Preface |
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xvii | |
Table of cases |
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xix | |
Table of statutes |
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xxxi | |
1 Introduction |
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1 | (16) |
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1.1 A company or a partnership |
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2 | (3) |
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5 | (4) |
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9 | (1) |
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10 | (4) |
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1.5 The Department for Business, Innovation and Skills |
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14 | (1) |
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15 | (1) |
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15 | (1) |
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16 | (1) |
2 The Salomon principle and the corporate veil |
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17 | (28) |
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18 | (5) |
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2.2 Lifting the veil - exceptions to the Salomon principle |
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23 | (9) |
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2.3 Companies - torts and crimes |
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32 | (9) |
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41 | (1) |
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42 | (1) |
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43 | (2) |
3 Promoters and pre-incorporation contracts |
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45 | (9) |
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46 | (1) |
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46 | (2) |
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3.3 Remedies for breach of promoters' duties |
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48 | (1) |
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3.4 Payment for the promoters' services |
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48 | (1) |
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3.5 Pre-incorporation contracts |
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49 | (3) |
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52 | (1) |
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53 | (1) |
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53 | (1) |
4 Shares and payment of capital |
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54 | (12) |
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4.1 The nature of a share |
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55 | (1) |
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4.2 Different classes of shares |
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55 | (1) |
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4.3 Other classes of shares |
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56 | (1) |
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57 | (4) |
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61 | (1) |
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61 | (1) |
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62 | (1) |
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4.8 Issue of shares at a premium |
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63 | (1) |
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64 | (1) |
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64 | (1) |
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65 | (1) |
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65 | (1) |
5 Financial Conduct Authority - issue of shares to the public |
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66 | (15) |
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67 | (1) |
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5.2 Financial Conduct Authority |
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67 | (1) |
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5.3 Principles of Good Regulation |
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68 | (1) |
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5.4 Principles for Business |
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69 | (1) |
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69 | (1) |
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5.6 The London Stock Exchange |
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70 | (1) |
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5.7 The Financial Conduct Authority Handbook and Market Conduct |
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70 | (1) |
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71 | (1) |
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71 | (1) |
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71 | (1) |
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72 | (1) |
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5.12 Powers of the Financial Conduct Authority |
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72 | (1) |
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5.13 Remedies for misleading prospectuses |
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73 | (4) |
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5.14 Invitations to invest |
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77 | (1) |
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78 | (1) |
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79 | (1) |
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80 | (1) |
6 The company's constitution - some vital considerations |
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81 | (25) |
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82 | (1) |
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6.2 The name of the company |
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83 | (4) |
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87 | (1) |
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88 | (2) |
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6.5 A company's registered office |
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90 | (1) |
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90 | (4) |
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6.7 Objects of the company |
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94 | (1) |
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6.8 Drafting the objects clause |
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95 | (2) |
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6.9 Ultra vires contracts and common law |
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97 | (1) |
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6.10 Section 9(1) of the European Communities Act 1972 |
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98 | (2) |
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6.11 The Prentice Report and the Companies Act 1989 |
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100 | (1) |
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6.12 A company's capacity under the Companies Act 2006 |
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100 | (1) |
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6.13 Transactions involving directors or their associates - Companies Act 2006 |
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101 | (1) |
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6.14 Directors' power to bind the company - Companies Act 2006 |
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102 | (1) |
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102 | (1) |
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103 | (1) |
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104 | (1) |
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104 | (1) |
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104 | (2) |
7 The articles of association |
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106 | (18) |
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107 | (2) |
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7.2 Resolutions or agreements affecting a company's constitution |
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109 | (1) |
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110 | (1) |
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7.4 Constitutional documents and members |
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110 | (1) |
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7.5 Alteration of the articles of association |
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110 | (4) |
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7.6 Variation of class rights |
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114 | (4) |
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118 | (3) |
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121 | (1) |
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122 | (1) |
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123 | (1) |
8 The payment of dividends |
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124 | (9) |
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8.1 Distributable reserves |
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125 | (2) |
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8.2 Undistributable reserves |
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127 | (1) |
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127 | (1) |
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128 | (1) |
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8.5 Accumulated realised profits by reference to accounts |
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128 | (1) |
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8.6 Distributions in kind |
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129 | (1) |
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8.7 Wrongful payment of dividend |
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129 | (3) |
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132 | (1) |
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132 | (1) |
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132 | (1) |
9 The maintenance of capital |
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133 | (13) |
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134 | (1) |
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9.2 Financial assistance towards the purchase of a company's own shares |
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134 | (4) |
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9.3 A company's purchase of its own shares and the issue of redeemable shares |
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138 | (1) |
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9.4 The purchase by a company of its own shares |
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139 | (1) |
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9.5 Redemption or purchase by a private company out of capital |
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140 | (1) |
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141 | (1) |
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9.7 The capital redemption reserve |
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142 | (1) |
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142 | (2) |
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144 | (1) |
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145 | (1) |
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145 | (1) |
10 Directors |
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146 | (20) |
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10.1 Management of the company |
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147 | (1) |
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10.2 The appointment of directors |
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147 | (4) |
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10.3 Executive and non-executive directors |
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151 | (1) |
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10.4 Qualification of directors |
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151 | (1) |
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151 | (4) |
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155 | (1) |
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10.7 Statutory disqualification of directors |
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156 | (4) |
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10.8 Directors' loss of office and compensation payments |
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160 | (1) |
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10.9 Loans, quasi-loans and credit transactions in favour of directors |
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161 | (2) |
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163 | (2) |
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165 | (1) |
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165 | (1) |
11 Powers of directors |
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166 | (8) |
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167 | (1) |
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11.2 Control of the directors |
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167 | (2) |
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169 | (1) |
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11.4 Validity of the acts of directors |
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169 | (2) |
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11.5 The rule in Turquand's case |
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171 | (1) |
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172 | (1) |
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172 | (1) |
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173 | (1) |
12 Directors' duties |
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174 | (32) |
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175 | (1) |
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12.2 The nature of the duty owed |
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176 | (2) |
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12.3 Duty to promote the success of the company |
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178 | (3) |
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12.4 Duty to exercise independent judgement |
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181 | (1) |
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12.5 Directors' exercise of powers for a proper purpose |
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181 | (3) |
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12.6 The duty of care and skill |
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184 | (4) |
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188 | (2) |
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12.8 Use of corporate opportunities |
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190 | (3) |
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12.9 Competing with the company |
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193 | (1) |
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12.10 Benefits from third parties |
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194 | (1) |
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12.11 Personal liability of directors |
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195 | (2) |
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12.12 Limiting the liability of directors |
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197 | (2) |
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12.13 Directors' contracts |
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199 | (1) |
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12.14 Substantial transactions |
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199 | (1) |
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12.15 Control of political donations and expenditure |
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200 | (2) |
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202 | (2) |
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204 | (1) |
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204 | (2) |
13 Corporate governance |
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206 | (18) |
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207 | (1) |
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13.2 The Cadbury Committee |
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207 | (2) |
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13.3 The Greenbury Committee |
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209 | (1) |
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13.4 The Hampel Committee |
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209 | (2) |
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211 | (1) |
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211 | (1) |
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211 | (1) |
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212 | (1) |
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13.9 The Combined Code on Corporate Governance 2003 |
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212 | (1) |
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213 | (5) |
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13.11 UK Corporate Governance Code 2014 |
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218 | (2) |
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13.12 Alternative Investment Market companies |
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220 | (1) |
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13.13 International corporate governance |
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220 | (1) |
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13.14 European Commission |
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220 | (1) |
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221 | (1) |
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221 | (1) |
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222 | (1) |
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222 | (2) |
14 Insider dealing and market abuse |
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224 | (9) |
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225 | (1) |
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226 | (1) |
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14.3 Insider dealing as market abuse |
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227 | (1) |
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228 | (1) |
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229 | (1) |
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14.6 Market manipulation as market abuse |
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230 | (1) |
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230 | (1) |
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230 | (1) |
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14.9 Financial institutions and fraud |
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231 | (1) |
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231 | (1) |
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232 | (1) |
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232 | (1) |
15 Minority protection |
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233 | (23) |
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15.1 The rule in Foss v Harbottle |
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234 | (1) |
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15.2 Exceptions to the rule |
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234 | (6) |
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15.3 The statutory remedy |
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240 | (6) |
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15.4 The section in operation |
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246 | (2) |
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248 | (2) |
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15.6 Just and equitable winding up |
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250 | (3) |
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253 | (1) |
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254 | (1) |
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254 | (2) |
16 Company meetings |
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256 | (24) |
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16.1 Annual general meetings |
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257 | (1) |
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257 | (3) |
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260 | (1) |
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260 | (4) |
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264 | (2) |
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266 | (1) |
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266 | (1) |
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267 | (1) |
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16.9 Electronic communications |
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268 | (1) |
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268 | (7) |
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16.11 Additional requirements for quoted companies |
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275 | (2) |
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16.12 Disability Discrimination Act 1995 |
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277 | (1) |
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277 | (1) |
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278 | (1) |
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279 | (1) |
17 Accounts and returns |
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280 | (16) |
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17.1 Accounts and reports |
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281 | (4) |
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285 | (3) |
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288 | (2) |
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17.4 Publication of accounts and reports |
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290 | (3) |
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17.5 Failure to file accounts and reports |
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293 | (1) |
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294 | (1) |
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295 | (1) |
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295 | (1) |
18 Auditors and annual return |
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296 | (14) |
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297 | (10) |
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307 | (1) |
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308 | (1) |
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309 | (1) |
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309 | (1) |
19 Secretary |
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310 | (6) |
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311 | (2) |
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19.2 Duties of the secretary |
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313 | (1) |
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19.3 Responsibilities of the secretary |
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313 | (1) |
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314 | (1) |
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314 | (1) |
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315 | (1) |
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315 | (1) |
20 Debentures and the law of mortgages |
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316 | (15) |
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317 | (1) |
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317 | (1) |
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20.3 Debentures compared with shares |
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318 | (1) |
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20.4 Debenture trust deeds |
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318 | (1) |
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319 | (2) |
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321 | (1) |
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20.7 Registration of charges |
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322 | (1) |
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20.8 Discharge of charges |
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323 | (1) |
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20.9 Priorities amongst charges |
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323 | (1) |
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20.10 Special circumstances affecting priorities |
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324 | (4) |
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328 | (1) |
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329 | (1) |
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330 | (1) |
21 Receivership |
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331 | (5) |
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332 | (1) |
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332 | (1) |
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21.3 Procedure on appointment |
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332 | (1) |
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21.4 The course of the administrative receivership |
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333 | (1) |
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21.5 Priority of payments in an administrative receivership |
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334 | (1) |
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21.6 Termination of administrative receivership |
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334 | (1) |
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335 | (1) |
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335 | (1) |
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335 | (1) |
22 Voluntary arrangements and administration |
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336 | (9) |
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22.1 Voluntary arrangements |
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337 | (1) |
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338 | (1) |
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22.3 Appointment by the court |
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339 | (1) |
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22.4 Appointment by the company or the company's directors |
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339 | (1) |
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22.5 Appointment by a qualifying floating chargeholder |
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340 | (1) |
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22.6 The administrator's proposals |
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340 | (1) |
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22.7 Effects of administration |
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341 | (1) |
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22.8 Powers of the administrator |
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341 | (1) |
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22.9 Contracts of employment and the Enterprise Act 2002 |
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342 | (1) |
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342 | (1) |
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22.11 Termination of administration |
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342 | (1) |
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343 | (1) |
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343 | (1) |
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343 | (2) |
23 Investigations |
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345 | (6) |
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346 | (1) |
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23.2 Production of documents |
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346 | (1) |
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23.3 Investigation of affairs of a company |
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346 | (1) |
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23.4 Investigation of ownership or control |
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347 | (1) |
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23.5 Investigation into insider dealing |
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348 | (1) |
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23.6 Consequences of inspections |
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348 | (1) |
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23.7 Expenses of investigation |
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349 | (1) |
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23.8 Impact of the Companies Act 2006 |
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349 | (1) |
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349 | (1) |
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350 | (1) |
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350 | (1) |
24 Takeovers, reconstructions and amalgamations |
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351 | (10) |
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352 | (1) |
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352 | (1) |
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352 | (1) |
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352 | (1) |
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352 | (1) |
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353 | (1) |
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24.7 The new offence relating to bid documentation |
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353 | (1) |
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24.8 Takeovers -'squeeze-out' and 'sell-out' rules |
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354 | (1) |
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24.9 'Opting in' and 'opting out' in relation to pre-bid defences |
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354 | (1) |
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24.10 Changes to the Code |
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354 | (2) |
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24.11 General principles, definitions and rules |
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356 | (1) |
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24.12 Substantial Acquisition Rules abolished |
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356 | (1) |
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24.13 Arrangements and reconstructions |
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356 | (2) |
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24.14 Sale of assets in return for shares |
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358 | (1) |
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359 | (1) |
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359 | (1) |
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360 | (1) |
25 Liquidation |
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361 | (14) |
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362 | (4) |
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366 | (2) |
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368 | (3) |
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25.4 The conduct of the liquidation |
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371 | (1) |
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372 | (1) |
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373 | (1) |
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373 | (2) |
Index |
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375 | |