Law queries.. ipcc
This query is : Resolved
04 March 2013
1.Express Authorization in articles is required to pay underwriting commission
q. What is the reason behind this ?
2.Legal rules as to allotment of shares.
1.Under the companies act- No valid allotment can be made unless the person agrees in writing to become a member.
q.There can be thousands of members of a company, so every member is required to apply in writing for allotment?
3.Promissory note: Meaning
An instrument in writing containing an unconditional undertaking signed by the maker to pay certain sum of money only to
a certain person, or the order of certain person , or "the bearer of the instrument".
While the essential characteristics of promissory note states , as per the provisions of RBI Act, 1934 "cannot be made payable to the bearer"
these two statements seem opposite to me.
q. What is the reason behind this ?
2.Legal rules as to allotment of shares.
1.Under the companies act- No valid allotment can be made unless the person agrees in writing to become a member.
q.There can be thousands of members of a company, so every member is required to apply in writing for allotment?
3.Promissory note: Meaning
An instrument in writing containing an unconditional undertaking signed by the maker to pay certain sum of money only to
a certain person, or the order of certain person , or "the bearer of the instrument".
While the essential characteristics of promissory note states , as per the provisions of RBI Act, 1934 "cannot be made payable to the bearer"
these two statements seem opposite to me.
04 March 2013
4.Negotiable Instruments Act, 1881.
Where a part of consideration for which a person signed a promissory note,
bill of exchange or cheque, though not consisting of money,
is ascertainable in money without collateral enquiry,
and there has been a failure of that party, the sum which a holder standing in immediate relation with such signer is entitled to receive from him ,
is proportionally reduced.
q. Sir, this one is complete bouncer.
5.Sir, i did not understand the terms
1.Sans recourse Endorsement and Facultative
Endorsement
Where a part of consideration for which a person signed a promissory note,
bill of exchange or cheque, though not consisting of money,
is ascertainable in money without collateral enquiry,
and there has been a failure of that party, the sum which a holder standing in immediate relation with such signer is entitled to receive from him ,
is proportionally reduced.
q. Sir, this one is complete bouncer.
5.Sir, i did not understand the terms
1.Sans recourse Endorsement and Facultative
Endorsement
16 August 2023
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