The Doctrine of Constructive Notice - Free Essay Example

ROUGH DRAFT FOR COMPANY LAW PROJECT ON THE DOCTRINE OF CONSTRUCTIVE NOTICE PRELLIMINARY STAGE CONTENTS HISTORICAL ANALYSIS SHORT INTRODUCTION AIM OF THE PROJECT PROPOSED RESEARCH QUESTION DOCTRINE OF CONSTRUCTIVE NOTICE AND ITS LIMITATIONS CONCLUSION Historical Analysis: A Preview Of The Doctrine Of Constructive Notice The doctrine of constructive notice owes ità ¢Ã¢â€š ¬Ã¢â€ž ¢s origins to the United Kingdom where it was evolved on the demands of the companies so as to protect their interest against the dealings with third parties, The historical background of the doctrine is divided into two parts which is before and after 1855, since the concept of limited liability was made applicable in this year,[1] that time unlimited liability concept of shareholders ended and thus there was an urgent need felt to safeguard the companies liability. à ¢Ã¢â€š ¬Ã…“In that they presumed to have knowledge of companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s document filed with the registrar, which are open to public for inspection and with the right to have certified 9 copies of relevant extract from them. Section 610 of our Companies Act 1956[2] contains this provision, irrespective of the fact, whether the third parties have the knowledge or not.à ¢Ã¢â€š ¬Ã‚ [3] Constructive notice refers to a legal fiction so that in a case concerning a person that person is deemed or construed to have prior information about the case even if he does not, however later it was understood that is such a procedure is to be followed than the law would be a little harsh on the less observant ones.[4] The brutality of the Doctrine of Constructive notice is to some degree lessened by the Tenet of Indoor administration or Turquands Rule'[5]. Initially the common law doctrine of constructive notice was laid in the case of Ernest v. Nicholls[6]and it was further explained in the case of Mahony v. East Holyford Mining Co[7] case, Master Wensleydale in Ernest case took the view that the tenets of organization would apply without the convention of helpful risk. The destination was to hold the shareholders obligated. The perception of Lord Wensleydale is not clear. Then again, it gives the idea that he appears to have recognized that it was to dodge this come about that the lawmaking body wanted to oblige an organization to enroll articles along these lines to make accessible the world data in order to make accessible to the world data in respect to who were the persons commissioned to tie the shareholders. Thus after ità ¢Ã¢â€š ¬Ã¢â€ž ¢s initial years of explanation it became a valid point of argument for the third parties that the doctrine was still a bit harsh on them and the courts both in India and abroad grew reluctant about ità ¢Ã¢â€š ¬Ã¢â€ž ¢s application. There grew to be many instances in which it was not practical enough to ascertain whether the sanctions for the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s actions was there in the MOA and AOA or not and also the third parties were very fearful to ask the directors about it in the first place thus as a substitute the doctrine of Indoor management was culled out in the case of Royal Bank vs. Turquand[8] to mitigate the loss of the third parties. The courts in India also subsequentl y rejected the application of this doctrine in likewise in the case of Dehradun Mussoorie Electric Tramway Co. v. Jagamanandaradas[9]the Allahabad high court rejected ità ¢Ã¢â€š ¬Ã¢â€ž ¢s application holding the company liable as the directors had borrowed money which was in non-compliance with the MOA and also without resolution by members. Furthermore, in the case of Liquidator, Manasube Co. (P.) Ltd. v. Commissioner of Police[10] the court held that it was duty of the third party lenders to acquaint themselves with the details of MOA of a company but it doesnà ¢Ã¢â€š ¬Ã¢â€ž ¢t mean that they have to embark upon an investigation so as to know about the legality of the dealings and regularity of directors. SHORT INTRODUCTION AND PARADOX: TODAYà ¢Ã¢â€š ¬Ã¢â€ž ¢S RELEVANCE In todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s recent times the doctrine of constructive notice can be best described as an unreal doctrine[11] or legal fiction it could never have been true given the kind of impracticality that it surfaced however through the years ità ¢Ã¢â€š ¬Ã¢â€ž ¢s application has brought a lot of disadvantage to the third parties and reaped undue benefits for the company and ità ¢Ã¢â€š ¬Ã¢â€ž ¢s directors. Innumerable parties enter into various contracts on a daily basis however this doctrine expects each and every one of such parties to know and have complete information about each and every official document and gazette of the company, even if we take that perspective in mind the validity of the transactions and dealings rarely depends upon these documents it depends upon the directors the real agents of the company. Ità ¢Ã¢â€š ¬Ã¢â€ž ¢s the goodwill of the directors that matters the most. This is the primary reason why British and Indian courts have separated their ways from this doctrine, Indian courts never paid much attention to it in the first place, also the à ¢Ã¢â€š ¬Ã…“European Communities Act by bringing section 9à ¢Ã¢â€š ¬Ã‚ [12] into perspective which wor ks on the concept of good faith. The aforementioned stay to be the main reasons why the doctrine of Indoor Management[13] has been originated to lessen the rigor of the former doctrine, which gives a certain amount of freedom and latitude to the third parties so as to assume something on their part which any common man of à ¢Ã¢â€š ¬Ã…“ordinary prudenceà ¢Ã¢â€š ¬Ã‚ [14] would be sensible enough so as to assume. THE FUNDAMENTAL PREMISE OF THE PROJECT The doctrine of constructive notice has shown its merits and demerits well a greater deal of the latter in the past, however our main aim regarding this project is not just to dwell about them but to delve deeper into the fundamental of ità ¢Ã¢â€š ¬Ã¢â€ž ¢s limitations. Furthering ità ¢Ã¢â€š ¬Ã¢â€ž ¢s course the project will seek to show how these limitations affected the application and development of this doctrine and how ità ¢Ã¢â€š ¬Ã¢â€ž ¢s application has totally subsided in the modern day, getting replaced by the do ctrine of indoor management. This brings us to the research question this project seeks to put up with and answer in the subsequent state. The Research Question à ¢Ã¢â€š ¬Ã¢â‚¬Å" What are the limitations that the Doctrine of Constructive Notice had since the very beginning of ità ¢Ã¢â€š ¬Ã¢â€ž ¢s establishment and application, how it affected the cases in which it was applied, how it transformed and how these limitations could be or were eliminated by the Doctrine of Indoor Management? THE FUNDAMENTAL LIMTATIONS OF THE DOCTRINE OF CONSTRUCTIVE NOTICE The fundamental difficulty that exists with this doctrine is that it presupposes a lot of things n the part of the third party which in real life are very impractical and impossible, it says that the third parties must have all the prior knowledge required to enter in a particular transaction so as to mean that even if any wrongful act be done on the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s behalf the third party could not claim compens ation, like buyer beware/ caveat emptor[15] , it mitigates the duty of the company to act in good faith[16] to a very large extent. This doctrine in another of ità ¢Ã¢â€š ¬Ã¢â€ž ¢s following limitation extends a sense of gross negligence to the fact that of the third party being at mistake, à ¢Ã¢â€š ¬Ã…“despite the fact that no clear run characterizing what might constitute terrible carelessness could by its extremely nature be set out, the Courts of Equity held that if a buyer of property overlooks to make legitimate and typical analyses into his sellers title, such oversight, without sensible description, might measure to horrible carelessness and the buyer must, accordingly, be altered with productive notice of realities which he might have known whether he had made such requests. This recommendation was likewise in a few cases rested on the first hypothesis of fake dismissing by saying that such exclusion from the buyer, if not demonstrated, may be proof of an outline con flicting with genuine managing to escape information of the accurate state of the title. Anyhow whatever be the legitimate hypothesis on which the recommendation may be underpinned, the rule underlying the suggestion was that a buyer of property, as a standard judicious man, is normal, for the insurance of his own investment, to make fitting and ordinary analyses into his merchants title before he buys the property and in the event that he discards to do along these lines, without any sensible description, a deduction can true blue be drawn that either he has willfully refrained from making requests with the end goal of escaping notice of realities which he might have known had he made the analyses or he is liable of terrible carelessness. This guideline was clarified by Lord Selborne, in Agra Bank v. Barry[17], where with reference to the obligation of a buyer to explore title the educated Law Lord said: It has been said in contention that examination of title and analysis after deeds is the obligation of a buyer or a mortgagee; and, doubtlessly, there are powers, which do utilize that dialect. However this, assuming that it can legitimately be known as an obligation, is not an obligation owing to the conceivable holder of an inactive title or security. It is simply the course which a man managing genuine in the correct and ordinary way for his investment, should, without anyone else present or his specialist, to accompany, with a perspective to his title and his security. In the event that he doesnt accompany that course, the oversight of it may be a thing needing to be represented or illustrated. It may be proof assuming that it is not demonstrated, of an outline conflicting with true blue managing, to evade information of the correct state of the title. What is a sufficient illustration should dependably be an inquiry to be chosen with reference to the nature and circumstances of every specific case.à ¢Ã¢â€š ¬Ã‚ [18] Another limitation of this doct rine works on the restrictions it imposes on the companiesà ¢Ã¢â€š ¬Ã¢â€ž ¢ directors, it is a fiction that could have biased effects for outcasts who work with the organization. INSTANCE Case in point, if an organizations articles of acquaintanceship confined the forces of the overseeing executive and his power to enter into contracts in the interest of the organization, an outcast may finish up a business bargain with the overseeing chief, just to find that the organization revokes the agreement, and that he is then unable to propel the organization to complete its piece of the deal in light of the fact that the overseeing executive had surpassed his power, and the organization is not lawfully bound to the arrangement. The effect of the teaching of useful perceive in this circumstance might be that the outcast couldnt contend that he was unconscious of the cutoff points of the overseeing chiefs power he might be dealt with, in law, as knowing of those points of confinemen t on the support that he had productive notice of the restrictions on the grounds that they were recorded in the organizations open archives.[19] CONCLUSION It was, additionally, a fiction that could have biased effects for outcasts who work with the organization, at the time the doctrine of constructive notice was formed. The Memorandum of Association of a Company must be stopped with the Registrar of Companies. Since this is accessible for open review, individuals working with the Company are allowed to investigate the record to check whether there is any restriction of forces or constraints put on the way of the business. This made an issue untouchables are esteemed to know any confinement put on the Directors of the Company. Hence if later, it was found that there was some unpredictability inside the Company in appreciation of any choices, untouchables having managing the Company are esteemed to be mindful of it. This got known as the regulation of productive notice. [2 0] However this made issue for outcasts who had no information if some interior system had not been agreed to. Now we have come to a juncture where the doctrine of constructive notice is not used at all by the courts and if it is used it is used in places and cases it was not originally meant for, the aforementioned limitations have forced the jurors and interpreters to come out with the Indoor Management Rule which has taken the former doctrineà ¢Ã¢â€š ¬Ã¢â€ž ¢s place gradually, in todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s world. 1 [1] Doctrine of Ultra Vires under Companies Act 1956, By Hari Ram Yadav, Dept. Of Law, MDU, Rohtak, https://shodhganga.inflibnet.ac.in/bitstream/10603/9793/17/17_summary.pdf [2] Central Government Act, Section 610 in The Companies Act, 1956 [3] Ibid see 1. [4] Constructive notice, legal information institute, Cornell University Law School, https://www.law.cornell.edu/wex/constructive_notice [5] Royal British Bank v Turquand(1856) 6 EB 327 [6] Ernest v Nicholls(1857) 6 HL Cas 401. [7] Mahony v.East Holyford Mining Co., [1875] LR 7 HL 869. [8] Royal British Bank v Turquand(1856) 6 EB 327 [9] Dehra Dun Mussoorie Electric Tramway v. Jagmandardas, AIR 1932 A;ll 141 [10] Official Liquidator of Manasube Co. Pvt. Ltd. v. Commissioner of police,[1968] 38 Com Cases 884 (Mad). [11] Doctrine of Constructive Notice, By Sameer Sharma, 06 September 2010, Lawyerà ¢Ã¢â€š ¬Ã¢â€ž ¢s Club India, https://www.lawyersclubindia.com/articles/Doctrine-of-Constructive-Notice -3133.asp#.Uxyq99YRKsZ [12] Doctrine of Ultra Vires under Companies Act 1956, By Hari Ram Yadav, Dept. Of Law, MDU, Rohtak, https://shodhganga.inflibnet.ac.in/bitstream/10603/9793/17/17_summary.pdf [13] Company Law Doctrines and Authority to Contract Andrew R. Thompson The University of Toronto Law Journal, Vol. 11, No. 2 (1956) , pp. 248-289 Published by:University of Toronto Press, Article DOI: 10.2307/824437,Article Stable URL: https://www.jstor.org/stable/824437 [14] Standard of Care and the à ¢Ã¢â€š ¬Ã…“Reasonable Personà ¢Ã¢â€š ¬Ã‚ , Find Law, https://injury.findlaw.com/accident-injury-law/standards-of-care-and-the-reasonable-person.html. [15] Caveat Emptor Legal Definition, Latin: Buyer Beware, Duhaime Legal Dictionary, https://www.duhaime.org/LegalDictionary/C/CaveatEmptor.aspx. [16] Duty Of Good Faith, Legal Information Institute, Http://Www.Law.Cornell.Edu/Wex/Duty_Of_Good_Faith [17] Agra Bank v. Barry (1874) L.r. 7 H.l. 135 [18] Doctrine of Constructive Notice, By Sameer Sharma, 06 September 2010, Lawyerà ¢Ã¢â€š ¬Ã¢â€ž ¢s Club India, https://www.lawyersclubindia.com/articles/Doctrine-of-Constructive-Notice-3133.asp#.Uxyq99YRKsZ [19] The Companies Act of 2008 has not completely abolished constructive notice, NEWSLTTER, ROODT Inc. Attorneys, https://www.roodtinc.com/newsletter55.asp [20] THE INDOOR MANAGEMENT RULE, Wednesday, October 15, 2008, https://vijayhighcourt1.blogspot.in/2008/10/indoor-management-rule.html

Science And Technology Science - 862 Words

Science and Technology Science and technology are two very different, but two very similar things. Technology and science are both advancing at a very rapid speeds, which means everyday they rely on each other more and more. Science and technology are in deed interdependent. Science is used in technology, and technology is used in science. Both are important to our society today, and together, they have affected people’s lives all over the world. Science is the knowledge or the study of the natural world by investigating through the scientific method. Science is used to answer the general laws of the universe and explain how the world works. In science, people learn by conducting experiments and analyzing data to draw a conclusion and answer a question of nature. Science uses observations and facts to discover the answers of unknown things in the world. Technology is the knowledge having to do with the application of science to create machinery or equipment for practical purpo ses. Technology is the use of science in many things like engineering, industry, and is used to invent machines and contraptions that would help people. One example of how science and technology are interdependent is the way they work together for earth and space science. In this particular science, technology is needed to discover and collect all the information to learn and understand things in earth and space. One way is by using seismographs. This is a device that is used to measure earthquakes.Show MoreRelatedScience, Technology and Innovation2949 Words   |  12 PagesPolicy Sci DOI 10.1007/s11077-011-9137-3 Science, technology and innovation in a 21st century context John H. Marburger III Ó Springer Science+Business Media, LLC. 2011 This editorial essay was prepared by John H. ‘‘Jack’’ Marburger for a workshop on the ‘‘science of science and innovation policy’’ held in 2009 that was the basis for this special issue. It is published posthumously. 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Data Represent The Mean Of Triplicate Measurements

Data represent the mean of triplicate measurements  ± standard deviation (SD). Data with asterisk (*) mean that bioaccessibility at this time point was significantly different from that measured at previous time point (**, p0.05). When soils progressed from the gastric phase to intestinal phase, bioaccessibility of As, Cd and Pb in soils spiked with binary mixtures of As, Cd and Pb were not affected by each other. For example, intestinal bioaccessibility of Cd in KBA soil measured at 7 days (Table 4.3) was 22 ±1.9 %, which did not differ significantly (p0.05) from that (22 ±1.7 %) in soil spiked with both Cd and As (Table 4.5). Liang et al. (2014) found that when As (40 mg kg-1) and Pb (150 mg kg-1) were spiked together in soils which†¦show more content†¦Also, since As, Cd and Pb solutions were added into soils sequentially with 24 hours (spike time interval) apart rather than concurrently in one mixed-solution, insoluble compounds such as Cd/Pb arsenate were less li kely to be formed in soils due to the rapid sorption of metals/metalloid from solution to soil phase (Bradl, 2004). However, when Pb and As were added to Cd-spiked soil one after another, intestinal bioaccessibility of Cd in KBA and TAA soils increased relative to soils spiked with single Cd at the early stage of aging (data in Table 4.5 marked with *). In contrast, bioaccessibility of As and Pb were not influenced by the presence of Cd. Compared to binary mixtures of As, Cd and Pb, the co-existence of As, Cd and Pb in the same soil sample may lead to competitive sorption on soils due to the increased loading of metals/metalloid. Prior studies have noted that Pb was absorbed in preference to Cd thus increasing the observed solubility of Cd (Serrano et al., 2005; Appel et al., 2008). In this study, this preference was reflected on the observation that bioaccessibility of Pb in four types of soils was stable after 7 days aging, which indicates fast reaction between Pb and soil components. Besides, strong affinity of As to organic carbon, Fe oxide and Al oxide has been extensively reported (Solaiman et al., 2009; Komarek et al., 2013). Therefore, there was a high

The Australian Securities Exchange Samples †MyAssignmenthelp.com

Question: Discuss about the Australian Securities Exchange. Answer: The Australian Securities Exchange The Stock Exchange of Australia which helps as a market operator which facilitates the payments to the buyers and sellers and provides details to all the investors to be aware of the listing norms. The Australian Securities Exchange offersequities, warrants, ETFs and REITs, and other securities. The operation of ASX is regulated by the Australian Securities and Investment Commission (Exchange 2014). The roles of Australian Securities Exchange are as follows: In order to ensure that the share market in Australia runs smoothly, the ASX plays an important role. These are as follows: The Australian Securities Exchange allows the Companies in order to raise funds and capital for running of the business. The ASX allows the companies and the trusts so that the companies can issue shares to the general public so that the company is able to raise funds. Once the company is listed, the investors can trade on the securities of that company. The ASX ensures that the market is open for the investors to trade on the securities of the Company. The share market consists of the buyers and the sellers who buy and sell their securities in the exchange. Nowadays the buyers and sellers enter into buy and sell and this is done electronically. Before the opening of the computerized trading system, the ASX had a physical location of trading (Basu and Forbes 2014). The ASX provides for a system where ASX helps in the transfer of ownership of the securities. This is done by computerized system which helps in the transfer of the legal ownership of the shares from the sellers to the buyers and thus also helps in the transfer of these securities. The ASX has set some of the listing rules and regulation so that the companies that are listed in the stock exchange of Australia follow those rules and regulation. The listing rules affecting those companies which are operating follows the rule of continuous disclosure and thus the listed companies have to inform any details of the companies which might affect the share price to the ASX (Exchange 2015). Whenever the listed companies are going for any kind of acquisition or merger and they release in the financial report, and announce any change in company management. The companies inform the ASX about the release of the information which is sensitive in the market (Rose 2014). The functions of the Australian Securities Exchange are: The Australian Securities Exchange functions as a market operator and thus functions as a clearing house and which helps in the facilitation of the payment system. The ASX also helps in the checking of the compliance and checks whether the companies have followed the rules and promotes the standards of corporate governance among those listed companies listed in Australia and it helps to educate the retail investors (Tricker and Tricker 2015). The companies which are domestic and are internationally located are listed on ASX .It has issuers such as the Corporations and trust which have a variety of listed securities and financial products.The most important function of the Australian Securities and Investment Commission is to supervise the market and to regulate the companies operating in Australia. The ASX functions are as follows: In order to review the application by the Companies this is listed on the ASX. This will include reviewing the companies which is listed on the ASX.ASX will also review the companys history and finances. Each of the companies shall abide by or obey the ASX Listing Rules. ASX Supervises the companies which is listed in the Exchange and then the companies take the approval and obey the rules of the exchange (Smales 2014) The ASX helps in the dematerialization and trading of shares on a computerized or in an electronic form. The ASX also helps in the review of the application of the stockbrokers and the reviewing of applications by the ASX Market Participants. The ASX helps the stockbrokers to access in the share market so that they can buy or sell shares of the company for themselves as well as the customers. ASX also helps in the operation of a system which helps in keeping a record of ownership of shares (He and Lepone 2014). The Rules set by ASX are as follows: In order to regulate the trading ASX governs the trading It sets how the buyers and the sellers of the securities are to be treated. When the traders buy or sell through the broking firm to complete any kind of transaction. The broking firm enters into the order and ASX regulates the market which is important for the trading and business. ASIC regulates and supervises the market and they fix the price and various important things for the companies listed on the exchange. The Australian Securities and Investments Commission (ASIC) have surveillance and monitor on the market (Lee, Stevenson and Lee 2014). The ASX has also set the insider trading norms and regulation for the listed companies which are listed in the Australian exchange. The directors or the management shall not disclose any confidential information during the trading period which might have an effect on the share price and the people are not supposed to trade shares until the market has been informed. People who break the insider trading norms are charged with high penalty. References Basu, A.K. and Forbes, B., 2014. Does fundamental indexation lead to better risk?adjusted returns? New evidence from Australian Securities Exchange.Accounting Finance,54(3), pp.699-728. Exchange, A.S., 2014. Corporate Governance Council, 2014.Corporate Governance Principles and Recommendations. Available at: https://www. asx. com. au/documents/asx-compliance/cgc-principles-and-recommendations-3rd-edn. pdf. Exchange, A.S., 2015. ASX funds (listed managed investments and ETPs) monthly update- December 2013. He, W.P. and Lepone, A., 2014. Determinants of liquidity and execution probability in exchange operated dark pool: Evidence from the Australian Securities Exchange.Pacific-Basin Finance Journal,30, pp.1-16. Lee, C.L., Stevenson, S. and Lee, M.L., 2014. Futures trading, spot price volatility and market efficiency: evidence from European real estate securities futures.The Journal of Real Estate Finance and Economics,48(2), pp.299-322. Rose, A., 2014. The informational effect and market quality impact of upstairs trading and fleeting orders on the Australian Securities Exchange.Journal of Empirical Finance,28, pp.171-184. Smales, L.A., 2014. Non-scheduled news arrival and high-frequency stock market dynamics: Evidence from the Australian Securities Exchange.Research in International Business and Finance,32, pp.122-138. Tricker, R.B. and Tricker, R.I., 2015.Corporate governance: Principles, policies, and practices. Oxford University Press, USA.

Essay Writing Tips - Essay Writing Tips

Essay Writing Tips - Essay Writing TipsAre you writing an essay on bank related topics? Perhaps you are a salesperson, who is trying to convince your clients of the merits of buying a particular financial product. Or maybe you are a bookseller, who wants to show to the world that you know all about different kinds of books. No matter what you are in fact doing, you are definitely writing a long essay and it is important to have a good English essay writer.The essay writer's career is basically in the business of collecting money by offering essays on various topics. If you do not have the time to write such a long essay, you can always hire the services of the professional writers. They can ensure that your essay will be well-written and at the same time, the writer has to make sure that you will not lose your face in front of your clients.The writer's grammar and punctuation should be perfect. It is important to remember that the purpose of writing an essay is to persuade your audie nce to buy your product or to buy a book from you. Thus, it is important to choose a topic that will persuade people to buy something.When you go for a writing job, you are most likely to select the right subject which you would like to discuss in your essay. For example, if you have something to say about the comparative study of the market prices of different commodities, then you can select the market prices.Selecting the best subject is the first step towards successfully writing an essay. However, once you have selected the subject, the next step will be writing the essay.The essay, unlike other essays, has two parts; the introduction and the body. A good essay, like all other essays, has a beginning, middle and end. Hence, you must concentrate on the beginning of your essay.Once you start your essay, you should consider your subject's popularity and begin with the initial part. If you have decided to write an essay on the industry or products of your choice, you can begin by w riting an introductory paragraph. This will help you to convince your audience about your choice and help you to convert people into your customer.

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