Smith and Keenan’s Company law

Cover......Page 1
Title Page......Page 4
Copyright......Page 5
Brief contents......Page 6
Contents......Page 8
Preface to the seventeenth edition......Page 14
Law report abbreviations......Page 15
Table of cases......Page 17
Table of statutes......Page 30
1 An overview of company law......Page 46
 Background to limited liability......Page 47
 Classification of registered companies......Page 50
 The company as a separate legal entity......Page 61
 Rules of attribution......Page 70
 Companies and human rights......Page 72
 Suggested further reading......Page 73
 Questions......Page 74
 The promoter......Page 75
 Incorporation......Page 85
 Effect of incorporation......Page 89
 Ready-made companies......Page 90
 Post-incorporation procedures for re-registration......Page 91
 The register of members......Page 95
 Director and substantial shareholdings......Page 100
 The annual return......Page 102
 Suggested further reading......Page 103
 Questions......Page 104
 The judiciary......Page 105
 Statutory provisions......Page 118
 Suggested further reading......Page 119
 Questions......Page 120
 Definitions of corporate governance......Page 121
 Theories underpinning corporate governance......Page 122
 Corporate governance reports and codes......Page 124
 Companies Act 2006......Page 131
 Suggested further reading......Page 133
 Questions......Page 134
 Company names......Page 135
 The objects clause......Page 140
 Capital......Page 143
 The registered office......Page 144
 Questions......Page 148
6 The articles of association......Page 150
 The traditional division of powers under the articles......Page 152
 The legal effect of the articles......Page 155
 The articles and insider/outsider rights......Page 160
 The effect of the Contracts (Rights of Third Parties) Act 1999......Page 165
 Shareholders' agreements......Page 166
 Suggested further reading......Page 169
 Questions......Page 170
 Implications of the statutory contract......Page 171
 Breaches of contract arising out of an alteration of the articles......Page 181
 Alteration of the articles by the court......Page 183
 Questions......Page 184
 Public companies and the s 761 certificate......Page 186
 Directors and others as agents......Page 187
 Questions......Page 199
 Definition......Page 201
 Appointment of directors......Page 203
 Remuneration......Page 213
 Compensation for loss of office......Page 218
 Division of power - directors and members......Page 219
 The chairman and executive directors......Page 224
 Publicity in connection with directors......Page 225
 The secretary......Page 226
 Questions......Page 228
 Scope and nature of general duties......Page 229
 Duty to act within powers......Page 230
 Duty to promote the success of the company......Page 234
 Duty to exercise independent judgement......Page 240
 Duty to exercise reasonable care, skill and diligence......Page 241
 Duty to avoid conflicts of interest......Page 245
 Duty not to accept benefits from third parties......Page 255
 Duty to declare interest in proposed transaction or arrangement......Page 256
 Effects of a breach of duty......Page 257
 Suggested further reading......Page 259
 Questions......Page 260
 Removal - under statute......Page 261
 Removal under the articles......Page 262
 Statutory removal - restrictions......Page 263
 Resignation......Page 264
 Appointment of an administrator/administrative receiver......Page 265
 Disqualification - generally......Page 266
 Disqualification by the court and personal liability......Page 267
 Disqualification only......Page 268
 Disqualification and personal liability......Page 273
 Personal liability only......Page 284
 Questions......Page 286
 General meetings of the company......Page 288
 Notice of meetings......Page 292
 Procedure at meetings - legal aspects......Page 296
 Voting......Page 299
 Proxies......Page 301
 Adjournment of the meeting......Page 305
 Class meetings......Page 306
 Board meetings......Page 307
 Resolutions - generally......Page 312
 Ordinary resolutions requiring special notice......Page 314
 Amendments......Page 315
 Written resolutions for private companies (s 288, CA 2006 et seq.)......Page 316
 Electronic communications - CA 2006......Page 317
 Suggested further reading......Page 319
 Questions......Page 320
13 Allotments, calls and forfeiture of shares......Page 321
 Allotment......Page 322
 Share certificates......Page 325
 Share warrants (or bearer shares)......Page 328
 Calls......Page 329
 Mortgages of shares......Page 330
 Lien......Page 331
 Forfeiture of shares......Page 332
 Surrender of shares......Page 334
 Questions......Page 335
 Classes of shares within a company......Page 337
 Preference shares......Page 341
 Variation and abrogation of class rights......Page 345
 Alteration of share capital......Page 350
 Redeemable shares......Page 351
 Questions......Page 353
 The consideration - generally......Page 354
 Prohibition on allotment of shares at a discount......Page 359
 Shares issued at a premium......Page 360
 Transfer of unlisted shares......Page 363
 Transfer of listed shares......Page 366
 Companies whose articles restrict transfer......Page 369
 Questions......Page 375
 The official system for listing securities on an investment exchange......Page 377
 Procedures for issuing shares......Page 383
 Underwriting......Page 384
 Reform......Page 385
 Insider dealing......Page 387
 Market abuse......Page 389
 Suggested further reading......Page 391
 Questions......Page 392
17 Capital maintenance and distribution......Page 393
 Reduction of capital......Page 394
 Acquisition of own shares - generally......Page 403
 Purchase of own shares......Page 405
 Financial assistance for the purchase of shares......Page 410
 Profits available for distribution - generally......Page 419
 Profits available - public and private companies......Page 420
 Realised profits and accounting standards......Page 422
 Relevant accounts......Page 423
 Declaration and payment of dividends......Page 424
 Consequences of unlawful distribution......Page 427
 Suggested further reading......Page 429
 Questions......Page 430
 Power to borrow......Page 431
 Types of debentures......Page 432
 Acquisition of debentures......Page 436
 The trust deed......Page 437
 Company charges......Page 439
 Postponement of floating charges......Page 441
 Registration of charges......Page 447
 Avoidance of floating charges......Page 451
 Preference......Page 453
 Suggested further reading......Page 454
 Questions......Page 455
19 The statutory derivative action......Page 456
 Shareholders' agreements......Page 457
 The statutory derivative action......Page 458
 Suggested further reading......Page 480
 Questions......Page 481
 Statutory protection against unfair prejudice......Page 482
 Minority petition for a just and equitable winding-up......Page 504
 Questions......Page 507
 Voluntary arrangements......Page 509
 Administration......Page 519
 Questions......Page 535
 Receiverships......Page 537
 Voluntary winding-up......Page 538
 Members' voluntary winding-up......Page 541
 Creditors' voluntary winding-up......Page 543
 Alternatives to winding-up......Page 545
 Questions......Page 551
 Winding-up by the court......Page 552
 Voluntary winding-up......Page 559
 The duties of a liquidator......Page 561
 Compulsory winding-up by a company in voluntary liquidation......Page 572
 Questions......Page 573
Index......Page 576