Re Express Engineering Works [1920] 1 ch 466 (ca)
Country:
United Kingdom
Reviewed By Oxbridge Law Team
Updated 2024-01-04 07:05:25 UTC
All 5 shareholders of a company approved issue of debentures; according to articles, this had to be done at general meeting.
Company went insolvent, liquidator alleged issue of debenture was invalid as it had not been done at general meeting.
Held
Statute was for protection of shareholders.
Thus given all 5 shareholders had unanimously decided to waive procedure in statute, issue of debenture valid.
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