J. & P. Coats, Ltd Petitioners [1900] ScotLR 37_555 (20 March 1900)

The proposed alteration to permit investment of floating capital in marketable securities is within the statutory purpose of enabling the company to carry on its business more economically and efficiently, as it allows for better use of company funds and immediate liquidity for business opportunities.

Citation: [1900] ScotLR 37_555
Parties: Petitioner: J. & P. Coats, Limited
Jurisdiction: Scotland
Judgment Date: 20 March 1900
Procedural Posture: Petition for Confirmation of Alteration of Memorandum of Association / Judgment on Petition
Outcome: Petition granted
Legal Topics: Alteration of Articles of Association, Investment of Floating Capital, Confirmation of Company Resolutions

Company Law Alteration of Articles of Association Investment of Floating Capital Confirmation of Company Resolutions

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Parties

J. & P. Coats, Limited

Petitioner

Procedural Posture

Petition for Confirmation of Alteration of Memorandum of Association / Judgment on Petition

Legal Issues

1 Whether the proposed alteration to the memorandum of association enabling wider investment of company funds falls within section 1(5)(a) of the Companies (Memorandum of Association) Act 1890, i.e., is required to enable the company to carry on its business more economically or more efficiently.

Ratio Decidendi

Court Disposition

Petition granted

Orders

Alteration of the memorandum of association as set out in the special resolution confirmed.