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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V. Capital and shares

Collection:: Economics Books

Shares. SECRETARIAL PRACTICE On the petition being presented a summons is issued for the directions of the Court as to the procedure preliminary to the hearing of the petition. This procedure is governed by order L111 B. Rules 10 and 1T of the Rules of the Supreme Court. (See Appendix G.) The detailed consideration of this order is beyond the scope of this book; but it may be mentioned that if creditors are affected, the Court will require a list of the company’s creditors made out at a date fixed by the Court, and this list will have to be verified by an affidavit which is usually sworn by the secretary. As the debts due to the creditors appearing in the list will have to be paid off or provided for before the reduction is confirmed unless such creditors consent to the reduction [see ss. 56 (2), 57], it is advisable to present the petition on a date at which the company’s indebtedness is at the minimum. “On confirmation by the Court of the reduction, a copy of the order of the Court, and an approved minute showing the amount of the reduced capital with its division into shares, must be produced to the Registrar for registration and the reduction only takes effect from registration (s. 58). Copies of the memorandum issued after the registration must embody the minute [ss. 24, 58 (6)], and notice of the registra- tion must be published as the Court directs [ss. 58 (3)]. Under the law in force prior to the 1st November, 1929, the company was bound to add the words ‘and reduced’ to its name either from the date of the presentation of the petition or, if creditors were affected by the reduction, from the date of confirmation of the resolution for reduction. Under the existing law, the company will not have to add the words ‘and reduced’ to its name unless directed by the Court so to do under s. 57 which provides that where the Court makes an order confirming the reduction it may, if for any special reason it thinks proper so to do, direct the company for such period as the Court thinks fit to add to its name the words ‘and reduced’, and may also require the company to publish the reasons for the reduction or such other information as the Court may think expedient with a view to giving proper information to the public and, if the Court thinks fit, the causes which led to the reduction [s. 57 (2)]. It is impossible to predict in what cases the Court will think it necessary to direct the addition of the words ‘and reduced’ to the name of the company; but the use of the words ‘special reason’ in the section indicate that as a rule no-such direction will be given. As already stated the memorandum must state the amount of share capital and the division thereof into shares of a 30

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