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CTA Law
6th edition law text book cramming notes
| Question | Answer |
|---|---|
| Solvency statement on on capital reduction, must be made when? | 15 days in advance of date special resolution is to be passed. |
| 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) |
| 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 |
| Transfer to capital redemption reserve where shares bought out of capital? | NO! |
| How many shares may a public co hold as treasury shares after a share buyback? | 10% |
| Pte co buyback of own shares out of capital: Time limit for special resolution after solvency statement | 1 week |
| Pte co buyback of own shares - what happens after resolution? | Publish notice in the Gazette and a national newspaper within 1 week |
| 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 |
| True or false: Only fully paid shares can be redeemed? | True |
| True or false: Public companies can purchase own shares out of capital | False |
| 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 |
| When should care be taken in an internal reorganisation? | approaching insolvency and transactions involving pension funds |
| How does liquidation begin? | court order or resolution of members |
| Restriction on members voluntary liquidation? | solvent companies only |
| Limit on amount of unpaid wages to employee on liquidation | 4 months before liquidation - capped at £800 |
| What criminal offence can be committed by directors of an insolvent company? | Fraudulent trading |
| Bona vacantia limit on share capital and undistributable reserves? | £4k |
| what is a feature of home tenancies created pre 1 Jan 96? | original tenant responsible for successors on the same lease |
| after what date are all tenancies assumed to be assured shorthold tenancies? | 28 Feb 1997 |
| notice required on an agricultural lease? | 1-2 years |
| What must sellers disclose when selling property? | defects in title and unregistered interests of 3rd parties not to be found by searches |
| What does title comprise? | Title plan Proprietership register Property register Charges register |
| After how long can squatters apply to be owners of land? | 10 years |
| What is Real Property? | Freehold land and buildings including fixtures |
| Chattels real? | leasehold land |
| Choses in action? | intangible including cheques etc |
| choses in posession? | Physical assets including leasehold land i.e. chattels real |
| What would lex sitis effect? | how property is transferred how security may validly be given |
| In contract law what would be the effect of domicile? | questions of personal status succession |
| What is an overriding interest in land? | interests of people in actual occupation, cannot be overreached |
| Who triggers a call option? | the buyer |
| Who triggers a put option? | the seller |
| Name some legal interests in land | rights of way rights of drainage mortgages landlords rights of forfeiture |
| What type of land cannot be commonhold? | agricultural land |
| Name some equitable interests in land | restrictive covenants beneficial interests estate contracts e.g options |
| 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 |
| How long do you have to be employed before bringing a claim for unfair dismissal? | 2 years |
| What is remedy for wrongful dismissal? | PILON |
| what are statutory notice periods? | 1 week for each complete year - max 12 weeks although common law may increase to fair |
| Define wrongful dismissal | termination with breach including constructive dismissal |
| How long is a patent valid for? | 20 years |
| How long is a registered trademark valid for? | 10 years, renewable |
| Copyright on film etc | death plus 70 years |
| Copyright on recording or broadcast | 50 years |
| Copyright on typographical arrangement | 25 years |
| What are design protections? | artistic copyright - death + 70yrs Design registration (aesthic) 25 years Design rights (functional designs) 15 years |
| Define industrial designs | intended to be used in producing up to 50 items commercially |
| Essential ingredients for "passing off" tort | goodwill misrepresentation damage (actual or likely) |
| Resolution for removal of director or auditor | ordinary (>50%) with special (28 days) notice, cannot be written resolution |
| Resolution to alter articles | special - 75% |
| Notice needed for AGM | 21 days or per articles if more |
| 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 |
| What % do you need to requisition a GM? | 10% or 5% if private co not had a meetng for 12 months |
| What is a constructive trust? | where it is wrong for holder to keep proceeds - e.g. failed transaction |
| What is a resulting trust? | basically revert to settlor on failiure of intended trust |
| How old do you need to be to be a) a Trustee b) a company director | a) 18 b) 16 (no max) |
| 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 |
| Can trustees be paid if no provision in deed? | Yes for professional trustees if other trustees agree in writing |
| 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 |
| 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 |
Created by:
mistree77@hotmail.co
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