JSB171 Lecture Notes - Lecture 1: Listing Rules, Debenture, Selective Reduction
Document Summary
Legal chose in action: a collection of rights and obligations relating to an interest in a company of an economic and proprietary character but not constituting a debt pilmer v the duke group. More than a capitalized dividend stream it is a form of investment that confers proprietary rights on the investor : gambotto v wcp ltd (1995) A share is (s1070a(1)) (a) personal property; Chose in action | intangible personal property. Subject to (s1070a(2): company s constitution, replaceable rules the operating rules of a prescribed cs facility (if applicable): Need not specify authorised capital: 1998 amendments (applies to companies formed before then as well) Must have some share capital, shares & shareholders unless corporation limited by guarantee. Directors have powers of company unless constitution states otherwise: s198a (rr) Company (s124(1)(a)) has power to issue shares including : bonus shares: s254a(1)(a, preference shares (including redeemable preference shares) : s254a(1)(b, partly paid shares: s254a(1)(c)
