The rule in the case of Royal British Bank v Turquand 1 is commonly known as Turquand’s Rule or the indoor management rule. It stipulates that an “outsider” dealing with a company in good faith is entitled to assume that there has been compliance with the Articles of Association. You can also assume compliance with the by laws of the company and that the “outsider” need not question the formalities of the internal proceedings of a company ...
After a sustained legislative marketing activity that started earlier this year, Government Emergency Ordinance 45/2018 amending and supplementing certain regulatory acts with impact on public procurement was published in the Official Gazette no. 459 ...
Should The Bahamas be at the forefront of cryptocurrency regulatory policy by implementing smart, flexible regulation that encourages the legitimate operators in the sub-sector to bloom or should we leave well enough alone?The Bahamas’ position in the landscape of the cryptocurrencies is a familiar one to many in the traditional financial services economy - they’ll know this story all too well with the growth, development, and decline of private banking: a new and exciting innovation
The business world continues to be a multinational place, with marketplaces and supply chains that cut across national borders. Global expansion efforts have also spawned a growing desire for cross-border deal making. These mergers and acquisitions, however, are easily complicated by language and cultural differences, in addition to local politics and regulatory regimes ...
The business world continues to be a multinational place, with marketplaces and supply chains that cut across national borders. Global expansion efforts have also spawned a growing desire for cross-border deal making. These mergers and acquisitions, however, are easily complicated by language and cultural differences, in addition to local politics and regulatory regimes ...
On June 1, 2018, the Los Angeles County Superior Court granted a Defendant’s Motion to Compel Individual Arbitrations of the two Plaintiffs’ wage claims, dismissed the class claims and stayed the action with regard to the remaining Private Attorney Generals Act (PAGA) claim. The Court, in Navarrete v. Louis Vuitton, Case No ...
COMOROS: Treaty with United Arab Emirates enters into forceThe income tax treaty between the Comoros Islands and the United Arab Emirates, recently entered into force. GHANA: VAT withholding agents appointed In an attempt to improve value-added tax (“VAT”) compliance, the Ghana Revenue Authority (“GRA”) announced the appointment of identified VAT withholding agents per industry on 17 May 2018 ...
In a unanimous decision, the California Supreme Court recently addressed the standard to determine whether a worker is an independent contractor or an employee in wage and hour disputes under California’s Industrial Welfare Commission (IWC) wage orders. In Dynamex Operations West, Inc. v ...
On June 1, 2018, the Los Angeles County Superior Court granted a Defendant’s Motion to Compel Individual Arbitrations of the two Plaintiffs’ wage claims, dismissed the class claims and stayed the action with regard to the remaining Private Attorney Generals Act (PAGA) claim. The Court, in Navarrete v. Louis Vuitton, Case No ...
In 1527, two inhabitants of the Royal Burgh of Haddington lent 1800 merks to the Abbey of Melrose, to be repaid by the Abbey to their bankers, in what is understood to be the first recorded reference to bankers in Scotland. Fast-forward almost 500 years to the present day and modern banking would be unrecognisable to the burgesses of Haddington ...
Introduction I have been asked to speak on the Base Erosion Profit Sharing of the OECD, or better know as BEPS. This is a new acronym that, similar to CRS and the harmful tax initiative program, is geared at a multilateral approach to the application of uniform tax rules and standards. Unlike the CRS and the harmful tax practices initiatives of the past, BEPS has a focus not necessarily on the private client, but on the multinational commercial organization ...
This article will focus on the experience in practice and the evolution of privatizations of state and socially owned companies in Serbia in the period of transition and will assess the boundaries of arbitrability of disputes that arise out of the termination of privatization agreements. The term arbitrability will be analysed from a broader perspective, as opposed to the traditional and commonly used meaning of this term - whether a certain dispute is suitable for arbitration ...
The California Legislature is considering legislation that would, if enacted, prohibit public agencies that form a Joint Powers Authority (JPA) from contracting out of liability for the JPA's pension obligations. Backed by CalPERS, AB 1912 was introduced early this year partly in response to drastic CalPERS pension cuts for former employees of LA Works, a dissolved job-training JPA ...
In the decision in Rustenburg Platinum Mine and SAEWA obo Meyer Bester and Others, the Constitutional Court dealt with the question of whether an employee referring to a colleague as a “swart man” (“black man”), within the facts set out below, constituted misconduct justifying dismissal.The adjacent large 4x4 vehiclesThe employee in this matter, Mr Bester, was employed by the Rustenburg Platinum Mine (the “employer”) ...
“The framework agreement is an agreement whereby the contracting parties define and establish the main rules and conditions that will govern future agreements that will be concluded between them and that are called agreements “for the application” or “for the enforcement” of the framework agreement.” (High Court of Cassation and Justice Decision n0 ...
The political dispute between Qatar and its neighbors escalated with the announcement by Qatar that it would impose a ban on goods from the four boycotting countries, the UAE, Saudi Arabia, Bahrain and Egypt. As we reported earlier, these four countries imposed a trade embargo on Qatar. The measures that were introduced prohibited the direct shipment of goods and the direct transport of passengers to or from Qatar and closed the land border between Qatar and Saudi Arabia ...
Not long after President Trump announced that the U.S. would impose tariffs on steel and aluminum, the Department of Commerce launched an investigation that may lead to additional duties on imported vehicles and automotive parts. Effective, the Department will now examine whether imports of vehicles and auto parts threaten U.S. national security ...
Recent changes to Rule G-34 (the Rule) of the Municipal Securities Rulemaking Board (MSRB) will include an exception to the CUSIP requirements for certain direct purchase transactions with a bank or related entity (Direct Purchase Exception) ...
In Praxair Distrib., Inc. v. Mallinckrodt Hosp. Prods. IP Ltd., 2016-2616, -2656, in a decision authored by Judge Lourie, the Court of Appeals for the Federal Circuit held that the printed matter doctrine is properly applied during claim construction and can include not just printed matter, but also mental steps ...
In a much anticipated opinion, the Supreme Court on Monday held that class action waivers in arbitration agreements are enforceable. In a 5-4 decision written by Justice Neil Gorsuch, the Court stated that “Congress has instructed in the Arbitration Act that arbitration agreements providing for individualized proceedings must be enforced, and neither the Arbitration Act’s saving clause nor the NLRA suggests otherwise ...
On May 21, 2018, the United States Supreme Court issued its 5-4 decision in Epic Systems Corp. v. Lewis, No. 16-285; Ernst & Young LLP v. Morris, No. 16-300; and NLRB v. Murphy Oil USA, Inc., No. 16-307 holding that an employer may require its employees to sign a dispute resolution arbitration agreement that includes an employee’s waiving the right to bring a claim on a class or collective action basis ...
Earlier this year, the U.S. Supreme Court issued its long-awaited decision in Epic Systems Corp. v. Lewis, resolving an issue on which several Courts of Appeals and various federal agencies and administrations had disagreed. At issue in Epic Systems (and two companion cases presenting the same issue: Ernst & Young LLP. v. Morris and National Labor Relations Board v. Murphy Oil USA, Inc ...
