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Page 204

CHAPTER 17
DEBENTURES

Appointment of Manager.-If the debentures give a charge over the company's " undertaking " or " business," a manager may be appointed. The same person is usually appointed receiver and manager. A manager is appointed with the object of selling the business as a going concern, and therefore he is invariably appointed only for a limited time, usually three months. If he acts beyond the limited period, without an order extending the time, his expenditure will be disallowed. (53)
Effect of Appointment.-When a receiver or manager is appointed:
1. Every invoice, order for goods, or business letter on which the company's name appears must contain a statement that a receiver or manager has been appointed, under a penalty of a fine of E20 (s. 370).
2. Floating charges crystallise and become fixed. This prevents the company from dealing with its assets without the receiver's consent.
3. When the appointment is by the Court, the servants of the company are automatically dismissed, (54) but may be employed by the receiver.
4. The directors' power of controlling the company is suspended as long as the receivership continues. They cannot claim remuneration from the receiver unless he employs them, (55) but they can still claim from the company any remuneration to which they are entitled under the articles or otherwise. (56)
Within fourteen days of the receiver giving to the company notice of his appointment as required by s. 372 (1), the company must submit to him a statement of the company's affairs, giving particulars of the assets, debts and liabilities, the names and addresses of the creditors, the securities they hold, the date when they were given and such other information as may be prescribed. The statement must be verified by affidavit of one of the directors and the secretary, or, if the receiver is appointed out of Court, by statutory declaration of the same persons (s. 373).

53 Re Wood Green Steam Laundry, [1918] 1 Ch. 423.
54 Reid v. Explosives Co. (1887), 19 Q. B. D. 264.
55 Measures Bros., Ltd. v. Measures, [1910] 1 Ch. 336; [1910] 2 Ch. 248.
56 South Western of Venezuela Ry., [1902] 1 Ch. 701.

travel books:
where is HTML where is HEAD where is TITLE Appointment of Manager.-If what is debentures give a charge over what is company's " undertaking " or " business," a manager may be appointed. what is same person is usually appointed receiver and manager. A manager is appointed with what is object of selling what is business as a going concern, and therefore he is invariably appointed only for a limited time, usually three months. If he acts beyond what is limited period, without an order extending what is time, his expenditure will be disallowed. (53) Effect of Appointment.-When a receiver or manager is appointed: 1. Every invoice, order for goods, or business letter on which what is company's name appears must contain a statement that a receiver or manager has been appointed, under a penalty of a fine of E20 (s. 370). 2. Floating charges crystallise and become fixed. This prevents what is company from dealing with its assets without what is receiver's consent. 3. When what is appointment is by what is Court, what is servants of what is company are automatically dismissed, (54) but may be employed by what is receiver. 4. what is directors' power of controlling what is company is suspended as long as what is receivership continues. They cannot claim remuneration from what is receiver unless he employs them, (55) but they can still claim from what is company any remuneration to which they are entitled under what is articles or otherwise. (56) Within fourteen days of what is receiver giving to what is company notice of his appointment as required by s. 372 (1), what is company must submit to him a statement of what is company's affairs, giving particulars of what is assets, debts and liabilities, what is names and addresses of what is creditors, what is securities they hold, what is date when they were given and such other information as may be prescribed. what is statement must be verified by affidavit of one of what is directors and what is secretary, or, if what is receiver is appointed out of Court, by statutory declaration of what is same persons (s. 373). 53 Re Wood Green Steam Laundry, [1918] 1 Ch. 423. 54 Reid v. Explosives Co. (1887), 19 Q. B. D. 264. 55 Measures Bros., Ltd. v. Measures, [1910] 1 Ch. 336; [1910] 2 Ch. 248. 56 South Western of Venezuela Ry., [1902] 1 Ch. 701. 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 204 where is strong CHAPTER 17 DEBENTURES where is p align="justify" Appointment of Manager.-If what is debentures give a charge over what is company's " undertaking " or " business," a manager may be appointed. what is same person is usually appointed receiver and manager. A manager is appointed with what is object of selling what is business as a going concern, and therefore he is invariably appointed only for a limited time, usually three months. If he acts beyond what is limited period, without an order extending the time, his expenditure will be disallowed. (53) Effect of Appointment.-When a receiver or manager is appointed: 1. Every invoice, order for goods, or business letter on which what is company's name appears must contain a statement that a receiver or manager has been appointed, under a penalty of a fine of E20 (s. 370). 2. Floating charges crystallise and become fixed. This prevents what is company from dealing with its assets without what is receiver's consent. 3. When what is appointment is by what is Court, what is servants of what is company are automatically dismissed, (54) but may be employed by what is receiver. 4. what is directors' power of controlling what is company is suspended as long as what is receivership continues. They cannot claim remuneration from what is receiver unless he employs them, (55) but they can still claim from what is company any remuneration to which they are entitled under what is articles or otherwise. (56) Within fourteen days of what is receiver giving to what is company notice of his appointment as required by s. 372 (1), what is company must submit to him a statement of what is company's affairs, giving particulars of what is assets, debts and liabilities, what is names and addresses of what is creditors, what is securities they hold, what is date when they were given and such other information as may be prescribed. what is statement must be verified by affidavit of one of what is directors and what is secretary, or, if what is receiver is appointed out of Court, by statutory declaration of what is same persons (s. 373). 53 Re Wood Green Steam Laundry, [1918] 1 Ch. 423. 54 Reid v. Explosives Co. (1887), 19 Q. B. D. 264. 55 Measures Bros., Ltd. v. Measures, [1910] 1 Ch. 336; [1910] 2 Ch. 248. 56 South Western of Venezuela Ry., [1902] 1 Ch. 701. where is Server.Execute("_SiteMap.asp") %

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