Secretarial practice

Bibliographic data

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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XXII. Private companies

Collection:: Economics Books

CHAPTER XXII PRIVATE COMPANIES Definition. THE expression ‘private company,” until the Companies Act, 1go7, came into force, was commonly used amongst the business community to denote a limited liability company in which no capital was raised by appeals to the public and in which the shares were in a few hands. A private company generally resulted from the transformation of an existing business into a company, the shares being held by the former partners, with such other persons as they chose to admit. Such private companies as described above differ not at all in law from other incorporated companies; they must make all the returns required in the case of other companies, and other- wise comply with the provisions of the Companies Acts. But the Companies Act, 1907, which came into force on July 1, 1908, gave a new and technical meaning to the ex- pression ‘private company.” That Act, in fact, created the private company, properly so called. No alteration was made in the law as to private companies by the Companies (Consolidation) Act, 1908, but, in consequence of the decision in Park v. Royalties Syndicate [(1912), 1 K.B. 330], to the effect that, provided the articles contain the three necessary provisions prescribed by s. 121 of the Act of 1908, the com- pany does not cease to be a private company, although in fact the provisions are not complied with, the Companies Act, 1913, which was to be construed as one with the Act of 1908, was passed. The statute law on the subject is now to be ascertained from ss. 26 and 27 of the Act of 1929, and from the references to private companies contained elsewhere in that Act. By s. 26 of the Companies Act, 1929, a private company is defined as ‘a company which by its articles: ‘(a) restricts the right to transfer its shares; and '(b) limits the number of its members to fifty, not including persons who are in the employment of the company and persons who, having been formerly in the em- ployment of the company, were while in that employ- ment, and have continued after the determination of that employment to be, members of the company; and »RK

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