Kaye v London Tramway [1898] 1 Ch 358
Country:
United Kingdom
Reviewed By Oxbridge Law Team
Updated 2024-01-04 07:05:04 UTC
Was provisional agreement for sale of an undertaking by one company to another.
Purchaser agreed to pay substantial compensation to directors of company to compensate them for loss of office upon sale.
Directors called meeting of members to approve purchase, but notice of meeting did not include reference to directors’ compensation payments.
Held
-
Notice was invalid
i.e. because it was inadequate
Notice of meetings must be fair and adequate
Therefore approval of transaction by shareholders was also inadequate.
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