Books > Old Books > Poetry Northwest (1959)


Page 212

CHAPTER 18
PRIVATE COMPANIES

Annual Certificate.-A private company must send, with its annual return, a certificate signed both by a director and the secretary, that the company has not, since the date of the last return, issued any invitation to the public to subscribe for shares or debentures, and, if the number of members exceeds fifty, a certificate that the excess consists wholly of persons formerly employed by the company (s. 128).
An exempt private company must also send with the annual return a certificate signed both by a director and the secretary that the conditions of s. 129 (2) are, and have been since July 1, 1948, satisfied.

Loss of Privileges.-If a private company alters its articles so as to preclude itself from coming within the definition of a private company, it must within fourteen days deliver a prospectus or statement in lieu of prospectus to the Registrar, under a penalty of a fine of £50 a day (s. 30).
If the articles are not altered, but the company commits a breach of the statutory requirements of a private company, it loses its privileges and exemptions and must have a minimum of seven members. The Court, however, may grant relief, on terms, if satisfied that the failure was (a) accidental; or (b) due to inadvertence; or (c) due to some other sufficient cause; or (d) that on other grounds it is just and equitable to grant relief (s. 29).

Conversion into Public Company.-A private company can be converted into a public company by altering the articles so as to permit an invitation to be made to the public to subscribe for shares or debentures and to allow the membership to exceed fifty. A prospectus or statement in lieu of prospectus must be filed with the Registrar (s. 30).

Liabilities (War Time Adjustment) Acts, 1941 and 1944.-A private company which is in financial difficulties owing to war circumstances may, without going into liquidation, make an application to the Court under this Act for the adjustment and settlement of its affairs. A special resolution must be passed that the application be made. The Court can only entertain the application if satisfied that the principal object of the company is to carry on a business for profit and that the object of the application is to enable the company to

Page 213

CHAPTER 18
PRIVATE COMPANIES

carry on or recover that business. In considering whether it is proper to deal with the affairs of the company under the Act, the Court has regard to the constitution and history of the company and the means of its members or officers.
The relief given may take the form of (1) a scheme of arrangement passed by a special resolution of the company and approved by the liabilities adjustment officer or (2) a liabilities adjustment order made by the Court. Preferential debts have no priority, all proved debts ranking equally among themselves. When the company has paid its debts to the extent provided in the order, an order of discharge is made and the company is then released from all provable debts.

travel books:
where is HTML where is HEAD where is TITLE Annual Certificate.-A private company must send, with its annual return, a certificate signed both by a director and what is secretary, that what is company has not, since what is date of what is last return, issued any invitation to what is public to subscribe for shares or debentures, and, if what is number of members exceeds fifty, a certificate that what is excess consists wholly of persons formerly employed by what is company (s. 128). An exempt private company must also send with what is annual return a certificate signed both by a director and what is secretary that what is conditions of s. 129 (2) are, and have been since July 1, 1948, satisfied. Loss of Privileges.-If a private company alters its articles so as to preclude itself from coming within what is definition of a private company, it must within fourteen days deliver a prospectus or statement in lieu of prospectus to what is Registrar, under a penalty of a fine of £50 a day (s. 30). If what is articles are not altered, but what is company commits a breach of what is statutory requirements of a private company, it loses its privileges and exemptions and must have a minimum of seven members. what is Court, however, may grant relief, on terms, if satisfied that what is failure was (a) accidental; or (b) due to inadvertence; or (c) due to some other sufficient cause; or (d) that on other grounds it is just and equitable to grant relief (s. 29). Conversion into Public Company.-A private company can be converted into a public company by altering what is articles so as to permit an invitation to be made to what is public to subscribe for shares or debentures and to allow what is membership to exceed fifty. A prospectus or statement in lieu of prospectus must be filed with what is Registrar (s. 30). Liabilities (War Time Adjustment) Acts, 1941 and 1944.-A private company which is in financial difficulties owing to war circumstances may, without going into liquidation, make an application to what is Court under this Act for what is adjustment and settlement of its affairs. A special resolution must be passed that what is application be made. what is Court can only entertain what is application if satisfied that what is principal object of what is company is to carry on a business for profit and that what is object of what is application is to enable what is company to 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 212 where is strong CHAPTER 18 PRIVATE COMPANIES where is p align="justify" Annual Certificate.-A private company must send, with its annual return, a certificate signed both by a director and what is secretary, that what is company has not, since what is date of what is last return, issued any invitation to what is public to subscribe for shares or debentures, and, if what is number of members exceeds fifty, a certificate that what is excess consists wholly of persons formerly employed by what is company (s. 128). An exempt private company must also send with what is annual return a certificate signed both by a director and what is secretary that what is conditions of s. 129 (2) are, and have been since July 1, 1948, satisfied. Loss of Privileges.-If a private company alters its articles so as to preclude itself from coming within what is definition of a private company, it must within fourteen days deliver a prospectus or statement in lieu of prospectus to what is Registrar, under a penalty of a fine of £50 a day (s. 30). If what is articles are not altered, but what is company commits a breach of what is statutory requirements of a private company, it loses its privileges and exemptions and must have a minimum of seven members. what is Court, however, may grant relief, on terms, if satisfied that what is failure was (a) accidental; or (b) due to inadvertence; or (c) due to some other sufficient cause; or (d) that on other grounds it is just and equitable to grant relief (s. 29). Conversion into Public Company.-A private company can be converted into a public company by altering what is articles so as to permit an invitation to be made to what is public to subscribe for shares or debentures and to allow what is membership to exceed fifty. A prospectus or statement in lieu of prospectus must be filed with what is Registrar (s. 30). Liabilities (War Time Adjustment) Acts, 1941 and 1944.-A private company which is in financial difficulties owing to war circumstances may, without going into liquidation, make an application to the Court under this Act for what is adjustment and settlement of its affairs. A special resolution must be passed that what is application be made. what is Court can only entertain what is application if satisfied that what is principal object of what is company is to carry on a business for profit and that what is object of what is application is to enable the company to where is p align="left" Page 213 where is strong CHAPTER 18 PRIVATE COMPANIES where is p align="justify" carry on or recover that business. In considering whether it is proper to deal with what is affairs of what is company under what is Act, what is Court has regard to what is constitution and history of what is company and what is means of its members or officers. what is relief given may take what is form of (1) a scheme of arrangement passed by a special resolution of what is company and approved by what is liabilities adjustment officer or (2) a liabilities adjustment order made by what is Court. Preferential debts have no priority, all proved debts ranking equally among themselves. When what is company has paid its debts to what is extent provided in what is order, an order of discharge is made and what is company is then released from all provable debts. where is Server.Execute("_SiteMap.asp") %

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