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CHAPTER 18
PRIVATE COMPANIES

A PRIVATE company is defined in the Act (s. 28) as one which by its articles
(a) restricts the right to transfer its shares;
(b) limits the number of its members to fifty, exclusive of persons in the employment of the company and of persons formerly in the company's employment;
(c) prohibits any invitation to the public to subscribe for any shares or debentures of the company.
An invitation is not made to the public if it can be regarded, in all the circumstances, as not being calculated to result in the shares or debentures becoming available for subscription or purchase by persons other than those receiving the offer or purchase or otherwise as being the domestic concern of those making and receiving it. In a private company, an invitation to members and debenture holders is usually within this description and is permitted (s. 55 (2)).

An offer of shares to the existing members of the company is not an issue to the" public,"(1) neither is an offer by the directors of shares to their friends by means of a document marked " private and confidential, not for publication."(2) But an offer of shares in a company to shareholders in gas companies, although the prospectus was marked " For private circulation only," was held to be an invitation to the public.(3)

An exempt private company(4) is one which satisfies the conditions of section 129 (2) and has done so since July 1, 1948, or sitice the giving of a direction by the Board of Trade that those conditions have been satisfied after that date. The conditions are
(a) that the conditions in the Seventh Schedule are satisfied as to the persons interested in the company's shares and debentures [these are, shortly, that none of the shares or debentures are held by a company, and that no person but the holder, except a bank holding them as security for a loan I Booth v. New rlfrikander Co., [1903]

1 Ch. 295.
2 Sherwell v. Combined Incandescent Mantles (1907), 23 T. L. R. 482.
3 Re South of England Natural Gas Co., [1911] 1 Ch. 573.
4 s. 455.

travel books:
where is HTML where is HEAD where is TITLE A PRIVATE company is defined in what is Act (s. 28) as one which by its articles (a) restricts what is right to transfer its shares; (b) limits what is number of its members to fifty, exclusive of persons in what is employment of what is company and of persons formerly in what is company's employment; (c) prohibits any invitation to what is public to subscribe for any shares or debentures of what is company. An invitation is not made to what is public if it can be regarded, in all what is circumstances, as not being calculated to result in what is shares or debentures becoming available for subscription or purchase by persons other than those receiving what is offer or purchase or otherwise as being what is domestic concern of those making and receiving it. In a private company, an invitation to members and debenture holders is usually within this description and is permitted (s. 55 (2)). An offer of shares to what is existing members of what is company is not an issue to the" public,"(1) neither is an offer by what is directors of shares to their friends by means of a document marked " private and confidential, not for publication."(2) But an offer of shares in a company to shareholders in gas companies, although what is prospectus was marked " For private circulation only," was held to be an invitation to what is public.(3) An exempt private company(4) is one which satisfies what is conditions of section 129 (2) and has done so since July 1, 1948, or sitice what is giving of a direction by what is Board of Trade that those conditions have been satisfied after that date. what is conditions are (a) that what is conditions in what is Seventh Schedule are satisfied as to what is persons interested in what is company's shares and debentures [these are, shortly, that none of what is shares or debentures are held by a company, and that no person but what is holder, except a bank holding them as security for a loan I Booth v. New rlfrikander Co., [1903] 1 Ch. 295. 2 Sherwell v. Combined Incandescent Mantles (1907), 23 T. L. R. 482. 3 Re South of England Natural Gas Co., [1911] 1 Ch. 573. 4 s. 455. 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 209 where is strong CHAPTER 18 PRIVATE COMPANIES where is p align="justify" A PRIVATE company is defined in what is Act (s. 28) as one which by its articles (a) restricts what is right to transfer its shares; (b) limits what is number of its members to fifty, exclusive of persons in what is employment of what is company and of persons formerly in the company's employment; (c) prohibits any invitation to what is public to subscribe for any shares or debentures of what is company. An invitation is not made to what is public if it can be regarded, in all what is circumstances, as not being calculated to result in what is shares or debentures becoming available for subscription or purchase by persons other than those receiving what is offer or purchase or otherwise as being what is domestic concern of those making and receiving it. In a private company, an invitation to members and debenture holders is usually within this description and is permitted (s. 55 (2)). An offer of shares to what is existing members of what is company is not an issue to the" public,"(1) neither is an offer by what is directors of shares to their friends by means of a document marked " private and confidential, not for publication."(2) But an offer of shares in a company to shareholders in gas companies, although what is prospectus was marked " For private circulation only," was held to be an invitation to what is public.(3) An exempt private company(4) is one which satisfies what is conditions of section 129 (2) and has done so since July 1, 1948, or sitice the giving of a direction by what is Board of Trade that those conditions have been satisfied after that date. what is conditions are (a) that what is conditions in what is Seventh Schedule are satisfied as to what is persons interested in what is company's shares and debentures [these are, shortly, that none of what is shares or debentures are held by a company, and that no person but what is holder, except a bank holding them as security for a loan I Booth v. New rlfrikander Co., [1903] 1 Ch. 295. 2 Sherwell v. Combined Incandescent Mantles (1907), 23 T. L. R. 482. 3 Re South of England Natural Gas Co., [1911] 1 Ch. 573. 4 s. 455. where is Server.Execute("_SiteMap.asp") %

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