A Scheduled bank had power in the Articles to issue bonds under the authority of an ordinary resolution. The Directors of the company issued bonds to Benny without the requisite resolution. Benny sued the bank for the recovery of the money under the bonds. The suit was resisted on the ground that there was no requisite resolution of the bank. Will Benny succeed in her suit. Explain the situation in the light of the Doctrine of Indoor Management
A Scheduled bank had power in the Articles to issue bonds under the authority of an ordinary resolution. The Directors of the company issued bonds to Benny without the requisite resolution. Benny sued the bank for the recovery of the money under the bonds. The suit was resisted on the ground that there was no requisite resolution of the bank. Will Benny succeed in her suit. Explain the situation in the light of the Doctrine of Indoor Management
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter1: Introduction: What This Book Is About
Section: Chapter Questions
Problem 1MC
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A Scheduled bank had power in the Articles to issue bonds under the authority of an ordinary resolution. The Directors of the company issued bonds to Benny without the requisite resolution. Benny sued the bank for the recovery of the money under the bonds. The suit was resisted on the ground that there was no requisite resolution of the bank. Will Benny succeed in her suit.
Explain the situation in the light of the Doctrine of Indoor Management.
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