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gets rid of the bad customs like Sati, Polygamy, and Dowry etc. only by means of legal
impositions.
What are the rights of an unpaid seller under extant provisions of law? - 8
Answer. Unpaid Seller Is A Person:It means payment is not made or without payment.
In simple words, "Unpaid seller" means a person who has sold the goods for a price
but price has not been paid to him.
Sales act defines the "unpaid seller" in the following words:
i. To whom the whole price has not been paid or tendered.
ii. And where a bill of exchange or other negotiable instruments has been accepted by
him as a condition on which it was received has not been fulfilled by reason of
dishonor of the instrument or otherwise.
Q6. Enumerate the steps to float a limited company. The company being an
artificial person, how are the affairs of a company managed?
Procedure for floating a limited company - 5
Procedure of company management - 5
Answer. The following documents are required to be executed (signed)
before they are submitted to the ROC:
1. MOA and AOA - These are required to be executed by the promoters in their own
hand in the presence of a witness in quadruplicate stating their full name, father's
name, residential address, occupation, number of shares subscribed for, etc.
2. Form No. 1 - This is a declaration to be executed on a non-judicial stamp paper of
INR 20 by one of the directors of the proposed company or other specified persons
such as Attorneys or Advocates, etc. stating that all the requirements of the
incorporation have been complied with.
Spring-2016
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