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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.
Contents of the Notice: The notice convening a meeting must be clear and explicit so that the person receiving it may be in a position to decide whether or not he ought in his
XYZ Ltd has 1000 members and it has adopted a constitution. Matt is one of the directors of XYZ Ltd. Matt has made a gift of $10,000 to his wife, Melissa out of the Company's funds
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One night Mr Kokintou and Ms Mangetou, entered into a housethrough a window which was negligently left open by the owner of the house. Whilst Ms Mangetou was keeping guard at the
Legal rights - Winding up: In substance these two people are really partners" and by analogy with the law of partnership (which permits dissolution if the partners are really
Ratified - pre-incorporation contract: If the agreement is a written one and it shows that the proposed company was the contracting party the promoters will not be allowed to
Disadvantages of Arbitration First is, Arbitral awards have no precedential value as that they cannot be relied on in subsequent proceedings Second is, Arbitrati
QUESTION (a) What do you understand by the term misconduct in employment law. How does the English definition of misconduct differs from the French definition of misconduct?
Corporation Aggregate - Types of Corporations However this is a legal entity formed through at least two people and whose membership at any one time legally concludes of a
APPOINTMENT BY DIRECTORS: The company first auditors of may be appointed through the directors at any time before the first annual general meeting, and auditors so appointed s
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