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Registered Companies:
A registered company is formed by registration under the Companies Act. It is this type of company that people usually have in mind when they talk of "a company". The notes that follow are concerned exclusively with "registered companies". It should be noted that s.2 of the Companies Act defines a company as "a company formed and registered under this Act."
Classification of registered companies Registered companies are classified by s.4(1) of the Companies Act into:
(a) A company formed by "any seven or more persons". Like a company is known in common parlance as a public company.
(b) A company formed by "any two or more persons". Like a company is referred to in the Act as "a private company".
A private company or a public company are like:
(i) Limited by shares if the liability of its members is limited by its memorandum to the amount, if any, unpaid on the shares respectively held by them.
(ii) Limited by guarantee whether the liability of its members is limited by its memorandum to an amount which the members have undertaken to contribute to the assets of the company in the event of its being wound up.
(iii) Unlimited whether it does not have any limit on the liability of its members.
Business Names: If a company has a place of business in Kenya and carries on business under a business name which does not consist of its corporate
Presumptions: Therefore in their attempt to construe statutes that courts of law are guided through the subsequent assumptions or presumptions.; (a) That the statute was
Protection of Hirer - Sales of Goods In the S.7 of the Act makes certain provisions void whether they are contained in such the hire purchase agreement, like e.g.: 1) Any t
State the term - monetary policy coordination Criticisms have been put forward on proposals for enhanced fiscal and monetary policy coordination. This policy coordination might
Rights of Guarantor Against Creditor Consequently the rights of the guarantor are: like (a) Further at any time after that the guaranteed debt such has become due and such prev
Registration of Resolutions: By S.143(1) a printed copy of the following resolutions shall, within 30 days after the passing thereof, be delivered to the registrar for registr
Directors Powers: Equity regards directors as holding their powers on trust for the company. They can only exercise those powers for the benefit of the company, otherwise the
Alteration of Capital: A company is empowered by S.63 to alter the provisions of its memorandum of association which relates to its registered or authorised capital. However,
Golden rule: Conversely the so-called 'golden' rule will be utilized through the court in order to avoid arriving on an absurd decision under the literal rule of construction.
Q. Diffrence between phoenix activity and honest behaviour? There are circumstances where a business has been managed responsibly and fails, and after a period of time, its di
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