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 VI. Prospectus and allotment

Collection:: Economics Books

PROSPECTUS AND ALLOTMENT 51 (2) Where such a contract as above mentioned is not reduced to writing, the company shall within one month after the allotment deliver to the Registrar for registration the prescribed particulars of the contract stamped with the same stamp duty as would have been payable if the contract had been reduced to writing, and those particulars shall be deemed to be an instrument within the meaning of the Stamp Act, 1891, and the Registrar may, as a condition of filing the particulars, require that the duty payable thereon be adjudicated under section twelve of that Act. It will be noticed that not only has the contract with the company under which the shares are allotted, fully or partly paid up, to be filed, but also the contract constituting the title of each allottee. As regards the statement of the con- sideration, it appears that it will suffice if it is stated generally (the nature of the consideration being disclosed), as was re- quired to be done under section 25 of the Companies Act, 1867, repealed in 1900 [Frost & Co. (1899), 2 Ch. 207]. The Court is enabled to grant relief in certain cases of omission to deliver to the Registrar any document required by this section to be delivered. The relief may apparently be granted in three cases, ¢.e. when the Court is satisfied (1) that the omission to deliver was accidental, or (2) that it was due to inadvertence, or (3) that it is just and equitable to grant relief [s. 42 (3)]. It must be remembered that the omission to deliver the contract or particulars does not render the allottee liable to pay for the shares in cash, as was the case under s. 25 of the Companies Act 1867 (repealed by s. 33 of the Act of 1900), but only exposes the officers of the company to penalties, so that the relief is merely against the penalties. It will be convenient here to note that under the new Act the Court is empowered to order the company and any officer thereof to make good any default in filing any return or other document with the Registrar within the time limited by the order and that any order so made will be without prejudice to any liability to penalties under any other section (s. 315]. The company or any of its officers responsible for the default may be ordered to bear the costs of the applica tion to the Court for such an order. A formal prospectus is always accompanied by appropriate Application application forms. A form of application requires to be for Shares. carefully prepared, and may have attached to it a form of receipt for the application money, if it is desired to issue a receipt. It is more usual, especially in the case of large public issues, for the application forms to contain a footnote

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