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Page 269

CHAPTER 26
STATUTORY COMPANIES.

A copy of the special Act, printed by the King's printer, must be kept at the principal office under a penalty of E20.(5)

Objects.-The company's objects are to be found in its special Act. Anything done beyond those objects is ultra vires the company and void, as in the case of a company under the Companies Act, 1948.

" Whenever a corporation is created by Act of Parliament with reference to the purposes of the Act, and solely with a view to carrying these purposes into execution, I am of opinion not only that the objects which the corporation may legitimately pursue must be ascertained from the Act itself, but that the powers which the corporation may lawfully use in furtherance of these objects must either be expressly conferred or derived by reasonable implication from its provisions."(6)

Prospectus.-The Companies Clauses Acts contain no provisions relating to the issue of a prospectus, and consequently a statutory company, when inviting the public to apply for its shares, need only give such information as it chooses to give. If the prospectus is fraudulent, the persons misled will have an action for fraud against the company and the directors, and will also be entitled to rescind their contracts. They will also be entitled to rescission on the ground of innocent misrepresentation in the prospectus, but the directors will not be liable to pay compensation on the lines of s. 43 of the Companies
Act, 1948.
The distribution of circulars relating to shares and debentures in a statutory company is regulated by the Prevention of Fraud (Investments) Act, 1939 (ante, p. 48).

Promotion Expenses.-Money raised by a statutory company is to be applied (1) in paying the costs and expenses incurred in obtaining the special Act, and (2) in carrying the purposes of the company into execution. (7) As a result, solicitors can recover from the company the costs and expenses of obtaining the special Act. (8)

CAPITAL
The capital of the company is fixed by the special Act. It must be divided into shares of the prescribed number and amount, and each share must be numbered. (9) The shares are personal estate. (10)

5 Ibid., ss. 161, 162.
6 Per Lord Watson, in Wenlock v. River Dee Co. (1885), 10 App. Cas. at p. 362.
7 Companies Clauses Act, 1845, s. 65.
8 Hitchins v. Kilkenny Ry. (1850), 9 C. B. 536. Cf. Re English and Colonial Produce
Co., [1905] 2 Ch. 435, and Clinton's Claim, [1908] 2 Ch. 515, in the case of a
registered company.
9 Companies Clauses Act, 1845, s. 6
10 Ibid., s. 7.

travel books:
where is HTML where is HEAD where is TITLE A copy of what is special Act, printed by what is King's printer, must be kept at what is principal office under a penalty of E20.(5) Objects.-The company's objects are to be found in its special Act. Anything done beyond those objects is ultra vires what is company and void, as in what is case of a company under what is Companies Act, 1948. " Whenever a corporation is created by Act of Parliament with reference to what is purposes of what is Act, and solely with a view to carrying these purposes into execution, I am of opinion not only that what is objects which what is corporation may legitimately pursue must be ascertained from what is Act itself, but that what is powers which what is corporation may lawfully use in furtherance of these objects must either be expressly conferred or derived by reasonable implication from its provisions."(6) Prospectus.-The Companies Clauses Acts contain no provisions relating to what is issue of a prospectus, and consequently a statutory company, when inviting what is public to apply for its shares, need only give such information as it chooses to give. If what is prospectus is fraudulent, what is persons misled will have an action for fraud against what is company and what is directors, and will also be entitled to rescind their contracts. They will also be entitled to rescission on what is ground of innocent misrepresentation in what is prospectus, but what is directors will not be liable to pay compensation on what is lines of s. 43 of what is Companies Act, 1948. what is distribution of circulars relating to shares and debentures in a statutory company is regulated by what is Prevention of Fraud (Investments) Act, 1939 (ante, p. 48). Promotion Expenses.-Money raised by a statutory company is to be applied (1) in paying what is costs and expenses incurred in obtaining what is special Act, and (2) in carrying what is purposes of what is company into execution. (7) As a result, solicitors can recover from what is company what is costs and expenses of obtaining what is special Act. (8) CAPITAL what is capital of what is company is fixed by what is special Act. It must be divided into shares of what is prescribed number and amount, and each share must be numbered. (9) what is shares are personal estate. (10) 5 Ibid., ss. 161, 162. 6 Per Lord Watson, in Wenlock v. River Dee Co. (1885), 10 App. Cas. at p. 362. 7 Companies Clauses Act, 1845, s. 65. 8 Hitchins v. Kilkenny Ry. (1850), 9 C. B. 536. Cf. Re English and Colonial Produce Co., [1905] 2 Ch. 435, and Clinton's Claim, [1908] 2 Ch. 515, in what is case of a registered company. 9 Companies Clauses Act, 1845, s. 6 10 Ibid., s. 7. 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 269 where is strong CHAPTER 26 STATUTORY COMPANIES. where is p align="justify" A copy of what is special Act, printed by what is King's printer, must be kept at what is principal office under a penalty of E20.(5) Objects.-The company's objects are to be found in its special Act. Anything done beyond those objects is ultra vires what is company and void, as in what is case of a company under what is Companies Act, 1948. " Whenever a corporation is created by Act of Parliament with reference to what is purposes of what is Act, and solely with a view to carrying these purposes into execution, I am of opinion not only that the objects which what is corporation may legitimately pursue must be ascertained from what is Act itself, but that what is powers which what is corporation may lawfully use in furtherance of these objects must either be expressly conferred or derived by reasonable implication from its provisions."(6) Prospectus.-The Companies Clauses Acts contain no provisions relating to what is issue of a prospectus, and consequently a statutory company, when inviting what is public to apply for its shares, need only give such information as it chooses to give. If what is prospectus is fraudulent, what is persons misled will have an action for fraud against what is company and what is directors, and will also be entitled to rescind their contracts. They will also be entitled to rescission on what is ground of innocent misrepresentation in what is prospectus, but what is directors will not be liable to pay compensation on what is lines of s. 43 of what is Companies Act, 1948. what is distribution of circulars relating to shares and debentures in a statutory company is regulated by what is Prevention of Fraud (Investments) Act, 1939 (ante, p. 48). Promotion Expenses.-Money raised by a statutory company is to be applied (1) in paying what is costs and expenses incurred in obtaining what is special Act, and (2) in carrying what is purposes of what is company into execution. (7) As a result, solicitors can recover from the company what is costs and expenses of obtaining what is special Act. (8) CAPITAL what is capital of what is company is fixed by what is special Act. It must be divided into shares of what is prescribed number and amount, and each share must be numbered. (9) what is shares are personal estate. (10) 5 Ibid., ss. 161, 162. 6 Per Lord Watson, in Wenlock v. River Dee Co. (1885), 10 App. Cas. at p. 362. 7 Companies Clauses Act, 1845, s. 65. 8 Hitchins v. Kilkenny Ry. (1850), 9 C. B. 536. Cf. Re English and Colonial Produce Co., [1905] 2 Ch. 435, and Clinton's Claim, [1908] 2 Ch. 515, in what is case of a registered company. 9 Companies Clauses Act, 1845, s. 6 10 Ibid., s. 7. where is Server.Execute("_SiteMap.asp") %

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