By Janet Dine (auth.)
ISBN-10: 0333710959
ISBN-13: 9780333710951
ISBN-10: 1349145831
ISBN-13: 9781349145836
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Additional info for Company Law
Example text
Now can a majority compel a dissentrent unit in the company to grve way and to submrt to these payments? We must go back to the root of things. The money which rs going to be spent is not the money of the majority. That rs clear. It is the money of the company, and the majority want to spend rt. What would be the natural limit of their power to do so? They can only spend money whrch is not therrs but the company's if they are spending rt for the purposes whrch are reasonably incidental to the carrying on of the business of the company.
Now can a majority compel a dissentrent unit in the company to grve way and to submrt to these payments? We must go back to the root of things. The money which rs going to be spent is not the money of the majority. That rs clear. It is the money of the company, and the majority want to spend rt. What would be the natural limit of their power to do so? They can only spend money whrch is not therrs but the company's if they are spending rt for the purposes whrch are reasonably incidental to the carrying on of the business of the company.
They are not to keep their pockets buttoned up and defy the world unless they are lrable in a way which would be enforced at law or rn equity. Most busrnesses require liberal dealings. The test there agarn is not whether it is bona frde. but whether. as well as berng done bona frde. rt is done withrn the ordinary scope of the company's business. and whether rt is reasonably rncrdental to the carrying on of the company's busrness for the company's benefit. Take thrs sort of instance. A railway company, or the directors of the company, mrght send down all the porters at a railway statron to have tea in the country at the expense 8 Company Law of the company Why should they not?