By A. J. Boyle
The present kingdom of English corporation legislations on minority shareholders' treatments is analyzed within the gentle of the united kingdom legislation fee, extra appraised and amplified by way of the corporate legislation assessment steerage staff. The publication covers the typical legislation activities by means of exception to the rule of thumb in Foss v Harbottle, and the statutory treatments in terms of petition for unfair prejudice and/or simply and equitable finishing up. in addition to contemplating the complexities of spinoff activities and statutory minority treatments, Boyle discusses destiny instructions for minority shareholders' treatments.
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Extra info for Minority Shareholders’ Remedies
Sample text
There will be cases (as occur in the United States, Canada and Australia) where such proceedings prove amply justified as a mode of redressing serious corporate abuse. Such actions are likely to be relatively uncommon. The vast majority of honestly and competently conducted public companies will continue to thrive with their reputations fully intact. The contract of association as a source of shareholder remedies It will be seen that there is some judicial authority that would appear to confer on members a general right to enforce the terms of the articles as a part of the contract of association.
Perhaps more surprisingly, no serious consideration was given to American corporate law. Commonwealth legislation on the statutory derivative action is of course fully and carefully examined. This may be a pure coincidence, but it is not unreasonable to infer that some degree of guidance as to the scope of the investigation has been given by the DTI. By contrast, in the Law Commission’s more recent work on directors’ duties, a comparative study of the German law with regard to directors’ duties of care and skill60 was undertaken for the Commission.
93 94 95 96 97 Law Commission, Shareholder Remedies ( Law Commission Report No. 246, Cm 3769, Stationery Office, 1997), paras. 11. , para. 1. See likewise the Consultation Paper, para. 2. See further Chapter 2 below. See DTI Company Law Review Steering Group, Modern Company Law for a Competitive Economy: Developing the Framework (DTI, URN 00/656, March 2000), paras. 99. 98 See Chapter 2, p. 55 below. , para. 99. 20 Minority shareholders’ remedies Theorising Foss v. Harbottle Robert Drury’s well-known article on the members’ contract99 embodies a rare attempt to provide a theoretical underpinning to the rule in Foss v.