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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XXIII. Statuory companies

Collection:: Economics Books

Comparison with Companies Acts. 208 SECRETARIAL PRACTICE own, or carry on any railway, canal, dock, water, or other public undertaking, and includes any person or body of persons so authorised.” The debenture stock of such companies has always, by reason of their constitution, been irredeemable, and the right of the holder is a right to a perpetual annuity. Preference shares or stock have also, of course, been irredeemable. The Act, which came into force on May 19, 1915, enables statutory companies which are authorised to raise preference or debenture stock, to create and issue it so as to be redeemable upon such terms and conditions as may be specified by resolution of a special meeting of the company. The resolution may provide for the stock being redeemed at any time before the fixed date of redemption, and for the redemption being effected either by payment off, or by the issue of substituted stock, or by the purchase and cancellation of stock, and for the establish- ment of a sinking fund out of revenue. There are important limitations upon the exercise of the powers conferred by the Act, which should be carefully noticed. It only applies to stock, the creation or issue of which was authorised before the Act came into force; but where the authority existed before May 19th, 1915, the powers conferred by the Act may be exercised at any time after- wards. Certain restrictions were imposed on the exercise of powers until twelve months after the war; but these have ceased to be operative. The Act further provides that where a statutory company has, between the outbreak of war (4th August, 1914) and the commencement of the Act, passed a resolution for the creation or issue of redeemable stock, such resolution shall be as effective as if the Act had been in force when the resolution was passed. The power to create redeemable debenture stock brings statutory companies into line in this respect with limited companies; but the power to issue preference shares or stock which are to be redeemable, of course, effects what was formerly impossible in the case of a limited company, and is now only possible to the extent permitted by s. 46 of the Companies Act, 1929. The result of the exercise of the power of redemption in the case of shares or stock will be to reduce the capital of the company at the discretion of the directors, and without any application’ to the Court. A perusal of the statutory provisions, of which mention is made above, will make it appear that whilst the resem- blance between the requirements of these Acts and of the Companies Act, 1929, is in many cases so strongly marked as to indicate that the framers of the Companies Acts

Access restriction

Copyright

fullscreen: Secretarial practice

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation