1. avatar says

    Sir in the case of purchase of Isaland (Disclosure to the first independent board of directors) assuming the first directors disclose the extra 55,000 pounds they have made from selling the company, is it right or lawful for the first Independent board of director to ask the directors to return back the profit they made with the fact that they have obey the law by disclosing the profit…. thank yu

    • Profile photo of MikeLittle says

      Yes, but think of a small person promoting / forming companies for clients – as I used to do! If I had ever sold my property to a company that I had recently formed, and sold that property at a substantial profit, is it acceptable that I notify only myself rather than be required to notify my clients who asked me to form a company for them?

  2. avatar says

    In the case of formation of a company they have to file the memorandum with the registrar(if I m not wrong) doesn’t that document contain the proposed name,registered office address etc.then why submit it separately as the application for registration details?

  3. avatar says

    Sir if Jubilee cotton mill was a public company, and since it was incorporated in 1880, but hasn’t received the Trading Certificate by the Company Registrar, wouldn’t it be liquidated since the company hasn’t obtained the Trading certificate within 12 months of incorporation? I assume in the examination question the Company was a Private company.

  4. avatar says

    Thank for the reply Sir Mike, I understand that part of it.
    Sorry for being unclear but what i wanted to know was, in a situation like that of the case what would the trading certificate date be ?(issuance of this must be within a year,if not the company would be dissolve)

  5. avatar says

    Greeting Sir, in the case of Jubilee Cotton Mill,what would the date on the trading certificate be ?Would the year 1 day apply here and the company not dissolve? i understand that the date on the company birth certificate is the day the company was born but how did the aforementioned fit in for the said case.

    • Profile photo of MikeLittle says

      “Would the year 1 day apply here and the company not dissolve?” I am really sorry but I have no idea what you mean by “the year 1 day apply here” The facts of the case are not important – it’s merely the illustration of the legal / statutory rule which states that the date on the certificate is conclusive proof that that is the date the company was created. The “facts” as I tell them are that over the new year 1889 / 1890, the “89” in 1889 was moved on to “80” to give 1880, but the “8” from “89” was not changed to make it 1890. Thus 1.1.1890 was in fact issued as 1.1.1880

      Just how close to reality those facts are is totally irrelevant :-)

  6. avatar says

    Sir , in a private company can we change the face value of existing shares i.e we have already 100 shares of $1 each but now we want to issue further 100 shares with $100 each but we also want to change the value of existing 100 shares which are $1 each.

Leave a Reply