A Statutory Contractual Relationship in a Company - Research Paper Example

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The paper describes the corporate constitution or law. It contains all the rules and regulations for corporations, detailing how they could legally carry out their operations and stating the duties and responsibilities of all the components of the corporations: be they shareholders or directors…
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A Statutory Contractual Relationship in a Company
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Download file to see previous pages Corporate constitution or law contains all the rules and regulations for corporations, detailing how they could legally carry out their operations and stating the duties and responsibilities of all the components of the corporations: be they, shareholders or directors. In the UK, the Company Act contains all these rules and regulations for companies established in the United Kingdom and Northern Ireland. However, two versions of the Company Act, namely Company Act 1985 and Company Act 2006 offer varied rights and obligations for shareholders as explained below. Minority shareholders (those whose shareholding is 50% or less), in particular, are given some forms of protection from the majority. Section 459 of Company Act 1985 provides shareholders with the following rights and obligations. Considering the main useful part of Section 459 quoted below: ‘A member of a company may apply to the court… for an order under this Part on the ground that the company’s affairs are being or have been conducted in a manner which is unfairly prejudicial to the interests of its members generally or of some part of its members…” [Emphatically a “member” means a shareholder. From the statements above, shareholders are expected to enjoy the following rights and undertake these obligations. Instituting a legal suit: Shareholders could start a legal proceeding against the directors and the companies in case unexpected unfair practices are discovered. This empowers shareholders to boldly challenge the directors or other management members whenever they abused their positions and undermine the integrity of the company’s constitution. ...Download file to see next pagesRead More
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