Valid but irregular allotments -allotment of shares , Business Law and Ethics

Assignment Help:

Valid But Irregular Allotments:

An allotment of shares is valid but irregular under S.52 (3) if it was made before the time of the opening of the subscription lists. The section assumes that:

a)      the allotment was not made in contravention of S.50 A or S.53 so as to be void as a consequence, and

b)      the allotment was not made in breach of S.49 or S.51 so as to be voidable as a consequence.

Although the allotment is valid, the company and every officer of the company who is in default shall be liable to a fine not exceeding ten thousand shillings.


Related Discussions:- Valid but irregular allotments -allotment of shares

Non-judicial and judicial adr neutrals, "The liability of third party neutr...

"The liability of third party neutrals has been a topic of concern ever since the formalisation of dispute resolution in Australia.  Although there are no known cases in Australia

State the term - monetary policy coordination, State the term - monetary po...

State the term - monetary policy coordination Criticisms have been put forward on proposals for enhanced fiscal and monetary policy coordination. This policy coordination might

Trading arrangements, Trading arrangements: From this statement, it ca...

Trading arrangements: From this statement, it can be inferred that, if a court held that a company acted in a particular instance as an agent of its holding company, the veil

Explain the right of self determination, Explain the right of self determin...

Explain the right of self determination The right of self determination amounts to an exception in the sense that when fighting for self determination, the state can render as

Explain the nationality of criminal jurisdiction, Nationality of criminal j...

Nationality of criminal jurisdiction Nationality is the legal concept which provides a link between a State and persons living within that State. It determines the rights and o

Form of alternative dispute resolution - element of the tort, Most legal co...

Most legal conflicts are settled outside of court, frequently using some sort of dispute resolution. There are times when a party cannot take a case to court until they have made a

Procedure - court of appeal, Procedure - Court of Appeal Conversely th...

Procedure - Court of Appeal Conversely the practice and the procedure of the Court of Appeal are regulated through Rules of Court made through the Rules Committee constituted

State the term delegated legislation, State the term delegated legislation....

State the term delegated legislation. Delegated legislation: Parliament sometimes provides the capability to legislate to other bodies as like regional parliaments and go

Judicature act - categorization of law, The Judicature Act Cap 8, Laws of E...

The Judicature Act Cap 8, Laws of England: Therefore the sources of England law are specified in the Judicature Act 1967, S.3(1) of that states in which the jurisdiction of th

Determine the term - games nations play, Games nations play Game analog...

Games nations play Game analogy can be used to get the idea because the principal players, states reject any higher authority. Each state, take any player in a competitive game

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