Comapnay Law Essay Example | Topics and Well Written Essays - 1250 words

Comapnay Law - Essay Example (Gleghorn) Section 151 in the 1985 Companies Act declares the prohibition of financial assistance of one's own shares in a public company and legal actions such as fines and imprisonment can be taken if this is done, this can be considered as a precautionary action to provide a certain step back safety option for investors from major capital loss risks. Private companies however have certain law exceptions which give them an escape to provide financial assistance. The court case of Brady v Brady involving two brothers sharing a family business was the first to encounter this issue and they filed a petition feeling that their assts where not justly divided upon a previous agreement. The judge consequently allowed financial assistance as an exception to the withheld rule though at first it was not seen to fit the frame of permitted cases. "Infringing the prohibition on financial assistance is a criminal offence and may involve serious civil consequences. This uncertainty has prompted calls for reform, which the government would appear to be addressing in its White Paper "Modernising Company Law" by proposing to simplify the rules for public companies and to abolish the restrictions altogether for private companies." (Gleghorn) The many advantages from omitting this section was removing the negative effect it had on private companies, remove the burden of falling into illegal traps, avoid time consuming procedures such as whitewashing and by so save the money spent on it. In an effort to develop an effective infrastructure for companies to work in, an independent group was formed to oversee the management of the 1998 DTI review and, following an extensive process of consultation, presented its final report on 26 July 2001 which included the following recommendations (Government's White Paper, "Modernizing Company Law" (July 2002)) for the abolition of complex rules on financial assistance for private companies: Abolition of the whitewash procedure. The financial assistance provisions should in future apply only to public companies. So the whitewash procedure will no longer be necessary for private companies. It is unlikely to be extended to apply to public companies. The prohibition would also no longer apply to unlimited companies. Foreign subsidiaries. The scope of the prohibition should be amended so that it is made clear that the prohibition does not apply to provision of financial assistance by a foreign subsidiary for the acquisition of shares in its British parent company. Criminal sanctions. Criminal sanctions for breach of the financial assistance provision should continue for directors but should be relaxed for companies. Transactions should no longer be void solely on the grounds that they constitute unlawful financial assistance. How Companies Act 2006 will change the law in this area The Secretary of State, Alistair Darling, said that, "this Act will ensure Britain remains one of the best places in the world to

James Cameron and his influence on the Movie Industry Research Paper

James Cameron and his influence on the Movie Industry - Research Paper Example James Cameron and his influence on the Movie Industry Credited for creation of legendary movies with unforgettable characters and special effects, James Cameron in his 31 year film career, has churned out epic blockbusters, breaking his own box office records. Right from the heart wrenching soft romance in 'Titanic', to breathless catastrophes in 'Terminator', his films have enchanted and captivated audiences worldwide. Throughout his career in the film industry, James Cameron has left an indelible mark on the history of entertainment, combining captivating special effects with inspiring and unforgettable storylines. A prominent entertainment figure, honored across the world by prestigious organizations, and listed in TIME magazine's top 100 influential people of the 20th century, James Cameron has greatly revolutionized and influenced the movie industry and culture, deserving even higher accolades, honor and recognition. Describing James Cameron's days as a young boy, Tom Shone, author of Blockbuster: How Hollywood Learned to Stop Worr ying and Love the Summer, writes: As a boy in Chippawa, Ontario, James Cameron once sent some mice over the edge of Niagara Falls in a small submersible made from old mayonnaise jars, an Erector Set and a paint bucket. Another time, he made a hot-air balloon out of a dry-cleaning bag and some candles, floating it down the street until someone reported it as a U.F.O. and called the Fire Department. Together with the young Steven Spielberg’s experiments in civic alarum-raising — locking himself in the bathroom until the Phoenix Fire Department was summoned — Cameron’s excursions suggest two interlocking propositions: (1) If you want to know who is going to grow up to be a box-office titan, check out the rec ­ords of your local Fire Department. And (2) nobody should be surprised if Balloon Boy turns into the proud auteur behind Terminator Resurrection: This Time With Feeling. (Shone) I am the king of the World James Cameron, lifting his Oscar Statuette for the movie 'Titanic' on the night of March 23 , in the Shrine Auditorium, shouted, "I am the King of the World". The highest grosser worldwide, Titanic went on to win 11 Academy Awards. The movie's successful run at the box office worldwide breaking all records, set all naysayers to rest. Being the most expensive movie ever made, going $100m over budget, it was speculated that the movie was doomed to flop. Contrary to his other movies, which were mostly sci-fi, with hard action and thrill, Titanic was different from his previous works. "Titanic, however, was something else altogether, and, particularly in its appeal to women, almost unfathomable in its emotional power" (Goodwin). The movie's overwhelming success established James Cameron as the king of Hollywood, leaving the audience crooning 'My Heart will go on'. A Visionary "An audacious visionary who developed new film technologies midstream in order to turn his creative visions into film reality, director James Cameron was cred ited with single-handedly resurrecting a once-dead science fiction genre, thanks to the timeless success of "The Terminator" (1984) and "Aliens" (1986)" (Yahoo movies). True to his reputation, James Cameron could bring the dead back to life in his movies. Beginning with ' Xenogenesis', followed by the ' The Abyss', 'Aliens', the 'Terminator' series and then 'Avatar', Hollywood science fiction has finally arrived. Avatar, a 3D digital movie, was his ambitious foray into 3D film making, a genre still in its nascent stage, where many other