Law queries.. ipcc

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Ankit Hinduja (Querist)
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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.

Ankit Hinduja

Ankit Hinduja (Querist)
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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