Books > Old Books > Poetry Northwest (1959)


Page 123

CHAPTER 11
DIRECTORS

at the rate of so much a year, he is only entitled to be paid for each ,complete year he serves, and not for any broken period.' (19)

The Apportionment Act, 1870, s. 2, provides that all salaries and other periodical payments in the nature of income shall be considered as accruing from day to day and apportionable in respect of time accordingly. In Moriarity v. Regent's Garage Co.(20) ,a Divisional Court held that, in the absence of agreement to the contrary, the Act applied to directors' remuneration, distinguishing Salton v. New Beeston C0.(21), and Inman v. Ackroyd,(22) and disapproving Central De Kaap Mines(23) and McConnell's Claim.(24) The decision was reversed in the Court of Appeal on other grounds.(25) Whether or not the Act applies to directors' remuneration is therefore an open question. It is submitted that it does. Table A, Art. 76, provides that remuneration shall .accrue from day to day, with the result that, in cases to which it applies, the remuneration is apportionable.

Compensation for Loss of Office.-A director cannot be paid ,compensation for loss of office or on retirement unless the amount of the payment is disclosed to the members and approved by the company (s. 191). Similarly, if any such payment is made on the sale of the company's undertaking it must also be disclosed and approved (s. 192). When in connection with a transfer of shares in the company resulting from (a) an offer made to the general body of shareholders, {b) an offer made with a view to the company becoming the subsidiary of another, (c) an offer made by a person to obtain the control of not less than one-third of the voting power at a general meeting, or (d) any other offer conditional on acceptance to a given extent, a payment is to be made to a director as compensation for loss of or retirement from office, the amount of the payment must be included in any notice of the offer for their shares given to the shareholders. If this is not done, or the payment is not approved before the transfer of the shares by a meeting of the shareholders summoned for the purpose, the director holds the payment on trust for the persons who have sold their shares as a result of the offer (s. 193).

Loans to Directors (s. 190).-It is unlawful for a company, unless it as an exempt private company, to make loans to its directors or to guarantee or provide security for a loan made to a director by another person. There are exceptions when the ordinary business of the 'Company includes the lending of money and when the loan is made to provide funds to meet expenditure incurred for the purposes of the

19 Salton v. New Beeston Co., [1899] 1 Ch. 775.
20 [1921] 1 K. B. 423.
21 [1899] 1 Ch. 775.
22 [1901] 1 K. B. 613.
23 (1899), 69 L. J. Ch. 18.
24 [1901] 1 Ch. 728.
25 [1921] 2 K. B. 766.

travel books:
where is HTML where is HEAD where is TITLE at what is rate of so much a year, he is only entitled to be paid for each ,complete year he serves, and not for any broken period.' (19) what is Apportionment Act, 1870, s. 2, provides that all salaries and other periodical payments in what is nature of income shall be considered as accruing from day to day and apportionable in respect of time accordingly. In Moriarity v. Regent's Garage Co.(20) ,a Divisional Court held that, in what is absence of agreement to what is contrary, what is Act applied to directors' remuneration, distinguishing Salton v. New Beeston C0.(21), and Inman v. Ackroyd,(22) and disapproving Central De Kaap Mines(23) and McConnell's Claim.(24) what is decision was reversed in what is Court of Appeal on other grounds.(25) Whether or not what is Act applies to directors' remuneration is therefore an open question. It is submitted that it does. Table A, Art. 76, provides that remuneration shall .accrue from day to day, with what is result that, in cases to which it applies, what is remuneration is apportionable. Compensation for Loss of Office.-A director cannot be paid ,compensation for loss of office or on retirement unless what is amount of what is payment is disclosed to what is members and approved by what is company (s. 191). Similarly, if any such payment is made on what is sale of what is company's undertaking it must also be disclosed and approved (s. 192). When in connection with a transfer of shares in what is company resulting from (a) an offer made to what is general body of shareholders, {b) an offer made with a view to what is company becoming what is subsidiary of another, (c) an offer made by a person to obtain what is control of not less than one-third of what is voting power at a general meeting, or (d) any other offer conditional on acceptance to a given extent, a payment is to be made to a director as compensation for loss of or retirement from office, what is amount of what is payment must be included in any notice of what is offer for their shares given to what is shareholders. If this is not done, or what is payment is not approved before what is transfer of what is shares by a meeting of what is shareholders summoned for what is purpose, what is director holds what is payment on trust for what is persons who have sold their shares as a result of what is offer (s. 193). Loans to Directors (s. 190).-It is unlawful for a company, unless it as an exempt private company, to make loans to its directors or to guarantee or provide security for a loan made to a director by another person. There are exceptions when what is ordinary business of what is 'Company includes what is lending of money and when what is loan is made to provide funds to meet expenditure incurred for what is purposes of what is 19 Salton v. New Beeston Co., [1899] 1 Ch. 775. 20 [1921] 1 K. B. 423. 21 [1899] 1 Ch. 775. 22 [1901] 1 K. B. 613. 23 (1899), 69 L. J. Ch. 18. 24 [1901] 1 Ch. 728. 25 [1921] 2 K. B. 766. 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 123 where is strong CHAPTER 11 DIRECTORS where is p align="justify" at what is rate of so much a year, he is only entitled to be paid for each ,complete year he serves, and not for any broken period.' (19) what is Apportionment Act, 1870, s. 2, provides that all salaries and other periodical payments in what is nature of income shall be considered as accruing from day to day and apportionable in respect of time accordingly. In Moriarity v. Regent's Garage Co.(20) ,a Divisional Court held that, in what is absence of agreement to the contrary, the Act applied to directors' remuneration, distinguishing Salton v. New Beeston C0.(21), and Inman v. Ackroyd,(22) and disapproving Central De Kaap Mines(23) and McConnell's Claim.(24) what is decision was reversed in what is Court of Appeal on other grounds.(25) Whether or not the Act applies to directors' remuneration is therefore an open question. It is submitted that it does. Table A, Art. 76, provides that remuneration shall .accrue from day to day, with what is result that, in cases to which it applies, what is remuneration is apportionable. Compensation for Loss of Office.-A director cannot be paid ,compensation for loss of office or on retirement unless what is amount of the payment is disclosed to what is members and approved by what is company (s. 191). Similarly, if any such payment is made on what is sale of what is company's undertaking it must also be disclosed and approved (s. 192). When in connection with a transfer of shares in the company resulting from (a) an offer made to what is general body of shareholders, {b) an offer made with a view to what is company becoming what is subsidiary of another, (c) an offer made by a person to obtain what is control of not less than one-third of what is voting power at a general meeting, or (d) any other offer conditional on acceptance to a given extent, a payment is to be made to a director as compensation for loss of or retirement from office, what is amount of what is payment must be included in any notice of the offer for their shares given to what is shareholders. If this is not done, or what is payment is not approved before what is transfer of what is shares by a meeting of what is shareholders summoned for the purpose, what is director holds what is payment on trust for what is persons who have sold their shares as a result of what is offer (s. 193). Loans to Directors (s. 190).-It is unlawful for a company, unless it as an exempt private company, to make loans to its directors or to guarantee or provide security for a loan made to a director by another person. There are exceptions when what is ordinary business of what is 'Company includes what is lending of money and when what is loan is made to provide funds to meet expenditure incurred for what is purposes of what is 19 Salton v. New Beeston Co., [1899] 1 Ch. 775. 20 [1921] 1 K. B. 423. 21 [1899] 1 Ch. 775. 22 [1901] 1 K. B. 613. 23 (1899), 69 L. J. Ch. 18. 24 [1901] 1 Ch. 728. 25 [1921] 2 K. B. 766. 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 ,