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12 Cards in this Set
- Front
- Back
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Reduction of capital
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Writing down the stated amount of a corporation's capital
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Insolvency
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Having liabilities in excess of the realizable value of one's assets or being unable to pay one's debts as they fall due
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Securities commission
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The statutory authority appointed to supervise the issue of securities to the general public and the operation of the securities industry
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Prospectus
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The document that a corporation is required to publish when inviting the public to subscribe for its securities
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Takeover bid
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An offer by one corporation to acquire all or a substantial part of the shares of another corporation
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Directors' circular
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A document required to be issued to the shareholders by the board of directors when a takeover of a widely held corporation is proposed
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Indoor management rule
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The principle that a person dealing with a corporation is entitled to assume that its internal procedural rules have been complied with unless it is apparent that such is not the case
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What is Civic liability and Criminal liability?
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- Civic liability ----- liability towards a plaintiff, typically to pay damages for harm done through committing a tort or breaking a contract;
- Criminal liability ----- conviction for an offence, typically punished by imprisonment or payment of fine or both |
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Pre-incorporation rule
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A purported contract made in the name of a corporation before it comes into existence
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Mens rea offence
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An offence where the prosecution must establish a "guilty mind" on the part of the defendant
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Strict liability offence
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An offence where there is a presumption of guilt unless the defendant can show that he or she took reasonable care
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Absolute liability offence
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An offence where the absence of fault is no defence
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