Company Forms in Scotland Memorandum of Association Articles of Association
Company Forms in Scotland Memorandum of Association Articles of Association
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Her willing - to advance the same all or any part of the moneys uncalled and unpaid upon any shares held by him ; and upon all or any of the moneys so advanced may (until the same would, but for such advance, become pre- sently payable) pay interest at such rate (not exceeding, without the sanction of the company in general meeting, 6 per cent. ) as may be agreed upon between the member paying the sum in advance and the directors. 1 See note to Article 1 1 of this Form No. 2, p. 58. 2 This Arti...cle does not properly fall under the " Calls " group o clauses, but following Article 17 of Table A it is usually inserted in this part of the Articles. Section 39 of the Act does not in express terms authorise interest, but in view of Article 17 of Table A, expressly providing for interest, it is clear that provision for payment of interest is lawful. See Land Development, 1888, 39 Ch. D. 259 and Company Law and Practice, p. 84. Such prepayments do not constitute loans so as to enable the company to repay them.
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To quickly assess the difficulty of the text, read a short excerpt:
Her willing - to advance the same all or any part of the moneys uncalled and unpaid upon any shares held by him ; and upon all or any of the moneys so advanced may (until the same would, but for such advance, become pre- sently payable) pay interest at such rate (not exceeding, without the sanction of the company in general meeting, 6 per cent. ) as may be agreed upon between the member paying the sum in advance and the directors. 1 See note to Article 1 1 of this Form No. 2, p. 58. 2 This Arti...cle does not properly fall under the " Calls " group o clauses, but following Article 17 of Table A it is usually inserted in this part of the Articles. Section 39 of the Act does not in express terms authorise interest, but in view of Article 17 of Table A, expressly providing for interest, it is clear that provision for payment of interest is lawful. See Land Development, 1888, 39 Ch. D. 259 and Company Law and Practice, p. 84. Such prepayments do not constitute loans so as to enable the company to repay them.
What to read after Company Forms in Scotland Memorandum of Association Articles of Association?
You can find similar books in the "Read Also" column, or choose other free books by George Wilton Wilton to read onlineMoreLess
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