REFORMS TO KENYA’S CORPORATE LAW AND PRACTICE Introduction The Companies Act1 (hereinafter referred to as ‘the Act’) is based extensively on the United Kingdom’s Companies Act 1948. This law has been in existence for the past 60 years with very minimum developments. It is imperative that laws should not be static but should change in tandem with the societal changes. Therefore‚ there is need to modernize Kenya’s company law to make it responsive to the currents needs by taking into consideration
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Definition and give an example: 1. Alternative Obligation An alternative obligation is one where out of two or more prestations which may be given or performed; only one is due and the complete performance of one of them extinguishes the obligation. The Obligee or creditor cannot be compelled to receive part of one and part of the other undertaking or prestation (Article 1199‚ Civil Code) . For example‚ A agrees to give B‚ upon a sufficient consideration‚ a horse‚ or one hundred dollars. Usually
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To what extent does a mature and cyclical product market drive corporate restructuring? Use an extended example to discuss whether restructuring transforms market and financial performance. An organization which is operating in a mature market means that the product does not have the scope to grow anymore. The product has reached its peak‚ with no prospects to increase‚ as the product is has become most popular in the market and no one else will be willing to buy it. A cyclical market is one which
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Agency Partnerships and companies contract through agents. Partners can be agents of the partnership; directors agents of the company. Most cases agents have actual authority If no authority then ostensible authority may apply. Associations Not for profit for members. Types: Unincorporated > 2 members Liability to outsiders uncertain Incorporated >5 members Registered Members liability limited Associated can be sued Sole Trader One person owns business Take profit and bear
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Michael Vick When Michael Vick went to federal prison the general thought was that he would never be an NFL quarterback again the redemption of Michael Vick to being NFL quarterback again has started. Michael Dwayne Vick was born on June 26‚1980 in Newport News‚ Virginia to Brenda Vick and Michael Boddle . The second of four children Michael and his family lived in the Ridley Circle Home‚ a public housing project in a financially depressed and crime-ridden neighborhood. Michael Vick told
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Millions of people struggle financially‚ but missing one or more payments does not mean you should visit a bankruptcy attorney. Most people are able to catch up after missing a payment‚ but certain factors may require a consultation with an expert to discuss the possibility of filing bankruptcy. If you are dealing with the following‚ consider visiting an attorney to learn more about bankruptcy. Loss of Income You may lose your income due to the termination of employment or an unexpected illness that
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Is Kingfisher is heading towards Bankruptcy? The financial agonies for Kingfisher Airlines (KFA) are seeming to become insurmountable. After being forced to massively scale down its operations and ground more than half of its fleet in the month of Feb 2012 when the IT-Dept froze its bank accounts over non-payment of tax dues‚ the estranged airliner has now cancelled all of its international operations and has the aviation regulator (DGCA) as well as the govt. breathing down its throat questioning
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Best Los Angeles Bankruptcy Attorney Individuals face critical financial situations from time to time in life. Sometimes‚ when things go out of hand due to increasing credit card bills‚ unpaid loans and mortgaged property issues‚ it is time to find legal alternatives so that a debtor may not lose his or her property to the bank. A Los Angeles bankruptcy attorney who has many years of experience in the legal field will be able to help eliminate debts and come back to a debt free life. Many customers
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If you have recently filed for Chapter 7 bankruptcy‚ you may be wondering what’s going to happen to your car. It’s the most common concern after real estate ownership. If you’d like to keep your vehicle‚ you simply have to know the details regarding your car’s worth and how that applies to the rules of filing for a Chapter 7 bankruptcy. If you have equity in your vehicle‚ you are in the minority of bankruptcy filers. Most bankruptcy filers have an “underwater” vehicle loan; they owe more on the
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DIRECTORS COLLEGE OF BUSINESS School of Accountancy BACHELOR OF BUSINESS STUDIES BACHELOR OF BUSINESS INFORMATION BACHELOR OF ACCOUNTANCY 155.203 Law of Business Organisations Semester 2 2008 Wellington Week 7 Lecture 2 21 DIRECTORS (1) 21.1 Who is a director? Section 126. gives an extended meaning to the term director in order that the persons who actually run the company are liable as such in law. 126 Meaning of “director” (1) In this Act‚ director‚ in relation to a company‚ includes—
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