https://www.taxtmi.com/caselaws?id=97866 Advance made to a company based on a managing agent's promise to treat it as a debenture or first mortgage was held unenforceable because the statutory prohibition on delegation prevented managing agents from binding the company to issue debentures absent directors' authority; no debentures or charge were created and subsequent instruments and minutes did not constitute a valid ratification by the company. English equitable conversion to an equitable charge applies only where a competent party has made an enforceable agreement; absent directors' authority, no first charge on net asset proceeds arises and the applicant's claim fails. en-us Fri, 14 Apr 1961 00:00:00 +0530 Wed, 18 Jan 2012 13:29:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97866 Advance made to a company based on a managing agent's promise to treat it as a debenture or first mortgage was held unenforceable because the statutory prohibition on delegation prevented managing agents from binding the company to issue debentures absent directors' authority; no debentures or charge were created and subsequent instruments and minutes did not constitute a valid ratification by the company. English equitable conversion to an equitable charge applies only where a competent party has made an enforceable agreement; absent directors' authority, no first charge on net asset proceeds arises and the applicant's claim fails. Case-Laws Companies Law Fri, 14 Apr 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97866