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

PRIVATE COMPANIES 201 (4) Persons may be appointed directors by the articles of a private company, without first signing or delivering to the Registrar consents to act or signing the memorandum for qualification shares, &c., and no list of persons who have consented to be directors need be delivered with the applica- tion for registration [s. 140 (4)]. (5) They need not file a statement in lieu of prospectus before allotting shares or debentures [s. 40 (2)]. They need not, indeed, file any statement in lieu of prospectus at all. (6) They need have no regard to a minimum subscription, but may make their first allotment of shares irrespective of it. (7) They may commence business without any restriction and require no certificate entitling them to do so [s. 94 (7)]. (8) They need not circulate their balance sheets among any of their members [s. 130 (1)], and their members must pay for any copies of the balance sheet which they bespeak [s. 130 (2)]. (9) Partners or employees of officers of the company may be appointed auditors [s. 133 (1) (8)]. (ro) A private company may have a sole director [s. 139]. By s. 27 (1) of the Act, if a private company alters its articles in such manner that they no longer include the provisions required to be contained in its articles (see above), it ceases to be a private company, and must within fourteen days of the alteration deliver to the Registrar for registration a prospectus or statement in lieu. By s. 27 (3) of the Act, if default is made by a private company in complying with any of the provisions required to be contained in its articles (see above), it ceases to be entitled to four of the privileges and exemptions conferred on private companies, and accordingly: (a) Its numbers must not fall below seven; otherwise, after six months, all its members are faced with unlimited liability; It must include in its annual return the copy of the last balance sheet, auditor's report and other documents mentioned in s. 110 (3); It must send to all persons entitled to notices of meet- ings and furnish to any member or debenture holder on demand a copy of the last balance sheet, and report. If its numbers fall below seven, it is liable to be wound up by the Court. ’ The other privileges of a private company are not taken away, but all except the last two relate to the initial stages of (c)

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