CLAT PG Exam > CLAT PG Notes > Company Law > The doctrine of Constructive Notice
The doctrine of Constructive Notice | Company Law - CLAT PG PDF Download
| Table of contents |
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| Public Documents and Their Accessibility |
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| Requesting Copies of Documents |
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| Penalties for Non-Compliance |
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| Duty of Parties Dealing with the Company |
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| Constructive Notice |
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Public Documents and Their Accessibility
When a company's Memorandum and Articles of Association are registered with the Registrar of Companies, they become public documents as per Section 399 of the Companies Act. This means that any member of the public can view and inspect these documents for a prescribed fee.
Requesting Copies of Documents
- A member of the public can request a copy of the memorandum, articles, and certain agreements and resolutions from a specific company.
- The company is obligated to provide these copies within seven days of the request.
Question for The doctrine of Constructive NoticeTry yourself: Which documents become public when a company's Memorandum and Articles of Association are registered with the Registrar of Companies?View Solution
Penalties for Non-Compliance
- If the company or its officers fail to provide the required documents, each defaulting officer may be fined Rs. 1000 per day of default, up to a maximum of Rs. 1,00,000.
Duty of Parties Dealing with the Company
- It is the responsibility of anyone dealing with the company to inspect these public documents to ensure the company's operations align with them.
- Regardless of whether a person has actually read the documents, it is assumed that they are familiar with and understand their contents.
Constructive Notice
- The memorandum and articles of association serve as a constructive notice to the public, meaning that individuals are expected to be aware of their contents.
Illustration
- For example, if Company A's articles state that a bill of exchange must be signed by at least two directors, and a payee receives a bill signed by only one, the payee cannot claim the amount.
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FAQs on The doctrine of Constructive Notice - Company Law - CLAT PG
| 1. What are public documents, and how can they be accessed? |  |
Ans.Public documents are official records maintained by government agencies or companies that are accessible to the public. They include documents like company registration details, annual reports, and statutory filings. Accessing these documents typically involves visiting the relevant government agency’s website or office, where they may be available for inspection or purchase.
| 2. How can one request copies of public documents? | |
Ans.To request copies of public documents, individuals usually need to submit a formal request to the relevant authority or agency. This may involve filling out a specific form, providing identification, and paying any applicable fees. The process can vary depending on the jurisdiction and the type of document requested.
| 3. What penalties exist for non-compliance with public document regulations? | |
Ans.Penalties for non-compliance with regulations governing public documents can vary widely. They may include fines, legal action, or administrative penalties imposed on individuals or companies that fail to properly maintain or disclose required documents. In some cases, there may also be reputational damage.
| 4. What is the duty of parties dealing with a company regarding public documents? | |
Ans.Parties dealing with a company have a duty to be aware of and review the company's public documents, as these documents provide essential information about the company’s legal status, financial health, and compliance with regulations. Failing to do so may result in a lack of legal recourse in disputes.
| 5. What is the doctrine of constructive notice, and how does it apply to public documents? | |
Ans.The doctrine of constructive notice holds that individuals are presumed to have knowledge of public documents that are legally required to be made available. This means that if a document is filed with a governmental authority or published as required by law, parties dealing with the company cannot claim ignorance of its contents, as they are expected to have taken reasonable steps to be informed.
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Nov 23, 2024 Last updated |
Document Description: The doctrine of Constructive Notice for CLAT PG 2024 is part of Company Law preparation.
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