Thursday, September 3, 2020

Chapter 6. Contribution of a Business to a business organisation

 Chapter 6. Contribution of a Business to a business organisation

Art. 206. – Contribution to be published.

Where a business is contributed to a business organisation being formed     or in operation, notices to this effect shall provided in Art. 195 (1)

Art. 207. – Particulars to be published.

    Notices published under Art. 206 shall show:

1.     the name and address of the contributor;

2.    the objects and address of the business contributed;

3.    the firm-name, nature and head office of the business organisation to which the contribution is made;

4.    the date of the memorandum of association.

Art. 208. – Objection to contribution.

1.    During the month within which the last publication under Art. 206 was made any creditor of the contributor may, even where his claim is not due, send a notice to the head office of the business organisation to which the contribution was made to the effect that he objects to the contribution.

2.    Where no publication was made or it is invalid, a creditor may make his objection at any time.

Art. 209. – Steps taken by partners.

1.    Within one month from an application under Art. 208 being made any partner may move the court to dissolve the business organisation under formation or to cancel the contribution made to the business organisation in operation.

2.    Where an application under sub-art. (1) is not made, the business organisation shall be jointly and severally liable with the contributor where the contribution is cancelled.

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