单词 | Two dollar company |
释义 | 二元公司 A company incorporated with two $1 shares as its share capital, relying entirely for its initial working funds on loans from, or guaranteed by, its backers. It implies that the company has no assets. The failure to disclose that only two $ 1 shares have been issued is not a material fact; what matters is the financial state of the company concerned, not its capitalisation: New Asia Energy Ltd v Concord Oil (Hong Kong) Ltd [2000] 2 HKC 681. See also Capitalisation; Share capital. |
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