COMPANY LAW PROBLEMS ARISING UNDER PART IA OF THE INCOME TAX ACT
AbstractVarious provisions added to the Income Tax Act in 1950 provided a method by which a closely held company could solve for its shareholders the income tax problems resulting from the accumulation of profits in its hands. The author exposes the following company law issues resulting from these provisions and examines them in turn: the power of directors to pay a stock dividend, to take action without the approval of stockholders, the permitted amount of stock dividend, whether a stock dividend is capital or income of a trust and payment of dividends in debenture.
Keywords:Company Law, Tax Law
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