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Civil Liabilities:
LIABILITY FOR FAILURE TO STATE ANY MATTER OR REPORT
At Common Law, a contract of allotment is not a contract Uberrimae Fidei. The company is therefore not under a legal obligation to disclose or state in its prospectus any relevant matter or report. The allottee of shares has, therefore, no remedy against the company if he bought the shares which he would not have bought had the company made the relevant disclosure. This rule has not been changed by the disclosure requirements of the Companies Act.
However, the allottee may have a remedy for an omission if the failure to state any relevant fact had the indirect effect of rendering a stated fact untrue, with S.48 (a) of the Act. For example, in COLES v WHITE CITY (MANCHESTER) GREYHOUND ASSOCIATION LTD the prospectus stated that the land to be acquired by the company was "eminently suitable" for greyhound racing. No mention was made of the fact that approval of the local council was required in order to build public stands and kennels. This was held by the Court of Appeal to be a ground for rescission by the plaintiff.
Explanatory statement - mergers and winding up: It is also necessary that the members or creditors who are to vote on the scheme should be able to understand its full effects.
Resident Magistrate's Court Establishment Further Resident Magistrate's Court is constituted through S.3 (1) of the Magistrate's Courts Act that is provides that 'ther
Insanity and Rejection - Termination of an Offer Insanity Furthermore the unsoundness of mind about either party before acceptance terminates the offer. Hence the offe
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Question 1: (a) Explain the concept of Salomon Principle and critically analyse its importance in company Law. (b) Discuss why and in what circumstances the court will pierc
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