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Can you please expalin me the following in simpler words:
1. Class meetings – Quorum – Two persons holding or representing by proxy at least one-third in the nominal value of the issued shares of the class in question.( Chapter Corporate Administration)2. (Chapter Fraudulent Behaviour- Money laundering- the three phases) Integration – culmination of the previous procedures through which the money takes on the appearance of coming from legitimate source.
3. ( Chapter Insolvency – Members voluntary liquidation)The members appoint a named insolvency practitioner as liquidator.
PLEASE REPLY, Thanks in advance1 – two people who are either members or people holding the proxy forms from members ….
2 – the three steps of money laundering include the third step of integration. Integration is the third step by which laundered money then takes on the appearance of legitimate income
3 – in a members’ voluntary liquidation, it is the members ( in practice, the directors ) who choose and appoint the liquidator. In a creditors’ voluntary liquidation, the members NOMINATE a liquidator, but the final choice as to who shall be given the position is decided by the creditors’ meeting
If that doesn’t satisfactorily answer your questions, post again
For the first one I still do not understand it, I am not understanding this part: “at least one-third in the nominal value of the issued shares of the class in question” for the others I understand thanks a lot, only the first one I am not understanding.
PLEASE REPLYIf there were say $3,000 worth of issued “A Ordinary Shares”, and there is to be a class meeting of the holders of “A Ordinary Shares”, the meeting would have a quorum if 2 of those holders were present, either in person or by proxy representing them, and those two people had at least $1,000 worth of those shares.
Clear now?
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