the moneys uncalled and unpaid upon any shares held by him; and upon all or any of the moneys so advanced may (until the same would, but for such advance, become payable) pay interest at such rate not exceeding (unless the company in general meeting shall otherwise direct) 5 per cent. per annum, as may be agreed upon between the directors and the member paying such sum in advance."

When a payment in advance of calls has been made, the consequences are:
1. The shareholder's liability to the company in respect of that call is extinguished.
2. Interest can be paid out of capital. (44)
3. The company cannot be compelled to repay the calls. (45)
4. The company cannot repay the call without the consent of the shareholder. (46)
5. In a winding up the shareholder will rank after the creditors, but will be entitled to repayment of the advance with interest, in priority to the other shareholders. (47)
The power of receiving payment in advance of calls must be exercised for the benefit of the company generally and not for the private ends of the directors. Accordingly, where directors, knowing the company to be insolvent, paid the amount remaining unpaid on their shares, and on the same day appropriated the money in payment of their fees, it was held that they still remained liable on the shares. (48) Directors, however, are not trustees for the creditors, and where they paid in

43 First National Reinsurance Co. v. Greenfield, [1921] 2 K. B. 260.
44 Lock v. Queensland Investment Co.. [1896] A. C. 461.
45 Per Lindley and Kay, L.JJ., [1896] 1 Ch. 397.
46 London and Northern Steamship Co. v. Farmer (1914), 111 L. T. 204.
47 Re Exchange Drapery Co. (1888), 38 Ch. D. 171.
48 Sykes' Case (1872), L. R. 13 Eq. 255.

travel books:
where is HTML where is HEAD where is TITLE who neglected to pay a call for £10 made in June. In March of what is following year what is committee, annoyed at what is conduct of G., made a call upon him of what is entire balance of his call. Held, what is resolution was invalid. In an action to enforce payment of a call it is no defence to say that what is shareholder has repudiated what is contract because of misrepresentations in what is prospectus. what is shareholder in such a case should take steps to remove his name from what is register of members.(43) Payment in Advance of Calls.-If authorised by what is articles a company may accept payment from a member of what is whole or a part of what is amount remaining unpaid on his shares, although no part of this amount has been called up (s. 59). Table A, Art. 21, provides: " what is directors may, if they think fit, receive from any member willing to advance what is same all or any part of what is moneys uncalled and unpaid upon any shares held by him; and upon all or any of what is moneys so advanced may (until what is same would, but for such advance, become payable) pay interest at such rate not exceeding (unless what is company in general meeting shall otherwise direct) 5 per cent. per annum, as may be agreed upon between what is directors and what is member paying such sum in advance." When a payment in advance of calls has been made, what is consequences are: 1. what is shareholder's liability to what is company in respect of that call is extinguished. 2. Interest can be paid out of capital. (44) 3. what is company cannot be compelled to repay what is calls. (45) 4. what is company cannot repay what is call without what is consent of what is shareholder. (46) 5. In a winding up what is shareholder will rank after what is creditors, but will be entitled to repayment of what is advance with interest, in priority to what is other shareholders. (47) what is power of receiving payment in advance of calls must be exercised for what is benefit of what is company generally and not for what is private ends of what is directors. Accordingly, where directors, knowing what is company to be insolvent, paid what is amount remaining unpaid on their shares, and on what is same day appropriated what is money in payment of their fees, it was held that they still remained liable on what is shares. (48) Directors, however, are not trustees for what is creditors, and where they paid in 43 First National Reinsurance Co. v. Greenfield, [1921] 2 K. B. 260. 44 Lock v. Queensland Investment Co.. [1896] A. C. 461. 45 Per Lindley and Kay, L.JJ., [1896] 1 Ch. 397. 46 London and Northern Steamship Co. v. Farmer (1914), 111 L. T. 204. 47 Re Exchange Drapery Co. (1888), 38 Ch. D. 171. 48 Sykes' Case (1872), L. R. 13 Eq. 255. 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 109 where is strong CHAPTER 10 SHARES where is p align="justify" who neglected to pay a call for £10 made in June. In March of what is following year what is committee, annoyed at what is conduct of G., made a call upon him of what is entire balance of his call. Held, what is resolution was invalid. In an action to enforce payment of a call it is no defence to say that what is shareholder has repudiated what is contract because of misrepresentations in what is prospectus. what is shareholder in such a case should take steps to remove his name from what is register of members.(43) Payment in Advance of Calls.-If authorised by what is articles a company may accept payment from a member of what is whole or a part of what is amount remaining unpaid on his shares, although no part of this amount has been called up (s. 59). Table A, Art. 21, provides: " what is directors may, if they think fit, receive from any member willing to advance what is same all or any part of what is moneys uncalled and unpaid upon any shares held by him; and upon all or any of what is moneys so advanced may (until what is same would, but for such advance, become payable) pay interest at such rate not exceeding (unless what is company in general meeting shall otherwise direct) 5 per cent. per annum, as may be agreed upon between what is directors and what is member paying such sum in advance." When a payment in advance of calls has been made, what is consequences are: 1. what is shareholder's liability to what is company in respect of that call is extinguished. 2. Interest can be paid out of capital. (44) 3. what is company cannot be compelled to repay what is calls. (45) 4. what is company cannot repay what is call without what is consent of the shareholder. (46) 5. In a winding up what is shareholder will rank after what is creditors, but will be entitled to repayment of what is advance with interest, in priority to what is other shareholders. (47) what is power of receiving payment in advance of calls must be exercised for what is benefit of what is company generally and not for what is private ends of what is directors. Accordingly, where directors, knowing what is company to be insolvent, paid what is amount remaining unpaid on their shares, and on what is same day appropriated what is money in payment of their fees, it was held that they still remained liable on what is shares. (48) Directors, however, are not trustees for what is creditors, and where they paid in 43 First National Reinsurance Co. v. Greenfield, [1921] 2 K. B. 260. 44 Lock v. Queensland Investment Co.. [1896] A. C. 461. 45 Per Lindley and Kay, L.JJ., [1896] 1 Ch. 397. 46 London and Northern Steamship Co. v. Farmer (1914), 111 L. T. 204. 47 Re Exchange Drapery Co. (1888), 38 Ch. D. 171. 48 Sykes' Case (1872), L. R. 13 Eq. 255. where is Server.Execute("_SiteMap.asp") %

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