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company law

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › company law

  • This topic has 7 replies, 3 voices, and was last updated 9 years ago by MikeLittle.
Viewing 8 posts - 1 through 8 (of 8 total)
  • Author
    Posts
  • October 18, 2015 at 12:19 pm #276977
    syed ali
    Member
    • Topics: 92
    • Replies: 54
    • ☆☆

    separate legal entity concept says ownner of a company is legally separate from business or company so its mean company is separate legal person
    mike this mean if director of company misuse any asset the owner can sue him because they are separate legally

    October 18, 2015 at 12:30 pm #276980
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    Who is the owner of the company that you have in mind?

    October 18, 2015 at 12:42 pm #276985
    syed ali
    Member
    • Topics: 92
    • Replies: 54
    • ☆☆

    shareholders are owners and directors are agents of shareholders

    October 18, 2015 at 12:49 pm #276987
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    Ok, so if a director, without authority, uses a company asset then the shareholders would either ask for compensation / payment or they would remove him / her as a director

    October 18, 2015 at 12:59 pm #276990
    syed ali
    Member
    • Topics: 92
    • Replies: 54
    • ☆☆

    mike but in case foss vs harbottle 1843
    two minority shareholder initiated legal proceedings against ,among others,the directors of company.they claimed that the directors had misapplied the companys assets
    the court dismissed the claim and held that when a company is wronged by its directors it is only the company that has standing to sue
    mike why court dismissed the directors are liable to shareholder

    October 18, 2015 at 1:57 pm #276999
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    Because the directors are NOT liable to individual shareholders – they are liable to the company as a whole and, if a wrong is done to a company, it is the company that is the proper plaintiff.

    It’s only if the company is being prevented from taking action – for example, the directors at fault are preventing the company pursuing those same directors – then a minority shareholder may take an action on behalf of the company

    But you’re way too deep for F4 here!

    October 22, 2015 at 1:31 am #278296
    Marko
    Member
    • Topics: 8
    • Replies: 5
    • ☆

    Hello,

    what is a difference between an ordinary resolution and a written resolution?

    October 22, 2015 at 8:18 am #278342
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    Have you watched the video on this?

    A written resolution may be any type ie ordinary or special (but not ordinary with special notice) and is only available for private companies

    An ordinary resolution is one that, to be passed, requires the approval of not less than 50% of the votes cast by members who are entitled to attend and vote and who do attend and vote

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