Reports of Bankruptcy and Company Cases Volume 6

Reports of Bankruptcy and Company Cases Volume 6

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1900 edition. Excerpt: ... to make no claim for remuneration, but the evidence did not suflice to prove this. J arratt's vacancy was not filled up, and there were thenceforward only six directors. At a meeting of the board of directors on 14 July, 1897, at which Lord Norreys was not present, the other directors resolved not to claim remuneration. It was stated that the liquidator had not placed Lord Norreys on the list of contributories.. Etc, Q.C'., and T. L. lI'ilkinso/1, for the plaintiff: Though Lord Norreys did not acquire his qualification shares within one month from his appointment, he did not, under article 92, " cease to hold" his qualification. Article 92 disqualifies if a person has acquired his qualification shares and ceases to hold them. A man cannot cease to hold a thing he never had. Lord Norreys was, moreover, no party to the agreements. An agreement among certain members of a company cannot bind one who was not present when it was made and had no knowledge of it. Even if it was a company agreement, it came to an end in the winding-up of the company. Younger, for the company: Having regard to the articles, Lord Norreys became disqualified at the end of a month; and whatever may be the effect of acts of a dcfa1'to director, he is not entitled to remuneration for more than a month. Where the remuneration of the directors is fixed by the articles, apart from article 92, only a duly qualified director can claim remuneration: Elcy v. Positive Life Assurance Co. 1876 (2) and Swabey v. Port Darwin C0. 1889 (3). This was followed in In re Anglo-Austrian Printing and Publishing Union, Isaaes' Case 1892 (1). The true effect of the decision and the real principle is that the terms of the contract for remuneration are not to be found...
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Product details

  • Paperback | 170 pages
  • 189 x 246 x 9mm | 313g
  • United States
  • English
  • black & white illustrations
  • 1236961056
  • 9781236961051