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Page 283

CHAPTER 26
STATUTORY COMPANIES.

Transfers of mortgage must be registered within thirty days, and until registration the company is not liable to the transferee.(79)
Appointment of Receiver.-If the special Act entitles the mortgagees, to enforce their security by the appointment of a receiver, an application for the appointment of a receiver can be made to two justices of the peace if (1) thirty days after a payment of interest is due, a demand in writing for payment is made, and (2) six months after the principal is due, a demand in writing is made. (80) A receiver may also be appointed by the Court in the usual way.(81)
Mortgagees of an undertaking of a public nature are not entitled to an order for the sale of the undertaking or to the appointment of a manager. (82) If, however, the company is wound up they are entitled to a charge on the assets in priority to the claims of the unsecured creditors. (83)
Debenture Stock.-Any company which has power to raise money on mortgage or bond may issue debenture stock. Such stock is created by a resolution of the company in general meeting passed by three-fifths of the votes of the members present personally or by proxy. (84)
Debenture stock is a charge upon the undertaking of the company, prior to all shares or stock of the company. Interest on debenture stock has priority over all dividends or interest on any shares or stock of the company, whether ordinary, preference or guaranteed, and ranks_ next after the interest on mortgages and bonds created before the debenture stock. Among themselves, the holders of debenture stock rank equally. Payment of interest may be enforced by action or the appointment of a receiver. (85) The principal cannot be called in or paid off, except under the authority of the special Act, so that the holders of such stock have only the right to a perpetual annuity payable by the company and a right to the return of their principal on a winding up. But except for the right to require repayment of their principal,. the holders have all the rights and powers of mortgagees. (86)

79 Ibid., s. 47.
80 Companies Clauses Act, 1845, ss. 53, 54.
81 Fripp v. Chard By. (1853), 11 Hare, 241, 259.
82 Marshall v. South Staffordshire Tramways, [1895] 2 Ch. 36.
83 Re Glyn Valley Tramway Co., [1937] Ch. 465.
84 Companies Clauses Act, 1863, s. 22.
85 Ibid., ss. 23-27.
86 Ibid., s. 31.

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where is HTML where is HEAD where is TITLE Transfers of mortgage must be registered within thirty days, and until registration what is company is not liable to what is transferee.(79) Appointment of Receiver.-If what is special Act entitles what is mortgagees, to enforce their security by what is appointment of a receiver, an application for what is appointment of a receiver can be made to two justices of what is peace if (1) thirty days after a payment of interest is due, a demand in writing for payment is made, and (2) six months after what is principal is due, a demand in writing is made. (80) A receiver may also be appointed by what is Court in what is usual way.(81) Mortgagees of an undertaking of a public nature are not entitled to an order for what is sale of what is undertaking or to what is appointment of a manager. (82) If, however, what is company is wound up they are entitled to a charge on what is assets in priority to what is claims of what is unsecured creditors. (83) Debenture Stock.-Any company which has power to raise money on mortgage or bond may issue debenture stock. Such stock is created by a resolution of what is company in general meeting passed by three-fifths of what is votes of what is members present personally or by proxy. (84) Debenture stock is a charge upon what is undertaking of what is company, prior to all shares or stock of what is company. Interest on debenture stock has priority over all dividends or interest on any shares or stock of what is company, whether ordinary, preference or guaranteed, and ranks_ next after what is interest on mortgages and bonds created before what is debenture stock. Among themselves, what is holders of debenture stock rank equally. Payment of interest may be enforced by action or what is appointment of a receiver. (85) what is principal cannot be called in or paid off, except under what is authority of what is special Act, so that what is holders of such stock have only what is right to a perpetual annuity payable by what is company and a right to what is return of their principal on a winding up. But except for what is right to require repayment of their principal,. what is holders have all what is rights and powers of mortgagees. (86) 79 Ibid., s. 47. 80 Companies Clauses Act, 1845, ss. 53, 54. 81 Fripp v. Chard By. (1853), 11 Hare, 241, 259. 82 Marshall v. South Staffordshire Tramways, [1895] 2 Ch. 36. 83 Re Glyn Valley Tramway Co., [1937] Ch. 465. 84 Companies Clauses Act, 1863, s. 22. 85 Ibid., ss. 23-27. 86 Ibid., s. 31. 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 283 where is strong CHAPTER 26 STATUTORY COMPANIES. where is p align="justify" Transfers of mortgage must be registered within thirty days, and until registration what is company is not liable to what is transferee.(79) Appointment of Receiver.-If what is special Act entitles what is mortgagees, to enforce their security by what is appointment of a receiver, an application for what is appointment of a receiver can be made to two justices of what is peace if (1) thirty days after a payment of interest is due, a demand in writing for payment is made, and (2) six months after what is principal is due, a demand in writing is made. (80) A receiver may also be appointed by what is Court in what is usual way.(81) Mortgagees of an undertaking of a public nature are not entitled to an order for what is sale of what is undertaking or to what is appointment of a manager. (82) If, however, what is company is wound up they are entitled to a charge on what is assets in priority to what is claims of what is unsecured creditors. (83) Debenture Stock.-Any company which has power to raise money on mortgage or bond may issue debenture stock. Such stock is created by a resolution of what is company in general meeting passed by three-fifths of what is votes of what is members present personally or by proxy. (84) Debenture stock is a charge upon what is undertaking of what is company, prior to all shares or stock of what is company. Interest on debenture stock has priority over all dividends or interest on any shares or stock of what is company, whether ordinary, preference or guaranteed, and ranks_ next after what is interest on mortgages and bonds created before what is debenture stock. Among themselves, what is holders of debenture stock rank equally. Payment of interest may be enforced by action or what is appointment of a receiver. (85) what is principal cannot be called in or paid off, except under what is authority of what is special Act, so that what is holders of such stock have only what is right to a perpetual annuity payable by what is company and a right to what is return of their principal on a winding up. But except for what is right to require repayment of their principal,. what is holders have all what is rights and powers of mortgagees. (86) 79 Ibid., s. 47. 80 Companies Clauses Act, 1845, ss. 53, 54. 81 Fripp v. Chard By. (1853), 11 Hare, 241, 259. 82 Marshall v. South Staffordshire Tramways, [1895] 2 Ch. 36. 83 Re Glyn Valley Tramway Co., [1937] Ch. 465. 84 Companies Clauses Act, 1863, s. 22. 85 Ibid., ss. 23-27. 86 Ibid., s. 31. where is Server.Execute("_SiteMap.asp") %

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