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Partly paid shares comply with this rule as long as investors are provided with all appropriate information to enable dealings to take place on an open and proper basis. 29 (1612) 10 Co Rep 1. 30 (1668) 1 Lev 237. 31 (1671) 1 Ch Cas 204, HL. 9 Company Law willing to make orders to the effect that, should a company not be able to pay a judgment debt, then the company could make ‘calls’ on the members of the company so that sufficient money was collected. In this way, members could be made indirectly liable for a proportion of the company’s unpaid debt.

This is the position of sole traders and partnerships because of, inter alia, the Bills of Sale Acts 1878 and 1882. A floating charge would fall within the definition of a bill of sale within the meaning of the Acts and, therefore, it would need to be registered in statutory form in the Bills of Sale Registry; in this form, all the movable property subject to the charge would need to be set down in the schedule to the bill. Since the whole point of the charge is that the property charged can continually change, this would be totally impractical.

The 1980 Act also introduced the mandatory requirement that the name of a public company should end with 6 7 8 9 Article 6 of 77/91/EEC. Companies Act 1985, s 1(3). Ibid, ss 117, 118. Ibid, s 101. 10 So, the approach of the legislature has been to lay down the overall framework of company law in the Companies Acts, yet to make exceptions for private companies and generally subject them to a less strict regime. 14 The one major drawback of the private company is the inability to go to the market to raise capital.

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Application of the Law of Similitude to Hydraulic Laboratory Research by Therry G.


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