6th edition law text book cramming notes
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| Solvency statement on on capital reduction, must be made when? | 15 days in advance of date special resolution is to be passed.
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| How can a public company buy back its own shares? | Distributable profits Proceeds of a fresh issue of shares NOT OUT OF CAPITAL (PRIVATE CO ONLY)
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| Time limits for notification of off market purchase of own shares: Contract available for? Filing deadline? | 15 days before meeting and at meeting 28 days to send to registrar
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| Transfer to capital redemption reserve where shares bought out of capital? | NO!
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| How many shares may a public co hold as treasury shares after a share buyback? | 10%
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| Pte co buyback of own shares out of capital: Time limit for special resolution after solvency statement | 1 week
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| Pte co buyback of own shares - what happens after resolution? | Publish notice in the Gazette and a national newspaper within 1 week
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| Pte co buyback of own shares out of capital - when must shares be paid for | not less than 5 and not more than 7 weeks after resolution passed
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| True or false: Only fully paid shares can be redeemed? | True
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| True or false: Public companies can purchase own shares out of capital | False
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| In an internal group reorganisation - when should all transactions be at market value? | If there are minority shareholders to avoid issues with distributions in specie
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| When should care be taken in an internal reorganisation? | approaching insolvency and transactions involving pension funds
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| How does liquidation begin? | court order or resolution of members
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| Restriction on members voluntary liquidation? | solvent companies only
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| Limit on amount of unpaid wages to employee on liquidation | 4 months before liquidation - capped at £800
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| What criminal offence can be committed by directors of an insolvent company? | Fraudulent trading
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| Bona vacantia limit on share capital and undistributable reserves? | £4k
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| what is a feature of home tenancies created pre 1 Jan 96? | original tenant responsible for successors on the same lease
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| after what date are all tenancies assumed to be assured shorthold tenancies? | 28 Feb 1997
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| notice required on an agricultural lease? | 1-2 years
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| What must sellers disclose when selling property? | defects in title and unregistered interests of 3rd parties not to be found by searches
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| What does title comprise? | Title plan
Proprietership register
Property register
Charges register
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| After how long can squatters apply to be owners of land? | 10 years
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| What is Real Property? | Freehold land and buildings including fixtures
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| Chattels real? | leasehold land
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| Choses in action? | intangible including cheques etc
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| choses in posession? | Physical assets including leasehold land i.e. chattels real
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| What would lex sitis effect? | how property is transferred
how security may validly be given
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| In contract law what would be the effect of domicile? | questions of personal status
succession
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| What is an overriding interest in land? | interests of people in actual occupation, cannot be overreached
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| Who triggers a call option? | the buyer
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| Who triggers a put option? | the seller
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| Name some legal interests in land | rights of way
rights of drainage
mortgages
landlords rights of forfeiture
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| What type of land cannot be commonhold? | agricultural land
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| Name some equitable interests in land | restrictive covenants
beneficial interests
estate contracts e.g options
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| What does overreaching mean? | a means by which the purchasers can be sure that the land they buy is free of beneficial interests - e.g. pay money to two trustees or a trust corp and interest transfers to proceeds
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| How long do you have to be employed before bringing a claim for unfair dismissal? | 2 years
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| What is remedy for wrongful dismissal? | PILON
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| what are statutory notice periods? | 1 week for each complete year - max 12 weeks although common law may increase to fair
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| Define wrongful dismissal | termination with breach including constructive dismissal
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| How long is a patent valid for? | 20 years
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| How long is a registered trademark valid for? | 10 years, renewable
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| Copyright on film etc | death plus 70 years
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| Copyright on recording or broadcast | 50 years
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| Copyright on typographical arrangement | 25 years
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| What are design protections? | artistic copyright - death + 70yrs
Design registration (aesthic) 25 years
Design rights (functional designs) 15 years
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| Define industrial designs | intended to be used in producing up to 50 items commercially
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| Essential ingredients for "passing off" tort | goodwill
misrepresentation
damage (actual or likely)
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| Resolution for removal of director or auditor | ordinary (>50%) with special (28 days) notice, cannot be written resolution
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| Resolution to alter articles | special - 75%
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| Notice needed for AGM | 21 days or per articles if more
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| Who can demand a poll? | not less than 5 members
members representing not less than 10% of voting rights
Members holding shares that make up not less than 10% of paid up share cap
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| What % do you need to requisition a GM? | 10% or 5% if private co not had a meetng for 12 months
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| What is a constructive trust? | where it is wrong for holder to keep proceeds - e.g. failed transaction
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| What is a resulting trust? | basically revert to settlor on failiure of intended trust
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| How old do you need to be to be a) a Trustee b) a company director | a) 18
b) 16 (no max)
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| When are trustees liable for actions of other trustees? | if fail to prevent breach of trust by other trustee that they knew about (passive breach)
for breach of duty
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| Can trustees be paid if no provision in deed? | Yes for professional trustees if other trustees agree in writing
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| Define a trust corporation | Registered under CA06
Issued Sh Cap £250k
Paid up share cap £100k
UK place of business
Power under articles
or created by Royal Charter
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| Order of precedence for trustee appointments | power under t inst
surviving trustees
executors but not administrators of the last surviving trustee
the court
NOT SETTLOR OR BENEFICIARIES
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