Case law - statutory provisions, Business Law and Ethics

Assignment Help:

CASE LAW:

   The aforesaid statutory provisions for the protection of minorities have been supplemented by judicial intervention in a variety of cases which are generally explained under the following major headings:

 Fraud on the Minority

Professor Gower, writing on fraud on the minority, has stated:

                   ".......the exact meaning of the expression 'fraud on the minority' is not easy to determine.  But at least it is clear that both 'fraud' and "minority" are used somewhat loosely.  There need not be any actual deceit; if there were, those on whom it was practiced would have a common law remedy against those who had wilfully deceived them.  "Fraud" here connotes an abuse of power analogous to its meaning in a court of equity to describe a misuse of a fiduciary position.  Nor is it necessary that those who are injured should be a minority; indeed, the injured party will normally be the company itself, though sometimes those who have really suffered will be a class or section of members, not necessarily a numerical minority, who are outvoted by the controllers.  It covers certain "acts of a fraudulent character"- in the wider sense just described - of which "familiar examples are when the majority are endeavoring directly or indirectly to appropriate to themselves money, property or advantages that belong to the company or in which the other shareholders are entitled to participate".


Related Discussions:- Case law - statutory provisions

Repugnance to justice and morality, Repugnance to Justice and Morality ...

Repugnance to Justice and Morality However the customary law will be applied only whether it is not repugnant to justice and morality.Even though the Act needs the phrase "and

Holder in due course - transferor''s title, Holder in Due Course - Transfer...

Holder in Due Course - Transferor's Title Section number 29 of the Act defines like "a holder in unpaid course" such like "a holder who that has taken a bill, so then complete a

What do you understand by collective bargaining, QUESTION 1 Outline the...

QUESTION 1 Outline the procedure and criteria for the granting of recognition of representational status and recognition of negotiating rights QUESTION 2 (a) What do yo

Partnership agreement - voidable contracts, Partnership Agreement - Voidabl...

Partnership Agreement - Voidable Contracts Conversely an infant is bound at common law through a partnership agreement although he is free to repudiate it at all time during i

Exceptions to the rule in foss v harbottle, Exceptions to the rule in Foss ...

Exceptions to the rule in Foss v Harbottle:  According to Professor Wedderburn, the so-called exceptions are essentially no exceptions at all.  They appear to be circumstances

Registered office clause, Registered Office Clause:                   ...

Registered Office Clause:                          Section 5(1) (b) provides that the memorandum of association shall state that "the registered office of the company is to be

Powers of arbitral tribunal, Powers of Arbitral Tribunal Powers of Arb...

Powers of Arbitral Tribunal Powers of Arbitral Tribunal are as Follow: For determine whether it has jurisdiction to entertain a dispute and For provide interim reme

Describe the definition of a valid contract, Question 1 It is significant ...

Question 1 It is significant for any person to know law as ignorance of law is no excuse. Modern USA law has been derived from some sources. Describe the primary and secondary sou

Unauthorized contracts - company secretary, Unauthorized Contracts: It...

Unauthorized Contracts: It may sometimes happen that a company's agent, while entering into a contract on behalf of the company, exceeds his powers under the articles of assoc

Compensation for removal - company management, Compensation for Removal: ...

Compensation for Removal: Subsection (6) provides that nothing in s.185 shall be taken as depriving a removed director of compensation or damages payable to him in respect of

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd