Secretarial practice

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Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIII. Directors

Collection:: Economics Books

DIRECTORS [f members entitled to not less than one-fourth of the ag- Obligation sregate number of votes to which all the members of the com- to furnish pany are entitled make a written demand for the information, statement the directors must send to all the members within one month of remuners from the receipt of the demand a statement certified by the ’ auditors showing the aggregate amount of the remuneration or sther emoluments received in each of the three preceding financial years of the company by the directors for the time being, whether as directors or otherwise in connection with the management of the company. For this purpose any income tax, super tax, or sur tax paid by the company on behalf of a director must be added to the amount actually received by him. Moreover, if any director is also a director of any subsidiary company of the first-mentioned company, or of any other company by nomination, direct or indirect of the first-mentioned company, there must be included also in the aggregate amount any remuneration or emoluments received by such director as director of or in connection with the management of such subsidiary company or other company. The amount paid to any individual director need not be stated (s. 148). Moreover, if the company in general meeting within one month after receipt of the demand resolve that it be not furnished, the demand will be of no effect [s. 148 (I' proviso (i)]. The office of director may be vacated by disqualification, Vacation removal, resignation, or rotation. of Office. Disqualification depends upon the regulations of the com- pany; but the majority of companies provide in their regula- ‘ions that a director vacates office when he becomes bankrupt and though under such a regulation a bankrupt may be appointed director [Dawson v. African Trading Co. (1898), 1 Ch. 6]; he may not act in that capacity without leave of the Court (s, 142), or when he becomes lunatic; or without the consent of a general meeting accepts an office of profit under the company [Astley v. New Tivoli (1899), 1 Ch. 151]; or fails to acquire, or ceases to hold, his qualification shares [see s. 141 (3)]; and where the articles so provide, a director automatic- ally vacates his office on the happening of the event which disqualifies him, and the board cannot waive the event, though the disqualification ceases, but the director is eligible for re-election on its cessation [Bodega Co. (1904), T Ch. 276]. ‘Insolvent’ in a disqualification article means commercially insolvent in the ordinary acceptation of the term [James v Rockwood Colliery Co. (1912), 28 T.IL.R. 215: London © Counties Assets v. Brighton Grand Hall (1915), z K.B. 493; see, also, Sissons & Co. v. Sissons (1910), 54 SJ 8" An

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