Company law in New Zealand:
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Wellington
LexisNexis
2011
|
| Series: | Company law
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | LXXXVIII, 1020 S. |
| ISBN: | 9781877511585 1877511587 |
Staff View
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
|---|---|---|---|
| 001 | BV039682276 | ||
| 003 | DE-604 | ||
| 005 | 20120525 | ||
| 007 | t | ||
| 008 | 111104s2011 |||| 00||| eng d | ||
| 020 | |a 9781877511585 |9 978-1-877511-58-5 | ||
| 020 | |a 1877511587 |9 1-877511-58-7 | ||
| 035 | |a (OCoLC)752143370 | ||
| 035 | |a (DE-599)BVBBV039682276 | ||
| 040 | |a DE-604 |b ger |e rakwb | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-M382 | ||
| 100 | 1 | |a Watts, Peter |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Company law in New Zealand |c Peter Watts ; Neil Campbell ; Christopher Hare |
| 264 | 1 | |a Wellington |b LexisNexis |c 2011 | |
| 300 | |a LXXXVIII, 1020 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Company law | |
| 650 | 4 | |a Corporation law / New Zealand | |
| 700 | 1 | |a Campbell, Neil |d 1973- |e Verfasser |0 (DE-588)172014816 |4 aut | |
| 700 | 1 | |a Hare, Christopher |e Verfasser |4 aut | |
| 856 | 4 | 2 | |m SWB Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024531251&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-024531251 | ||
Record in the Search Index
| _version_ | 1804148547493298176 |
|---|---|
| adam_text | TABLE OF CONTENTS
PREFACE V
SUMMARY OF CONTENTS VII
TABLE OF CASES XXVII
TABLE OF STATUTES IXXV
PART A: THE FUNDAMENTALS OF COMPANY LAW
CHAPTER 1: THE COMPANY IN CONTEXT
NEIL CAMPBELL
1.1 THE NATURE OF A BUSINESS ORGANISATION 4
1.1.1 PARTICIPANTS 4
1.1.2 TERMS NEGOTIATED BY PARTICIPANTS 5
1.1.3 CONSTRAINTS ON NEGOTIATION 6
(A) CONFLICTS OF INTEREST 7
(B) INCOMPLETE AGREEMENTS 7
1.2 POSSIBLE LEGAL FORMS FOR A BUSINESS ORGANISATION 8
1.2.1 COMMON ISSUES ARISING IN FIRMS 9
(A) FORMATION 9
(B) RISK OF LOSS: OWNER LIABILITY 9
(C) CONTROL: VARIATIONS TO OWNERS AGREEMENT 9
(D) DURATION: TRANSFERABILITY OF INTERESTS 9
(E) DURATION: WITHDRAWAL BY DISSOLUTION OF THE FIRM 9
1.2.2 SOLE PROPRIETORSHIP 9
(A) FORMATION 9
(B) RISK OF LOSS: OWNER LIABILITY 10
(C) DURATION: TRANSFERABILITY OF INTERESTS 11
(D) DURATION: WITHDRAWAL BY DISSOLUTION OF THE FIRM 11
(E) SUMMARY 11
1.2.3 PARTNERSHIP 11
(A) FORMATION 12
(B) RISK OF LOSS: OWNERS LIABILITIES 12
(C) CONTROL: VARIATIONS TO OWNERS AGREEMENT 13
(D) DURATION: TRANSFERABILITY OF INTERESTS 13
(E) DURATION: WITHDRAWAL BY DISSOLUTION OF THE FIRM 13
(F) SUMMARY 13
1.2.4 LIMITED PARTNERSHIP 14
(A) FORMATION 14
(B) RISK OF LOSS: OWNERS LIABILITIES 15
IX
TABLE OF CONTENTS
(C) CONTROL: VARIATIONS TO OWNERS AGREEMENT 15
(D) DURATION: TRANSFERABILITY OF INTERESTS 15
(E) DURATION: WITHDRAWAL BY DISSOLUTION OF THE FIRM 15
(F) SUMMARY 16
1.2.5 TRUST 16
(A) FORMATION 16
(B) RISK OF LOSS: OWNERS LIABILITIES 17
(C) CONTROL: VARIATION TO OWNERS AGREEMENT 18
(D) DURATION: TRANSFERABILITY OF INTERESTS 19
(E) DURATION: WITHDRAWAL BY DISSOLUTION OF THE FIRM 19
1.2.6 COMPANY 19
(A) FORMATION 19
(B) RISK OF LOSS: OWNERS LIABILITIES 20
(C) CONTROL: VARIATION TO OWNERS AGREEMENT 21
(D) DURATION: TRANSFERABILITY OF INTERESTS 21
(E) DURATION: WITHDRAWAL BY DISSOLUTION OF THE FIRM 22
1.2.7 SUMMARY 22
1.3 A SHORT TAXONOMY OF COMPANIES 22
1.3.1 BUSINESS AND NON-BUSINESS COMPANIES 22
1.3.2 PRIVATE AND PUBLIC COMPANIES 23
1.3.3 PUBLIC ISSUERS 23
1.3.4 LISTED AND UNLISTED COMPANIES 24
1.3.5 CLOSELY-HELD AND WIDELY-HELD COMPANIES 24
CHAPTER 2: CORPORATE PERSONALITY
NEIL CAMPBELL
2.1 A COMPANY S LEGAL PERSONALITY 27
2.1.1 THE COMPANY AS A LEGAL PERSON 28
2.1.2 SEPARATE LEGAL PERSONALITY 28
2.1.3 ABSTRACT OR CORPORATE PERSONALITY 30
2.2 THE SOURCES OF CORPORATE PERSONALITY 31
2.2.1 SOURCES IN GENERAL 31
2.2.2 THE COMPANIES ACT 1993 32
2.3 ATTRIBUTION OF ACTS, KNOWLEDGE AND SO ON TO A COMPANY 33
2.3.1 PRIMARY, GENERAL AND SPECIAL RULES OF ATTRIBUTION 33
2.3.2 FURTHER OBSERVATIONS 35
2.3.3 AGGREGATION OF ATTRIBUTED ACTS, KNOWLEDGE
AND THE LIKE 37
2.4 THE COMPANY DOES NOT EXIST * OVERCOMING
CORPORATE PERSONALITY 37
2.4.1 ANTHROPOMORPHISM 38
2.4.2 THE DIRECTING MIND AND WILL AS THE
COMPANY S EMBODIMENT 40
2.4.3 DIRECTORS DUTY TO ACT IN THE BEST INTERESTS OF
THE COMPANY 41
2.4.4 ONLY THE COMPANY CAN SUE FOR A WRONG DONE TO IT 42
TABLE OF CONTENTS
CHAPTER 3: THE CONSEQUENCES OF INCORPORATION
NEIL CAMPBELL
3.1 ASSET PARTITIONING 44
3.2 DEFENSIVE ASSET PARTITIONING: LIMITED LIABILITY 45
3.2.1 THE RULES THAT PRODUCE LIMITED LIABILITY 45
3.2.2 A SHAREHOLDER IS NOT LIABLE TO THE COMPANY S
CREDITORS FOR THE COMPANY S OBLIGATIONS 46
(A) LIABLE FOR A REASON OTHER THAN BEING A SHAREHOLDER 46
(I) THE NO-AGENCY RULE: SALOMON V SALOMON & CO LTD 47
(B) CONSTITUTION MAY PROVIDE THAT THE LIABILITY OF
THE SHAREHOLDERS IS UNLIMITED 50
(I) WHY INCORPORATE AN UNLIMITED COMPANY? 50
(II) EFFECT OF THE QUALIFICATION 52
3.2.3 A SHAREHOLDER HAS A LIMITED LIABILITY TO THE COMPANY 52
(A) SECTION 97(2)(A), (B) AND (E): ONGOING LIABILITIES 53
(B) SECTION 97(2)(C): LIABILITY AS A DIRECTOR UNDER S 126(2) 54
(C) SECTION 97(2){D): ANY LIABILITY TO REPAY A
DISTRIBUTION UNDER S 56 55
(D) SECTION 97(3): LIABILITY FOR OTHER ACTIONABLE WRONGS 55
(E) SUMMARY OF SHAREHOLDER S LIABILITY TO THE COMPANY 55
3.2.4 JUSTIFICATIONS FOR LIMITED LIABILITY 56
3.3 AFFIRMATIVE ASSET PARTITIONING: RIGHTS ARE THOSE OF THE
COMPANY ALONE 59
3.3.1 A KEY FUNCTION OF COMPANY LAW 61
3.3.2 CORPORATE PERSONALITY IS NOT NECESSARY FOR
AFFIRMATIVE ASSET PARTITIONING 62
3.4 AN INDIVIDUAL SHAREHOLDER CANNOT WITHDRAW BY
LIQUIDATING THE COMPANY 63
3.5 TRANSFERABLE SHARES 65
3.6 PERPETUAL SUCCESSION 67
3.7 THE COSTS OF MANDATORY RULES 67
3.8 UNINTENDED CONSEQUENCES OF SEPARATE CORPORATE PERSONALITY 68
3.9 LIFTING THE CORPORATE VEIL: OVERVIEW 70
3.10 LIFTING THE CORPORATE VEIL: BY CONTRACT OR OTHER
PRIVATE INSTRUMENT 71
3.11 LIFTING THE CORPORATE VEIL: BY STATUTE 72
3.11.1 COMPANIES ACT PROVISIONS 73
3.11.2 GENERAL STATUTES 77
3.12 LIFTING THE CORPORATE VEIL: COURTS OWN JURISDICTION 80
3.12.1 THE SCOPE OF THE ACCEPTED JURISDICTION 80
3.12.2 ACCEPTED JURISDICTION IS MERELY AN INSTANCE OF A GENERAL
COMMON LAW RULE RELATING TO SHAM TRANSACTIONS 85
3.12.3 AN ALTERNATIVE (AND BROADER) VIEW OF THE JURISDICTION 86
3.12.4 CASES IN WHICH THE COURT HAS LIFTED THE VEIL ARE
EXPLICABLE ON OTHER BASES 89
3.12.5 THE COMPANY AS AGENT FOR THE CONTROLLING SHAREHOLDER 92
3.13 THE CIVIL LIABILITIES OF THE COMPANY S AGENTS 96
XI
TABLE OF CONTENTS
3.13.1 DIRECTORS AND OTHER COMPANY AGENTS
HAVE NO SPECIAL STATUS 97
3.13.2 THE GENERAL APPROACH TO CIVIL CLAIMS AGAINST
DIRECTORS AND OTHER COMPANY AGENTS 103
3.13.3 SECONDARY LIABILITY: DIRECTION OR PROCUREMENT 104
3.13.4 NEGLIGENCE 106
3.13.5 BREACH OF CONTRACT 107
3.13.6 BREACH OF THE FAIR TRADING ACT 1986 108
CHAPTER 4: FORMATION OF COMPANIES
NEIL CAMPBELL
4.1 THE REGISTRATION PROCESS ILL
4.2 ESSENTIAL REQUIREMENTS 113
4.3 COMPANY NAMES 114
4.3.1 REQUIREMENTS AS TO COMPANY NAMES 114
4.3.2 CHANGE OF NAME 118
4.3.3 USE OF NAME IN WRITTEN COMMUNICATIONS
AND DOCUMENTS 119
4.3.4 SECTION 25 IN ITS COMMON LAW CONTEXT 122
4.4 PROMOTERS OF COMPANIES 124
4.5 PRE-INCORPORATION CONTRACTS 126
CHAPTER 5: CONSTITUTIONS AND OTHER GOVERNANCE
INSTRUMENTS
NEIL CAMPBELL
5.1 OVERVIEW 128
5.2 THE COMPANIES ACT SET OF RULES: DEFAULT, OPTIONAL AND
MANDATORY RULES 129
5.3 CONSTITUTIONS 131
5.3.1 CONTENTS OF CONSTITUTION 131
5.3.2 EFFECT OF CONSTITUTION * THE HISTORICAL POSITION 132
5.3.3 EFFECT OF CONSTITUTION UNDER COMPANIES ACT 1993 136
(A) PROVISIONS DEALING DIRECTLY WITH THE EFFECT
OF THE CONSTITUTION 136
(B) PROVISIONS DEALING INDIRECTLY WITH THE EFFECT
OF THE CONSTITUTION 137
(C) AMBIGUITIES AND INCOMPLETENESS IN THE ACT S PROVISIONS 139
5.3.4 EFFECT OF CONSTITUTION ON BOARD AND DIRECTORS 140
(A) THE EFFECT OF S 27 (AND ITS UNEASY RELATIONSHIP WITH S 31(2)).. 140
(B) SECTION 134 (AND ITS UNEASY RELATIONSHIP WITH
SS 27 AND 31(2)) 141
(C) INCORPORATION BY REFERENCE INTO A CONTRACT 142
5.3.5 EFFECT OF CONSTITUTION ON ENTITLED PERSONS 143
5.3.6 SHAREHOLDERS POWER TO ADOPT, ALTER OR
REVOKE A CONSTITUTION 143
(A) THE ACT S RESTRICTIONS ON ADOPTING, ALTERING OR REVOKING A
CONSTITUTION 144
XII
TABLE OF CONTENTS
(B) COMMON LAW RESTRICTIONS ON ADOPTING, ALTERING OR
REVOKING A CONSTITUTION 146
(C) FETTERING THE SHAREHOLDERS POWER TO ALTER OR
REVOKE A CONSTITUTION 147
5.3.7 COURT S POWER TO ALTER CONSTITUTION 147
5.3.8 ENFORCEMENT OF CONSTITUTION 148
5.3.9 INTERPRETATION OF CONSTITUTIONS 149
5.3.10 EFFECT OF BREACH OF CONSTITUTION ON
CORPORATE TRANSACTIONS 150
5.4 SHAREHOLDERS AGREEMENTS 150
5.4.1 AGREEMENTS BETWEEN SHAREHOLDERS 151
5.4.2 AGREEMENTS BETWEEN SHAREHOLDERS AND THE COMPANY 154
5.4.3 SHAREHOLDERS AGREEMENTS COMPARED TO CONSTITUTIONS 155
5.5 MANAGEMENT AGREEMENTS 156
5.6 CONTRACTS FOR THE ISSUE OF NEW SHARES 157
5.6.1 OVERVIEW 157
5.6.2 INCONSISTENCIES 159
5.6.3 UNCERTAINTY AS TO THE SCOPE OF S 36(2) 161
5.6.4 UNCERTAINTY AS TO THE EFFECT AND ENFORCEMENT OF A
MODIFICATION OF RIGHTS UNDER S 36(2) 162
5.6.5 UNCERTAINTY AS TO SUBSEQUENT ALTERATION OF RIGHTS
MODIFIED UNDER S 36(2) 163
5.6.6 SUMMARY 163
CHAPTER 6: SHARES
NEIL CAMPBELL
6.1 OVERVIEW , 166
6.2 THE NATURE OF SHARES 167
6.3 SHARE CAPITAL UNDER THE COMPANIES ACT 1993 168
6.3.1 NO PAR VALUE SHARES: THE CONCEPT OF SHARE CAPITAL
HAS NO LEGAL SIGNIFICANCE 168
6.3.2 NO MINIMUM SHARE CAPITAL REQUIREMENT 169
6.4 RIGHTS ATTACHING TO SHARES 170
6.5 LIABILITIES ATTACHING TO SHARES 170
6.5.1 LIABILITIES UNDER S 97(2)(A), (B) AND (E) 171
6.5.2 PROVISIONS RELATING TO THE TRANSFER OF SHARES
WITH OUTSTANDING LIABILITIES 173
6.5.3 LIABILITY CANNOT BE INCREASED WITHOUT SHAREHOLDER S
CONSENT 174
6.6 CLASSES OF SHARES 174
6.7 ALTERATION OF SHAREHOLDER RIGHTS 175
6.7.1 CONSTRAINTS ON ALTERATIONS 175
6.7.2 BUY-OUT RIGHT AVAILABLE TO DISSENTERS 177
6.7.3 CONSEQUENCES OF NON-COMPLIANCE WITH S 117 178
6.8 THE ISSUE OF SHARES 178
6.8.1 THE MANNER OF ISSUE: ENTRY ON COMPANY S
SHARE REGISTER 178
XIII
TABLE OF CONTENTS
6.8.2 INITIAL ISSUE OF SHARES ON REGISTRATION OF COMPANY 179
(A) THE IMPORTANCE OF COMPLYING WITH ANY LIABILITY TO
PROVIDE CONSIDERATION 181
6.8.3 SUBSEQUENT ISSUES OF SHARES: POWER OF BOARD 183
6.8.4 SUBSEQUENT ISSUES OF SHARES: POWER OF ENTITLED
PERSONS ACTING UNANIMOUSLY 184
6.8.5 THE ACT S CONSTRAINTS ON THE POWER TO
SUBSEQUENTLY ISSUE SHARES 185
6.8.6 PRE-EMPTIVE RIGHTS AND INTEREST GROUP APPROVAL 185
6.8.7 CONSIDERATION FOR AND TERMS OF ISSUE: S 47(1) 188
(A) AIM OF S 47(1) 189
(B) A COMPARISON WITH THE PREVIOUS REGIME 190
(C) THE DECISIONS AND RESOLUTIONS REQUIRED BY S 47(1) 190
6.8.8 CREDITING, OTHER THAN FOR CASH, SHARES THAT HAVE
ALREADY BEEN ISSUED: S47(3) 192
6.8.9 EXCEPTIONS TO S 47 194
6.8.10 CONSIDERATION IN RELATION TO THE ISSUE OF OPTIONS AND
CONVERTIBLE SECURITIES 195
6.8.11 CONTRACTS FOR THE ISSUE OF SHARES 195
6.8.12 CONSEQUENCES OF NON-COMPLIANCE WITH S 47 197
(A) NON-COMPLIANCE WITH S 47(1) 197
(B) NON-COMPLIANCE WITH S 47(3) 198
6.9 TRANSFER OF SHARES 199
6.9.1 SHARES GENERALLY TRANSFERABLE 199
6.9.2 TRANSFER OF LEGAL TITLE BY ENTRY ON SHARE REGISTER 200
6.9.3 RESTRICTIONS ON TRANSFER 201
6.9.4 RIGHTS OF PRE-EMPTION 203
6.9.5 THE COMPANY S OBLIGATION TO REGISTER
A TRANSFER: S 84(4) 203
6.9.6 TRANSFERS BY OPERATION OF LAW 205
CHAPTER 7: DISTRIBUTIONS
WE/7 CAMPBELL
7.1 OVERVIEW 208
7.2 THE RATIONALE FOR REGULATION OF DISTRIBUTIONS 208
7.2.1 PROTECTION OF CREDITORS AGAINST RULE OF LIMITED
SHAREHOLDER LIABILITY 209
7.2.2 EQUAL TREATMENT OF SHAREHOLDERS 211
7.2.3 CONTROLLING THE RISK OF DIRECTORIAL ABUSE 212
7.3 THE MEANING OF DISTRIBUTION 213
7.3.1 SECTION 2 DEFINITION 213
7.3.2 SUBSTANCE OVER FORM 215
7.3.3 DISTRIBUTIONS IN THE CONTEXT OF CONNECTED TRANSACTIONS 216
7.4 POWER TO AUTHORISE DISTRIBUTIONS SUBJECT TO SOLVENCY TEST 217
7.4.1 POWER CONFERRED ON BOARD AND ON ALL ENTITLED PERSONS 217
7.4.2 POWER SUBJECT TO SOLVENCY TEST 218
7.4.3 THE LIQUIDITY TEST 221
XIV
TABLE OF CONTENTS
7.4.4 THE BALANCE SHEET TEST 222
7.4.5 TIME AT WHICH THE SOLVENCY TEST IS APPLIED 223
(A) DISTRIBUTIONS AUTHORISED BY THE BOARD 223
(B) DISTRIBUTIONS AUTHORISED BY ALL ENTITLED PERSONS 224
(C) EFFECT OF DISTRIBUTION BEING DEEMED NOT TO HAVE BEEN
AUTHORISED 225
7.4.6 DISTRIBUTIONS AND SHAREHOLDER CURRENT ACCOUNTS 225
7.4.7 CERTIFICATION AND RECORD KEEPING 227
7.5 CONSEQUENCES OF NON-COMPLIANCE WITH SOLVENCY TEST PROCEDURE.... 228
7.6 RECOVERY OF DISTRIBUTIONS MADE IN BREACH OF SOLVENCY TEST 229
7.6.1 RECOVERY FROM SHAREHOLDERS 229
7.6.2 PERSONAL LIABILITY OF DIRECTORS 230
7.7 OTHER CONSTRAINTS ON THE POWER TO AUTHORISE DISTRIBUTIONS 232
7.8 DIVIDENDS 232
7.8.1 RIGHT TO AN EQUAL SHARE IN DIVIDENDS 233
7.8.2 NON-COMPLIANCE 234
7.9 ACQUISITION BY A COMPANY OF ITS OWN SHARES 234
7.9.1 THE NATURE OF AN ACQUISITION BY A COMPANY
OF ITS OWN SHARES 234
7.9.2 REASONS FOR A COMPANY ACQUIRING ITS OWN SHARES 236
7.9.3 THE COMPANY S POWER TO ACQUIRE ITS OWN SHARES 237
7.9.4 ACQUISITIONS UNDER SS 59-65 238
(A) GENERAL ACQUISITIONS: PRO RATA OFFERS AND SELECTIVE OFFERS 239
(B) STOCK EXCHANGE ACQUISITIONS 243
(C) STOCK EXCHANGE LISTING RULES 244
7.9.5 ACQUISITIONS UNDER S 107 244
7.9.6 ENFORCEABILITY OF CONTRACTS BY COMPANIES TO
ACQUIRE THEIR OWN SHARES 245
7.9.7 TIMING OF THE DISTRIBUTION IN AN ACQUISITION OF SHARES 246
7.9.8 CANCELLATION OF SHARES ACQUIRED BY COMPANY 247
7.9.9 CONSEQUENCES OF NON-COMPLIANCE 248
7.10 NO CROSS-HOLDINGS 248
7.11 REDEMPTION OF REDEEMABLE SHARES 249
7.11.1 REDEMPTION AT OPTION OF COMPANY 250
7.11.2 REDEMPTION AT OPTION OF SHAREHOLDER, OR ON A
SPECIFIED DATE 252
7.11.3 CANCELLATION OF REDEEMED SHARES 253
7.12 FINANCIAL ASSISTANCE BY A COMPANY IN THE PURCHASE
OF ITS OWN SHARES 253
7.12.1 SCOPE OF REGULATION OF FINANCIAL ASSISTANCE 254
7.12.2 COMPANY MUST SATISFY SOLVENCY TEST 256
7.12.3 PROCEDURES AVAILABLE TO GIVE FINANCIAL ASSISTANCE 257
7.12.4 TIME AT WHICH FINANCIAL ASSISTANCE IS GIVEN 258
7.12.5 CONSEQUENCES OF NON-COMPLIANCE 259
7.12.6 RECOVERY OF FINANCIAL ASSISTANCE GIVEN WHEN
COMPANY WAS INSOLVENT 260
XV
TABLE OF CONTENTS
PART B: OPERATING THE COMPANY S BUSINESS
CHAPTER 8: THE DIVISION OF POWERS BETWEEN DIRECTORS AND
SHAREHOLDERS
PETER WATTS
8.1 INTRODUCTION 265
8.2 MANAGEMENT POWER OF DIRECTORS 266
8.2.1 PRIMA FACIE INABILITY OF SHAREHOLDERS TO USURP
MANAGEMENT FUNCTIONS 268
8.2.2 BUT IT IS ONLY A PRIMA FACIE DIVISION OF FUNCTIONS 270
8.3 MAJOR TRANSACTIONS AND AMALGAMATIONS 273
8.4 DEADLOCK AND ABSENCE OF QUORUM 277
8.5 CARETAKER DIRECTORS 279
8.6 INFORMAL UNANIMOUS ASSENT 281
8.6.1 ASSENT OF BENEFICIAL SHAREHOLDERS ONLY 287
8.7 SHAREHOLDER FUNCTIONS AND THEIR PURPORTED EXERCISE
BY DIRECTORS 291
CHAPTER 9: DIRECTORS * DEFINITIONS AND STATUS
PETER WATTS
9.1 DE JURE AND DE FACTO DIRECTORS 294
9.1.1 DE JURE DIRECTORS 294
9.1.2 DE FACTO DIRECTORS 295
(A) THE BASIC CONCEPT OF DE FACTO DIRECTOR ANDS 126{L)(A) 296
(B) THE SCOPE OF THE SHADOW DIRECTOR PROVISIONS *
THE POSITION OF EMPLOYERS OF DIRECTORS AND OTHER
NOMINATORS 299
(C) REMOTE SHADOW DIRECTORS AND AGENTS OF SHADOW
DIRECTORS 301
(D) CONSTITUTIONAL SUBSTITUTES FOR DIRECTORS 302
(E) SECRETARY OF STATE FOR TRADE AND INDUSTRY V DEVERELL 303
(F) BANKS AND TRADE CREDITORS AS SHADOW DIRECTORS 303
(G) PROFESSIONAL ADVISERS NOT SHADOW DIRECTORS 304
9.2 QUALIFICATIONS AND APPOINTMENT 305
9.2.1 QUALIFICATIONS 305
9.2.2 APPOINTMENT 306
9.3 DISQUALIFICATION, RESIGNATION, RETIREMENT AND REMOVAL 309
9.3.1 DISQUALIFICATION 309
9.3.2 RESIGNATION AND RETIREMENT 312
9.3.3 REMOVAL 313
CHAPTER 10: MEETINGS OF SHAREHOLDERS AND DIRECTORS
PETER WATTS
10.1 COMPANY MEETINGS 317
10.2 DIRECTORS MEETINGS 319
10.2.1 NOTICE AND ATTENDANCE 319
10.2.2 QUORUM 32I
XVI
TABLE OF CONTENTS
10.2.3 CHAIRPERSON 321
10.2.4 VOTING 322
10.2.5 MINUTES 322
10.2.6 CONFIDENTIALITY 323
10.3 SHAREHOLDERS MEETINGS 323
10.4 TYPES OF MEETING * GENERAL AND CLASS MEETINGS,
ANNUAL MEETINGS, SPECIAL MEETINGS, AND WRITTEN
RESOLUTIONS IN LIEU OF A MEETING 324
10.4.1 METHODS OF ATTENDANCE 325
(A) ATTENDANCE IN PERSON 325
(B) ATTENDANCE BY PROXY 325
(C) POSTAL VOTING 327
10.5 CONVENING MEETINGS 327
10.5.1 WHO MAY CONVENE 327
10.5.2 THE ANNUAL MEETING 328
10.5.3 DATE OF MEETING AND FAILURE TO CALL ONE 329
10.5.4 NOTICE OF MEETINGS 330
10.5.5 THE AGENDA 331
10.6 PROCEDURE AT MEETINGS 333
10.6.1 QUORUM 333
10.6.2 VOTING 334
10.6.3 THE CHAIRPERSON 337
10.6.4 ADJOURNMENT 340
10.6.5 MINUTES 340
CHAPTER 11: COMPANY CONTRACTING
PETER WATTS
11.1 LEGITIMATE AND ILLEGITIMATE EXERCISES OF POWER 343
11.2 THE CENTRALITY OF AGENCY LAW 343
11.2.1 IS THE BOARD OF DIRECTORS NOT A TYPE OF AGENT? 344
11.2.2 EXECUTION OF DEEDS AS A FORM OF
AGENTLESS CONTRACTING? 345
11.3 CONNECTION OF AGENCY LAW TO PRESUMPTIONS OF REGULARITY
IN COMPANY CONTRACTING 346
11.4 ACTUAL AND APPARENT AUTHORITY, USUAL AND UNUSUAL AUTHORITY 347
11.5 ESTABLISHING A LEGITIMATE EXERCISE OF POWER *
GENERAL ASPECTS OF ACTUAL AUTHORITY 349
11.5.1 MANIFESTATION OF ASSENT NEED BE MADE
ONLY TO THE AGENT 350
11.5.2 ASSENT ASSESSED OBJECTIVELY 351
11.5.3 ASSENT CAN BE INFERRED 352
11.5.4 ASSENT CAN BE WITHDRAWN BEFORE COMMUNICATED TO
OUTSIDE PARTY 352
11.5.5 RETROSPECTIVE ACTUAL AUTHORITY * RATIFICATION 353
11.6 THE RELATIONSHIP BETWEEN MOTIVE, PURPOSE, AND AUTHORITY 354
11.7 PRE-CONDITIONS TO THE EXERCISE OF AUTHORITY *
COMPANY MEETINGS 356
XVII
TABLE OF CONTENTS
11.8 LACK OF CAPACITY * ULTRA VIRES TRANSACTIONS 357
11.9 ACTUAL AUTHORITY TO ACT ILLEGALLY 359
11.10 ILLEGITIMATE EXERCISES OF POWER * APPARENT AUTHORITY 361
11.10.1 HOLDING OUT 362
11.10.2 HOLDING OUT BY SOMEONE WITH AUTHORITY TO DO SO 364
11.10.3 RELIANCE ON THE HOLDING OUT 367
11.11 THE RELATIONSHIP BETWEEN APPARENT AUTHORITY AND
BENEFIT TO PRINCIPAL (ON FACE OF TRANSACTION) 369
11.12 RELATIONSHIP BETWEEN APPARENT AUTHORITY AND S 18 OF THE CA 371
11.12.1 PARAGRAPHS (C) AND (D) OF S 18(1) 372
11.12.2 PARAGRAPH (E) OF S 18(1) 373
11.13 CONSTRUCTIVE AUTHORITY * EFFECTIVE TRANSACTIONS WITHOUT
ACTUAL OR APPARENT AUTHORITY 375
11.13.1 DEEDS AND THE DEEDS EXCEPTION 375
11.13.2 AGENT IN POSSESSION OF PROPERTY, INCLUDING SIGNED BILL OF
EXCHANGE, WITH LIMITED AUTHORITY TO DISPOSE 378
11.13.3 AGENT HAS AUTHORITY TO DO EXACTLY WHAT PURPORTS
TO DO EXCEPT USE POWER FOR FRAUDULENT PURPOSE *
HAMBRO V BURNAND 381
11.14 ESTOPPEL BY NEGLIGENCE * A BLIND ALLEY? 383
11.15 PRESUMPTIONS OF REGULARITY AND KNOWLEDGE OF IRREGULARITY 384
11.15.1 PROMISEE NOT DEEMED TO KNOW THE CONTENTS OF THE
COMPANY S CONSTITUTION 385
11.15.2 PROTECTION AGAINST A WIDER RANGE OF DEFECTS 386
(A) SECTION 18(L)(A): PROTECTION AGAINST NON-COMPLIANCE
WITH THE CA AND THE CONSTITUTION 386
(B) SECTION 18(L)(B): DEALING WITH DIRECTORS WHO ARE
NAMED AS SUCH IN THE PUBLIC REGISTER 388
(C) SECTION 158: DIRECTORS WITH DEFECTIVE APPOINTMENTS 389
(D) SCHEDULE 1: DEFECTIVE NOTICE OF SHAREHOLDER MEETINGS 390
11.15.3 TESTS OF KNOWLEDGE OF IRREGULARITY * A DICHOTOMY? 391
11.15.4 WHAT IS ACTUAL KNOWLEDGE? 395
(A) DISHONESTY 396
(B) OBTUSENESS, IGNORANCE OF THE LAW, AND UNREALISTIC
FACTUAL ASSUMPTIONS 397
(C) POSSESSION OF CONSTITUTION BUT WITHOUT READING IT 398
(D) FORGETFULNESS/INADVERTENCE 399
(E) THE ACTUAL KNOWLEDGE OF THE PROMISEE S AGENTS:
IMPUTED KNOWLEDGE 400
11.15.5 WHAT DOES CONSTRUCTIVE KNOWLEDGE REQUIRE? 405
11.16 USUAL AUTHORITY OF THE BOARD OF DIRECTORS, INDIVIDUAL DIRECTORS,
THE MANAGING DIRECTOR, THE COMPANY SECRETARY AND
THE CHAIRPERSON 407
11.16.1 THE BOARD OF DIRECTORS 407
(A) SCHEDULE 2*SECTIONS OF THIS ACT THAT CONFER POWERS ON
DIRECTORS THAT CANNOT BE DELEGATED 407
11.16.2 THE INDIVIDUAL DIRECTOR 408
(A) THE MANAGING DIRECTOR OR CEO 409
11.16.3 THE CHAIRPERSON AND THE COMPANY SECRETARY 411
XVIII
TABLE OF CONTENTS
11.17 THE FORM OF COMPANY CONTRACTS 413
11.18 PRE-INCORPORATION CONTRACTS 414
11.18.1 BACKGROUND AND THE COMMON LAW 414
11.18.2 RATIFICATION NOW POSSIBLE 416
11.18.3 THE POSITION IF RATIFICATION DOES NOT OCCUR 417
11.18.4 SCENARIOS NOT COVERED BY THE PRE-INCORPORATION
CONTRACT PROVISIONS 419
11.18.5 THE PROBLEM OF SHELF COMPANIES 420
PART C: DIRECTORS DUTIES
CHAPTER 12: DIRECTORS DUTIES * SOURCES AND BENEFICIARIES
PETER WATTS
12.1 SOURCES OF DUTIES 425
12.2 DUTIES GENERALLY OWED TO THE COMPANY 427
12.3 THE POSITION BEFORE THE CA 428
12.3.1 SHAREHOLDER PRIMACY 428
12.3.2 NON-REVIEWABILITY OF DIRECTORS DECISIONS 432
12.4 THE POSITION UNDER THE CA * DOES SHAREHOLDER
PRIMACY REMAIN? 435
12 A.I TAKING ACCOUNT OF EMPLOYEE INTERESTS UPON
CESSER OF BUSINESS 439
12.5 THE CORPORATE SOCIAL RESPONSIBILITY (CSR) MOVEMENT
AND THE FUTURE 440
CHAPTER 13: DUTY TO ACT IN THE BEST INTERESTS OF THE COMPANY
PETER WATTS
13.1 INTRODUCTION 445
13.2 IS THE DUTY OF LOYALTY A FIDUCIARY DUTY? 447
13.3 GOOD FAITH 449
13.4 IN THE BEST INTERESTS OF THE COMPANY * THE CONCEPT OF
DISLOYALTY DEVELOPED 450
13.4.1 DIRECTORS WHO FOLLOW THE VIEWS OF COLLEAGUES 455
13.4.2 MIXED MOTIVATIONS AND GROUPS OF COMPANIES 458
13.4.3 THE ROLE OF GROSS NEGLIGENCE 462
13.4.4 CAN FAILURE TO ACT BE A BREACH OF THE LOYALTY DUTY? 464
13.4.5 FETTERING DISCRETION 466
13.4.6 BEING A DIRECTOR OF A COMPETITOR 468
13.4.7 THE TRANSITION FROM DIRECTOR TO COMPETITOR 473
13.5 SUBSIDIARIES AND JOINT VENTURES * NOMINEE DIRECTORS
AND S 131(3)-(4) 485
13.6 REMEDIES 489
XIX
TABLE OF CONTENTS
CHAPTER 14: LIABILITY FOR PROFITING
PETER WATTS
14.1 OVERVIEW 495
14.1.1 PROFITING FROM USE OF POSITION 496
14.1.2 PURSUIT OF BUSINESS OPPORTUNITIES 497
14.1.3 THE MIX OF STATUTORY AND COMMON LAW RULES 497
14.2 USE OF INSIDE INFORMATION 498
14.3 OTHER USES OF POSITION TO PROFIT 503
14.3.1 SOME PARTICULAR CATEGORIES OF PROFITING FROM POSITION 506
(A) SELF-DEALING, INCLUDING THROUGH USE OF A PHOENIX COMPANY.... 506
(B) BRIBE-TAKING 507
14.4 DIVERTING CORPORATE OPPORTUNITIES 508
14.5 LIMITS TO ACCOUNTABILITY 513
14.5.1 SALE TO COMPANY OF ASSETS DIRECTOR HAS
ALWAYS OWNED 513
14.5.2 POST-DIRECTORSHIP PROFITS 515
14.5.3 OPPORTUNITY NOT WITHIN COMPANY S LINES OF BUSINESS 517
14.5.4 COMPANY DECLINES TO PURSUE OPPORTUNITY 518
14.5.5 SPRINGBOARD GAIN ONLY 519
14.6 REMEDIES 520
14.7 INSIDER TRADING AND DIRECTORS SHARE TRADING 523
14.7.1 THE COMMON LAW 523
14.7.2 THE STATUTORY POSITION 527
14.8 DIRECTORS REMUNERATION AND INCIDENTAL BENEFITS 530
14.8.1 INDEMNITIES AND INSURANCE 532
CHAPTER 15: CONFLICTS OF INTEREST
PETER WATTS
15.1 BACKGROUND 533
15.2 THE IMPART OF THE CA REGIME 535
15.3 WHAT IS A TRANSACTION? 537
15.4 THE TYPES OF CONFIICT OF INTEREST 538
15.5 MATERIALITY 540
15.6 DUTY OF DISCLOSURE 544
15.7 AVOIDANCE AND EFFECT ON THIRD PARTIES 545
15.8 POWER OF INTERESTED DIRECTOR TO VOTE 547
CHAPTER 16: THE DUTIES OF CARE, DILIGENCE AND SKILL, AND OF
COMPLIANCE WITH THE ACT AND CONSTITUTION
PETER WATTS
16.1 INTRODUCTION 550
16.2 SECTION 137 AND RELATED PROVISIONS * THE TEXT AND
TEXTUAL DIFFICULTIES 553
16.2.1 PRIMA FACIE OBJECTIVE TEST, BUT WITH
SLIDING SCALE ATTACHED 554
16.2.2 DOES THE SECTION APPLY TO OMISSIONS TO ART? 555
XX
TABLE OF CONTENTS
16.2.3 REASONABLE DELEGATION AND RELIANCE ON REPORTS
-SS 130 AND 138 556
16.3 THE BUSINESS JUDGMENT RULE 558
16.4 EXECUTIVE DIRECTORS, THE CHIEF FINANCIAL OFFICER,
AND THE COMPANY CHAIRPERSON 561
16.4.1 EXECUTIVE DIRECTORS 561
16.4.2 CHIEF FINANCIAL OFFICER 562
16.4.3 CHAIRPERSON OF DIRECTORS 564
16.5 SOME GENERAL CASE LAW 565
16.5.1 DANIELS V ANDERSON 565
(A) GENERAL LEGAL POINTS 566
(B) SUMMARY OF LEGAL CONCLUSIONS 570
(I) AS TO THE DIRECTORS CARE AND SKILL: 570
(II) AS TO DILIGENCE: 571
(C) APPLICATION OF LAW TO FACTS IN DANIELS 571
16.5.2 DAIRY CONTAINERS LTD V NZI BANK LTD 572
16.5.3 PERMANENT BUILDING SOCIETY V WHEELER 573
16.5.4 SHEAHAN V VERCO 574
16.5.5 RE HIH INSURANCE LTD, ASIC VADLER 575
16.5.6 LEX; HOLDINGS PIC V LUQMAN 577
16.5.7 ASIC V MACDONALD (NO 11) 578
16.6 DUTY TO COMPLY WITH THE CA, THE COMPANY S CONSTITUTION,
AND WITH SPECIFIC STATUTORY REQUISITIONS 579
16.6.1 SECTION 134 579
16.6.2 THE MISCELLANY OF STATUTORY DUTIES 580
(A) SHARE CAPITAL AND DISTRIBUTION PROVISIONS 580
(B) SHARE TRANSFERS, AND THE REGISTER OF SHAREHOLDERS 581
(C) MINORITY BUY-OUT PROVISIONS 581
(D) HOLDING OF SHAREHOLDER MEETINGS 581
(E) RECORDS AND REPORTS 581
CHAPTER 17: INSOLVENCY AND DIRECTORS DUTIES
PETER WATTS
17.1 DUTIES TO CREDITORS UPON INSOLVENCY AT COMMON LAW 584
17.1.1 SCOPE OF THE DUTY 584
17.1.2 A DUTY NOT TO DISCRIMINATE AGAINST PARTICULAR
CREDITORS AFTER INSOLVENCY? 588
17.1.3 WHEN DOES THE DUTY TO CREDITORS COMMENCE? 589
17.2 INSOLVENT TRADING DUTIES IN THE COMPANIES ACT 1993 590
17.2.1 BACKGROUND 590
17.2.2 SECTION 135 * RECKLESS TRADING 594
(A) LIKELIHOOD OF CREATING A SUBSTANTIAL RISK OF SERIOUS LOSS 594
(B) AGREE, CAUSE OR ALLOW RUNNING OF BUSINESS 598
(C) THE BUSINESS OF THE COMPANY 600
(D) CREDITORS CONTRIBUTORY NEGLIGENCE 601
17.2.3 SECTION 135 ILLUSTRATIONS 603
17.2.4 SECTION 136 * DUTY IN RELATION TO OBLIGATIONS 605
(A) THE MEANING OF AGREE AND AGREEMENT 605
XXI
TABLE OF CONTENTS
(B) BELIEF AT THE TIME ON REASONABLE GROUNDS THAT THE
COMPANY WILL BE ABLE TO PERFORM THE OBLIGATION
WHEN REQUIRED TO DO SO 607
17.2.5 REMEDIES 609
17.2.6 OTHER STATUTORY LIABILITIES DURING INSOLVENT TRADING 612
(A) FAILURE TO KEEP ACCOUNTING RECORDS 612
17.3 IMPROPER DISTRIBUTIONS 613
17.3.1 ENRICHING TRANSACTIONS 614
17.4 PHOENIX COMPANIES * THE COMMON LAW AND STATUTORY
REGULATION 614
17.4.1 BACKGROUND 614
17.4.2 THE COMMON LAW 615
(A) SOME CASE LAW 617
17.4.3 THE PHOENIX COMPANY PROVISIONS OF THE CA 622
(A) THE FUNCTION OF THE REGIME 624
(B) SOME UNITED KINGDOM CASE LAW 625
CHAPTER 18: DUTIES OWED TO SHAREHOLDERS AND THE DUTY TO
ACT FOR A PROPER PURPOSE
PETER WATTS
18.1 INTRODUCTION 627
18.2 DUTIES EXPRESSLY OWED TO SHAREHOLDERS 630
18.2.1 DUTIES TO PROVIDE INFORMATION AND TO
ADVISE SHAREHOLDERS 630
18.2.2 OTHER DUTIES THAT MIGHT BE OWED TO SHAREHOLDERS 631
18.3 THE DIRECTOR S DUTY TO ACT FOR A PROPER PURPOSE 632
18.3.1 BACKGROUND 632
18.3.2 ISSUING SHARES FOR AN IMPROPER PURPOSE 635
18.3.3 TAKING STEPS TO THWART A SHAREHOLDER SELLING SHARES,
AND SOLICITING ALTERNATIVE OFFERS FOR SHARES 643
18.3.4 DIRECTORS AS ADVISERS AND BARGAINING AGENTS 651
18.3.5 EXERCISING A DISCRETION TO DECLINE A TRANSFER OF SHARES 652
18.3.6 EXERCISING A DISCRETION TO FORFEIT SHARES 654
18.3.7 ABUSES IN THE CALLING AND RUNNING OF
SHAREHOLDER MEETINGS 655
18.3.8 PROVING AN IMPROPER PURPOSE 656
18.4 DIRECTORS ASSUMPTION OF RESPONSIBILITY TO SHAREHOLDERS 658
18.5 DIRECTORS LIABILITIES UNDER THE SECURITIES ACT 1978,
THE SECURITIES MARKETS ACT 1988 AND THE TAKEOVERS ACT 1993 660
18.5.1 SECURITIES ACT 1978 660
18.5.2 SECURITIES MARKETS ACT 1988 661
18.5.3 TAKEOVERS ACT 1993 663
CHAPTER 19: RATIFICATION OF DIRECTORS BREACHES OF DUTY
PETER WATTS
19.1 BACKGROUND 665
19.2 THE 1993 ACT 666
XXII
TABLE OF CONTENTS
19.3 THE COMMON LAW AND THE RANGE OF DUTIES 669
19.3.1 THE TYPES OF BREACH 669
19.3.2 THE MECHANICS OF RATIFICATION 672
PART D: SHAREHOLDERS RIGHTS AND REMEDIES
CHAPTER 20: SHAREHOLDER REMEDIES: PERSONAL RIGHTS,
CORPORATE RIGHTS AND THE DERIVATIVE ACTION
CHRISTOPHER HARE
20.1 INTRODUCTION 678
20.2 INJUNCTIONS AND COMPLIANCE ORDERS 681
20.2.1 INJUNCTIONS 683
20.2.2 COMPLIANCE ORDERS 690
20.3 ENFORCEMENT OF DUTIES OWED TO SHAREHOLDERS PERSONALLY 692
20.3.1 SHAREHOLDER ENFORCEMENT OF DUTIES
OWED BY DIRECTORS 693
20.3.2 SHAREHOLDER ENFORCEMENT OF DUTIES
OWED BY THE COMPANY 698
20.3.3 COMMON LAW CONSTRAINTS ON MAJORITY VOTING 701
(A) EQUITABLE CONSTRAINTS ON ALTERATION OF THE CORPORATE
CONSTITUTION 703
(I) MEANING OF THE COMPANY AS A WHOLE 705
(II) WHO SHOULD DETERMINE THE BENEFIT TO THE COMPANY? 712
(III) THE BASIS FOR THE COURTS INTERVENTION IN
CONSTITUTIONAL AMENDMENTS 714
(B) EQUITABLE CONSTRAINTS ON ALTERING CLASS RIGHTS 715
20.4 ENFORCEMENT OF CORPORATE RIGHTS 717
20.4.1 DERIVATIVE ACTION AT COMMON LAW 719
20.4.2 THE STATUTORY DERIVATIVE ACTION 722
20.4.3 JURISDICTION TO BRING DERIVATIVE ACTION 725
(A) APPLICATION FOR LEAVE TO LITIGATE DERIVATIVELY 730
(I) THRESHOLD REQUIREMENTS 731
(II) MANDATORY STATUTORY CONSIDERATIONS 734
(III) NON-STATUTORY CONSIDERATIONS 750
(B) LITIGATING THE DERIVATIVE CLAIM 755
20.5 CONCLUSION 760
CHAPTER 21: SHAREHOLDER REMEDIES: WINDING UP, BUY-OUTS
AND RELIEF FROM OPPRESSIVE, DISCRIMINATORY
OR UNFAIRLY PREJUDICIAL CONDUCT
CHRISTOPHER HARE
21.1 INTRODUCTION 762
21.2 LIQUIDATION ON JUST AND EQUITABLE GROUNDS 763
21.2.1 INTRODUCTION 763
21.2.2 MEANING OF JUST AND EQUITABLE 765
21.2.3 FACTORS LIMITING THE COURT S DISCRETION TO LIQUIDATE 774
21.3 RELIEF FROM OPPRESSIVE, DISCRIMINATORY OR UNFAIRLY
PREJUDICIAL CONDUCT 779
XXIII
TABLE OF CONTENTS
21.3.1 INTRODUCTION 779
21.3.2 WHETHER THE AFFAIRS OF THE COMPANY HAVE BEEN
CONDUCTED IN AN OPPRESSIVE, DISCRIMINATORY
OR UNFAIRLY PREJUDICIAL MANNER 782
(A) PARTIES TO AN APPLICATION UNDER S 174 782
(B) THE REQUIREMENT FOR ACTS OF THE COMPANY OR CONDUCT
RELATED TO THE COMPANY S AFFAIRS 787
(C) THE REQUIREMENT OF PREJUDICE 791
(D) THE MEANING OF OPPRESSIVE, UNFAIRLY DISCRIMINATORY,
OR UNFAIRLY PREJUDICIAL 793
(I) GENERAL PRINCIPLES 793
(II) UNLAWFUL CONDUCT 800
(III) BREACH OF THE APPLICANT S REASONABLE EXPECTATIONS 804
(IV) EXAMPLES OF CONDUCT THAT IS OPPRESSIVE, UNFAIRLY
DISCRIMINATORY, OR UNFAIRLY PREJUDICIAL 810
21.3.3 RELIEF THAT IS JUST AND EQUITABLE 817
(A) TYPES OF RELIEF AVAILABLE 818
(B) VALUATION OF SHAREHOLDINGS 820
21.4 MINORITY BUY-OUT RIGHTS 823
21.4.1 INTRODUCTION 823
21.4.2 BASES FOR EXERCISING MINORITY BUY-OUT RIGHTS 825
21.4.3 PROCEDURAL REQUIREMENTS FOR THE EXERCISE OF
STATUTORY BUY-OUT RIGHTS 829
21.4.4 THE COMPANY S POSSIBLE RESPONSES TO A
BUY-OUT NOTICE 831
21.4.5 PURCHASE AND VALUATION PROCEDURES 835
PART E: ACCOUNTS, AUDITS AND RECORDS
CHAPTER 22: ACCOUNTS, AUDITS AND RECORDS
WE/7 CAMPBELL
22.1 COMPANY RECORDS 841
22.2 ACCOUNTING RECORDS 843
22.3 FINANCIAL REPORTING 845
22.3.1 PREPARATION OF FINANCIAL STATEMENTS 845
22.3.2 LIABILITY FOR FAILURE TO PREPARE FINANCIAL STATEMENTS 846
22.3.3 REGISTRATION OF FINANCIAL STATEMENTS 846
22.3.4 AVAILABILITY OF FINANCIAL STATEMENTS TO SHAREHOLDERS 847
22.4 AUDIT 847
22.5 DISCLOSURE OF AND ACCESS TO INFORMATION 848
22.5.1 DISCLOSURE: ANNUAL REPORT 848
22.5.2 DISCLOSURE: ANNUAL RETURN 849
22.5.3 DISCLOSURE: ISSUER S CONTINUOUS DISCLOSURE OBLIGATIONS 849
22.5.4 ACCESS TO INFORMATION: DIRECTORS 850
22.5.5 ACCESS TO INFORMATION: SHAREHOLDERS 850
22.5.6 ACCESS TO INFORMATION: PUBLIC 851
XXIV
TABLE OF CONTENTS
PART F: MERGERS, TAKEOVERS AND AMALGAMATIONS
CHAPTER 23: CORPORATE TAKEOVERS
CHRISTOPHER HARE
23.1 INTRODUCTION 855
23.2 THE LEGISLATIVE AND INSTITUTIONAL FRAMEWORK FOR
CONTROLLING TAKEOVERS 859
23.3 THE FUNDAMENTAL RULE 865
23.4 EXCEPTIONS TO THE FUNDAMENTAL RULE 872
23.5 OFFER PROCEDURES 877
23.6 LOCK-UP AGREEMENTS 881
23.7 BREAK FEES 882
23.8 DEALINGS AND DEFENSIVE TACTICS 882
23.9 MARKET MANIPULATION 883
23.10 PANEL S INVESTIGATION AND ENFORCEMENT AUTHORITY 884
CHAPTER 24: AMALGAMATIONS
PETER WATTS
24.1 THE CONCEPT(S) OF AMALGAMATION 889
24.2 THE LEGISLATIVE SCHEMES 891
24.3 THE PART 13 PROCESS 892
24.3.1 STANDARD AMALGAMATIONS 892
24.3.2 SHORT FORM AMALGAMATIONS 893
24.3.3 POWERS OF THE COURT 895
24.4 THE PART 15 PROCESS 895
24.4.1 PROCEDURAL ORDERS 897
24.4.2 SUBSTANTIVE ORDERS 898
24.5 THE EFFECTS OF AMALGAMATION 899
24.5.1 IMPLIED SOLUTIONS FOR UNFORESEEN EFFECTS
OF AMALGAMATION 902
PART G: FORMAL INSOLVENCY
CHAPTER 25: INSOLVENCY PROCEEDINGS
CHRISTOPHER HARE
25.1 INTRODUCTION 907
25.2 INITIATION OF LIQUIDATION PROCEEDINGS 909
25.2.1 THE COMPANY S INABILITY TO PAY ITS DEBTS 914
25.2.2 FORM AND SERVICE OF STATUTORY DEMANDS 915
25.2.3 APPLICATIONS TO SET ASIDE STATUTORY DEMANDS 920
(A) A SUBSTANTIAL DISPUTE REGARDING THE DEBT 923
(B) THE EXISTENCE OF A COUNTERCLAIM, SET-OFF OR CROSS-DEMAND.... 927
(C) SETTING ASIDE A STATUTORY DEMAND ON OTHER GROUNDS 931
25.2.4 CONDUCT OF LIQUIDATION PROCEEDINGS 937
(A) STAYING PROCEEDINGS AND RESTRAINING ADVERTISING 938
(B) APPOINTMENT OF INTERIM LIQUIDATOR 947
(C) LIQUIDATION ORDER 952
XXV
TABLE OF CONTENTS
25.3 EFFECT OF THE LIQUIDATION ORDER 955
25.3.1 EFFECT ON COMPANY 956
25.3.2 EFFECT ON DIRECTORS 958
25.3.3 EFFECT ON SHAREHOLDERS 959
25.3.4 EFFECT ON THIRD PARTIES EXTERNAL TO THE COMPANY 962
25.4 CONDUCT OF THE LIQUIDATION 972
25.4.1 DUTIES OF LIQUIDATORS 977
25.4.2 POWERS OF LIQUIDATORS 981
25.4.3 VOIDABLE TRANSACTIONS 996
INDEX 1005
XXVI
|
| any_adam_object | 1 |
| author | Watts, Peter Campbell, Neil 1973- Hare, Christopher |
| author_GND | (DE-588)172014816 |
| author_facet | Watts, Peter Campbell, Neil 1973- Hare, Christopher |
| author_role | aut aut aut |
| author_sort | Watts, Peter |
| author_variant | p w pw n c nc c h ch |
| building | Verbundindex |
| bvnumber | BV039682276 |
| ctrlnum | (OCoLC)752143370 (DE-599)BVBBV039682276 |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01208nam a2200325 c 4500</leader><controlfield tag="001">BV039682276</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20120525 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">111104s2011 |||| 00||| eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9781877511585</subfield><subfield code="9">978-1-877511-58-5</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">1877511587</subfield><subfield code="9">1-877511-58-7</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)752143370</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV039682276</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-M382</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Watts, Peter</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Company law in New Zealand</subfield><subfield code="c">Peter Watts ; Neil Campbell ; Christopher Hare</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Wellington</subfield><subfield code="b">LexisNexis</subfield><subfield code="c">2011</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">LXXXVIII, 1020 S.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">Company law</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Corporation law / New Zealand</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Campbell, Neil</subfield><subfield code="d">1973-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)172014816</subfield><subfield code="4">aut</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Hare, Christopher</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">SWB Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024531251&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-024531251</subfield></datafield></record></collection> |
| id | DE-604.BV039682276 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T00:08:52Z |
| institution | BVB |
| isbn | 9781877511585 1877511587 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-024531251 |
| oclc_num | 752143370 |
| open_access_boolean | |
| owner | DE-M382 |
| owner_facet | DE-M382 |
| physical | LXXXVIII, 1020 S. |
| publishDate | 2011 |
| publishDateSearch | 2011 |
| publishDateSort | 2011 |
| publisher | LexisNexis |
| record_format | marc |
| series2 | Company law |
| spelling | Watts, Peter Verfasser aut Company law in New Zealand Peter Watts ; Neil Campbell ; Christopher Hare Wellington LexisNexis 2011 LXXXVIII, 1020 S. txt rdacontent n rdamedia nc rdacarrier Company law Corporation law / New Zealand Campbell, Neil 1973- Verfasser (DE-588)172014816 aut Hare, Christopher Verfasser aut SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024531251&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Watts, Peter Campbell, Neil 1973- Hare, Christopher Company law in New Zealand Corporation law / New Zealand |
| title | Company law in New Zealand |
| title_auth | Company law in New Zealand |
| title_exact_search | Company law in New Zealand |
| title_full | Company law in New Zealand Peter Watts ; Neil Campbell ; Christopher Hare |
| title_fullStr | Company law in New Zealand Peter Watts ; Neil Campbell ; Christopher Hare |
| title_full_unstemmed | Company law in New Zealand Peter Watts ; Neil Campbell ; Christopher Hare |
| title_short | Company law in New Zealand |
| title_sort | company law in new zealand |
| topic | Corporation law / New Zealand |
| topic_facet | Corporation law / New Zealand |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024531251&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT wattspeter companylawinnewzealand AT campbellneil companylawinnewzealand AT harechristopher companylawinnewzealand |