Fair market value under section 50C must reflect existing property condition, not hypothetical development, and statutory valuation steps must be foll...
Page of 4809
Press 'Enter' after typing page number.
2021 to 2040 of 96177 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Article 15 of the Articles of Association required a selling member to notify the Board in writing, enabled the Board to act as agent for sale to existing members, and required pricing at an agreed or auditor-certified fair value. Transfers by individual shareholders and a Trust to outsiders without following that procedure disregarded existing shareholders' pre-emptive rights and were treated as void. The same restrictions applied to both categories of shareholders, and acquiescence could not waive the mandatory process. The transfers were set aside, the company was required to rectify its registers and make consequential declarations, and any fresh sale had to comply with Article 15.
Article 15 of the Articles of Association required a selling member to notify the Board in writing, enabled the Board to act as agent for sale to existing members, and required pricing at an agreed or auditor-certified fair value. Transfers by individual shareholders and a Trust to outsiders without following that procedure disregarded existing shareholders' pre-emptive rights and were treated as void. The same restrictions applied to both categories of shareholders, and acquiescence could not waive the mandatory process. The transfers were set aside, the company was required to rectify its registers and make consequential declarations, and any fresh sale had to comply with Article 15.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4809 
Join Channel 
