Books > Old Books > Poetry Northwest (1959)


Page 285

CHAPTER 27
CHARTERED COMPANIES

A COMPANY can be formed by the grant of a charter from the Crown, and some of the oldest companies were formed in this way. It is very uncommon at the present time for trading companies to be formed by Royal Charter, but many such companies were formed in the past, amongst which may be mentioned the East India Company, the Bank of England, and the British South Africa Company. Non-trading companies, such as the Law Society and the Institute of Chartered Accountants, are the kind of companies now usually incorporated by charter.
The charter grants to the persons who assent to the incorporation power to sue and be sued by their corporate name, to use a common seal, to have perpetual succession, and to hold property.
At common law a corporation is a legal person separate and distinct from its members, and therefore the members were under no liability for the debts of the corporation. Indeed, the Crown had no power to make them liable for such debts. (1) Under the Chartered Companies Act, 1837, however, the charter may impose some definite liability on the members for the debts of the company.
The objects of the company are set out in the charter. Unlike other kinds of company, however, a chartered company is not affected by the doctrine of ultra vires.

" A corporation created by charter can at common law do with its property all such acts as an ordinary person can do and bind itself to such contracts as an ordinary person can bind himself to, and even if the charter expressly prohibits a particular act the corporation can at common law do the act. . . . But if the corporation does that which is prohibited or is not authorised by its charter its charter may be recalled by the Crown by proceedings on a scire factias."(2)

A member of a chartered company can obtain an injunction to restrain the company from doing an act which might lead to the recalling of its charter. (3)
The issue and transfer of shares and stock in the company is regulated

1 Per Lindley, L.J., in Elve v. Boynton, [1891] 1 Ch. at p. 507.
2 Per Peterson, J., in Jenkin v. Pharmaceutical Socy., [1921] 1 Ch. 392, 398.
3 Jenkin's Case, supra.

Page 286

CHAPTER 27
CHARTERED COMPANIES

by the terms of the charter, and the bye-laws made under power granted by the charter.
A chartered company has full power to borrow money for the purposes of its undertaking, and for that purpose to grant mortgages or bonds.
A chartered company may register under the Companies Act, 1948, and thereupon the provisions of that Act apply to it, subject to the exceptions set out in s. 394. If it is so registered, it can be wound up under the Companies Act, 1948. In other cases it can be wound up as an unregistered company under ss. 398 and 399.
The distribution of circulars relating to shares and debentures in a ,chartered company is regulated by the Prevention of Fraud (Investments) Act, 1939 (ante, p. 48).

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where is HTML where is HEAD where is TITLE A COMPANY can be formed by what is grant of a charter from what is Crown, and some of what is oldest companies were formed in this way. It is very uncommon at what is present time for trading companies to be formed by Royal Charter, but many such companies were formed in what is past, amongst which may be mentioned what is East India Company, what is Bank of England, and what is British South Africa Company. Non-trading companies, such as what is Law Society and what is Institute of Chartered Accountants, are what is kind of companies now usually incorporated by charter. what is charter grants to what is persons who assent to what is incorporation power to sue and be sued by their corporate name, to use a common seal, to have perpetual succession, and to hold property. At common law a corporation is a legal person separate and distinct from its members, and therefore what is members were under no liability for what is debts of what is corporation. Indeed, what is Crown had no power to make them liable for such debts. (1) Under what is Chartered Companies Act, 1837, however, what is charter may impose some definite liability on what is members for what is debts of what is company. what is objects of what is company are set out in what is charter. Unlike other kinds of company, however, a chartered company is not affected by what is doctrine of ultra vires. " A corporation created by charter can at common law do with its property all such acts as an ordinary person can do and bind itself to such contracts as an ordinary person can bind himself to, and even if what is charter expressly prohibits a particular act what is corporation can at common law do what is act. . . . But if what is corporation does that which is prohibited or is not authorised by its charter its charter may be recalled by what is Crown by proceedings on a scire factias."(2) A member of a chartered company can obtain an injunction to restrain what is company from doing an act which might lead to what is recalling of its charter. (3) what is issue and transfer of shares and stock in what is company is regulated 1 Per Lindley, L.J., in Elve v. Boynton, [1891] 1 Ch. at p. 507. 2 Per Peterson, J., in Jenkin v. Pharmaceutical Socy., [1921] 1 Ch. 392, 398. 3 Jenkin's Case, supra. 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 285 where is strong CHAPTER 27 CHARTERED COMPANIES where is p align="justify" A COMPANY can be formed by what is grant of a charter from what is Crown, and some of what is oldest companies were formed in this way. It is very uncommon at what is present time for trading companies to be formed by Royal Charter, but many such companies were formed in what is past, amongst which may be mentioned what is East India Company, what is Bank of England, and what is British South Africa Company. Non-trading companies, such as what is Law Society and what is Institute of Chartered Accountants, are what is kind of companies now usually incorporated by charter. what is charter grants to what is persons who assent to the incorporation power to sue and be sued by their corporate name, to use a common seal, to have perpetual succession, and to hold property. At common law a corporation is a legal person separate and distinct from its members, and therefore what is members were under no liability for what is debts of what is corporation. Indeed, what is Crown had no power to make them liable for such debts. (1) Under what is Chartered Companies Act, 1837, however, what is charter may impose some definite liability on what is members for what is debts of what is company. what is objects of the company are set out in what is charter. Unlike other kinds of company, however, a chartered company is not affected by what is doctrine of ultra vires. " A corporation created by charter can at common law do with its property all such acts as an ordinary person can do and bind itself to such contracts as an ordinary person can bind himself to, and even if what is charter expressly prohibits a particular act what is corporation can at common law do what is act. . . . But if what is corporation does that which is prohibited or is not authorised by its charter its charter may be recalled by what is Crown by proceedings on a scire factias."(2) A member of a chartered company can obtain an injunction to restrain what is company from doing an act which might lead to what is recalling of its charter. (3) what is issue and transfer of shares and stock in what is company is regulated 1 Per Lindley, L.J., in Elve v. Boynton, [1891] 1 Ch. at p. 507. 2 Per Peterson, J., in Jenkin v. Pharmaceutical Socy., [1921] 1 Ch. 392, 398. 3 Jenkin's Case, supra. where is p align="left" Page 286 where is strong CHAPTER 27 CHARTERED COMPANIES where is p align="justify" by what is terms of what is charter, and what is bye-laws made under power granted by what is charter. A chartered company has full power to borrow money for what is purposes of its undertaking, and for that purpose to grant mortgages or bonds. A chartered company may register under what is Companies Act, 1948, and thereupon what is provisions of that Act apply to it, subject to what is exceptions set out in s. 394. If it is so registered, it can be wound up under what is Companies Act, 1948. In other cases it can be wound up as an unregistered company under ss. 398 and 399. what is distribution of circulars relating to shares and debentures in a ,chartered company is regulated by what is Prevention of Fraud (Investments) Act, 1939 (ante, p. 48). where is Server.Execute("_SiteMap.asp") %

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