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Law Notes Volume 18

Law Notes Volume 18


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About the Book

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1899 edition. Excerpt: ...the power of the company in certain cases to claim rescission of the sale of its property to it by the promoter, or on the question whether the promoter can retain the profit which he has made by such sale, cannot fail to excite eager attention from promoters and their legal advisers. The case of Re Olympia ((1898) 2 Ch. 153), which we commented on ante, p. 44, gave pause to that part of the profession which occupies its business in the great waters of company practice. From the judgments of the judges of the Court of Appeal in that case it seemed that the disclosure which a promoter must make if he is to be free from the risk of losing the profits which he has made by a sale of property to the company should be made to an independent board of directors, and as it is not always possible, or at any rate desirable, to obtain such a board, the useful practice of forming a large company for the purpose of developing a large property, and then selling parts of it to smaller companies at a profit to the parent company, seemed to be unduly hampered. But from the judgment of the Master of the Rolls in the recent case of Tlu Lagunas Nitrate Co. (Lim.) v. T/I0 Lagunas S_1/ndicate (Lim.), it seems to be quite unnecessary that the directors of the new company should be an independent body, provided that if they are not independent the fact of their dependence and all other material facts are fully disclosed to all persons who are induced to join the company. "Full disclosure," it appears from the judgment, means disclosure in any prospectus which is issued, and is not made if the facts of the case can merely be gathered from a perusal of the memorandum and articles of association, the issue of' prospectus being treated by the Master...


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Product Details
  • ISBN-13: 9781130465839
  • Publisher: Rarebooksclub.com
  • Publisher Imprint: Rarebooksclub.com
  • Height: 246 mm
  • No of Pages: 338
  • Spine Width: 18 mm
  • Width: 189 mm
  • ISBN-10: 1130465837
  • Publisher Date: 13 Sep 2013
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 603 gr


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