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Problem no: 68 Directors of company borrowed money from a bank on the security of a mill situated in Rangoon. The directors had already exceeded the limit (of an amount equal of half the paid-up capital) imposed on their power to borrow by the articles. There was a provision in the articles that the company in a general meeting might by a special vote enlarge the director's power to borrow. The bank sought to enforce the security relying on this clause. Holding that they were entitled to assume that the director's power to borrow had been so extended. The company resists the banks claim. Decide. Law Memorandum of association One of the first steps in the formation of a company is to prepares a document called the Memorandum of association .The Memorandum of association of a company contains the fundamental conditions upon which alone the company has been incorporated. According to section...

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