The following Corporate practice note provides comprehensive and up to date legal information covering:
The allotment and issue of shares is governed by statutory rules, which differ according to the type of company which is proposing the allotment (private or public, listed or unlisted) and whether that company has a single or multiple classes of shares.
This Practice Note considers the allotment and issue of shares by a private company with a single class of shares that proposes to allot shares of a different class, a private company with more than one class of shares and a public unlisted company (being a company that is not a listed company, AIM company or a company with securities listed on the AQSE Main Market, AQSE Growth Market or AQSE Trading (formerly NEX Exchange Main Board, NEX Exchange Growth Market or NEX Exchange Secondary Market).
For general information, see Practice Note: Allotment and issue of shares—introductory points. For information on the allotment and issues of shares for other types of companies, see Practice Notes: Allotment and issue of shares—private companies with one class of shares and Allotment and issue of shares—listed companies.
Subject to certain exceptions, a director of a private company with only one class of shares in issue that proposes to allot shares of the different class as that in existence, a private company with more than one class of shares in issue or a public unlisted company must not exercise any
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When defendants are guilty, they have a choice to plead guilty or to put the prosecution to proof. When they plead guilty they may benefit from a reduction in their sentence as a result, see Practice Note: Credit for guilty plea. However, the Sentencing Council's overarching guidelines on reduction
Practical completion marks the end of the construction period of a project, when the works are 'finished' and the employer can occupy and/or use them. Practical completion also typically marks the start of the defects liability period/maintenance period.As explained below, practical completion is an
Coronavirus (COVID-19): The guidance detailing normal practice set out in this Practice Note may be affected by measures concerning process and procedure in the civil courts that have been introduced as a result of the coronavirus (COVID-19) pandemic. For guidance, see Practice Note: Coronavirus
Company directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their services will need to be
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