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6th edition law text book cramming notes

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
Popular Accounting sets




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