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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.
Owning of Property: Under Act of a registered company, as a person, has power to own movable and immovable property. It can actually do so if it can affo
Correspond With Description - Terms Used In Contract With S.15 provides that, where goods are sold through description whether is an implied matter that the goods correspond w
Question 1: With the enactment of the Labour Act 1975, how far has the freedom of the employer to unilaterally terminate contracts of employment been abrogated? Question 2:
Liability: Liability under the section may arise on the death of a member if the death reduces the membership below the statutory minimum for the particular company and:
Loans - Void Contracts However all loans made for an infant are void and irrevocable. Since in Leslie Ltd. v. Sheill the infant defendant had obtained two advances of two hun
Arbitration However this is a dispute resolution mechanism whereas disputes are settled out of the court through arbitral tribunals or arbitrators that who make arbitral words
Compromise or arrangement - reconstructions: A scheme of arrangement is very flexible since it may be used to effect any "compromise or arrangement" with members or a class of
Unique Vespa Couriers Pty Ltd ('UVC') is a courier company operating in the Melbourne metropolitan area. Where most courier companies used bicycle couriers, UVC used vespas. They
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Practical Consequences of Incorporation: In the course of delivering his judgment in Salomon's case Lord Halsbury stated that "once the company is incorporated, it must be tre
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