Secretarial practice

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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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DOMINION LEGISLATION—UNION OF S. AFRICA 835 ss. 99 (3) and 100) entitle all shareholders and debenture holders equally to be furnished with copies of their balance sheets and auditors’ reports on payment of an amount not exceeding one shilling for every hundred words. The English Act of 1929 's. 130) gives the same right, but enacts that no charge shall be made. Private Companies must add the word ‘ Proprietary,’ before the word limited. With the sanction of a special resolution and subject to confirmation by the Court, a public company may ~onvert itself into a private company. Any existing company shall, upon satisfying the Registrar within six months after the commencement of the Act that it has altered its articles so as to omply with the provisions of the Act be deemed in all respects to be a private company. The provisions of s. 130 of the English Act of 1929 that any member of a private company ‘shall be entitled to be furnished within 7 days after request with a copy of the balance sheet and auditor’s report at a charge not exceeding 5d. per 100 words is not reproduced in the Union Act where members and debenture holders of private companies have the same rights in this respect as those of public companies (see above, under ‘ Auditors and Balance Sheets.) Winding-up.—A company may be wound up by the Court, if 75 per cent. of the paid-up share capital of the company has been lost or become useless for the business of the company. There is no provision for winding up subject to the supervision of the Court as in the English Act of 1929. An order for winding up shall operate in favour of all the creditors and contributories of the company as if the petition had been presented by them jointly. A winding-up of a company by the Court shall be deemed to commence at the time of the presentation of the petition. No person may be appointed a liquidator if he is insolvent, a minor or otherwise under legal disability, a person residing out-side the Union, a company or corporation, a person declared by the Court for certain specified reasons to be incapacitated (so long as the incapacity lasts), or a person removed by the Court from an office of trust on account of misconduct. Judicial Management instead of Winding Up.—Some novel provisions appear in the Act for the placing of a company under judicial management instead of winding it up. This step may be adopted if the Court is of opinion that, notwithstanding any present inability on the part of the company to meet itsobligations, there is reasonable probability that if placed under judicial management it will be enabled to meet its obligations, The order to this effect may be granted for a period stated in the Order or for an indefinite period. It may also be granted on application by any shareholder or creditor of the company, if the Court considers that, owing to mismanagement or other cause, such a measure is desirable; and on the application of any Minister of State or of the Master, if it appears to the Court that the company

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