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  Debentures and loan stocks   Companies often raise long-term interest paying debt, which is known as loan stock, and its holders are long term creditors of the company. Debt ca allowable against corporation capital is attractive to companies because the interest charges on it are allowable against corporation tax, and status quo of shareholder control is also maintained. In addition, we will see later in the course that an increase in the gearing ratio may be beneficial to shareholder by improving their EPS.   There are, however limits to the amount a firm will borrow, including restrictions in the articles of association, debenture trust deed and market attitudes. In addition, high interest rates may make high level of borrowing impractical and there may be insufficient security to cover new loans. Loan stock is often issued at its nominal value. The nominal value represent the amount the company owes and the coupon is based on the nominal value. The coupon rat...

  LEGAL DRAFTSMEN’S DEPARTMENT OF SRI LANKA   The Legal Draftsmen’s Department which performs a very vital function in the Government machinery, is to efficiently assist the government in achieving its legislative programme by the transformation of its policies into law in order to ensure good governance.   Functions   The function of the legal draftsman is essentially the drafting of new legislation and amending legislation in all three languages, the preparation of statements of objects and reasons for such legislation, the revision of all Proclamations, Notification, Order in Council, by Laws, rules and regulations forwarded by the initiating Ministry or relevant authority, attending Parliament and meetings of the select of parliament when bills are being discussed and bringing out the pre 1972 laws in official languages.   Cabinet Memorandum   Legislation is initiated with the formulation of a cabinet memorandum by the relevant Ministry. The...

Shareholder relationship and agency theory     The skill and experience of the senior management board are important to shareholder as they employed to manage the shareholder’s investment on their behalf. There must be trust in the integrity and ability of the managers, a dynamic board of management can make a significant different to the performance of a business and the way the market views.   An agency relationship exists where one person on the behalf of another. The management / shareholder relationship is an example of an agency relationship. Goal congruence occurs when the objectives of the agents match those of the principals. The agency problem is the conflict that arises from the separation of management and ownership in many companies, leading to a lack of goal congruence. The financial and other rewards of managers may not be linked to the shareholder’s financial return. In theory, management should not be able to act contrary t the wishes of shareholders be...

  Corporate Governance   Shareholders are the owners of the company and it is important to remember that the maximization of their wealth is the prime objective of companies in the private sector. This is the underlying concept in the theoretical parts of this chapter. However, they are not only the groups within interest in the company and the interplay of factors in the governance of a company is a key concept. Company stakeholders   In practice, companies often have multiple objectives (both financial and non-financial) involving various stakeholders groups, which prevent the maximization of shareholders wealth. The different stakeholders groups in an organization were identified in 1975 by the corporate report (ASC) which dealt with their objectives and specific requirements from accounting information. Clearly, different users will look at the company in different ways, the objectives of organization have to be designed to satisfy their varying needs, with th...

  Terrorism legislation Sri Lanka   Malavarayan vs. vijayapalan   In the pretext of safeguarding civil liberties, the executive often arms itself with enormous powers, leading to the emergence of authoritarianism and the erosion of civil liberties. This is true in many nations around the world, even those claiming to be the guardians of democracy. Terrorism legislation is increasingly becoming a weapon in the armoury of the executive for control of the population and consolidation of power.   UN Concerns on PTA   The Prevention of Terrorism Act (PTA) in Sri Lanka was introduced as a temporary measure in1979, but has become a permanent feature of the statue book and the draconian legislation continues in force despite condemnation by international agencies, including   treaty- monitoring bodies of the United Nations. The UN working Group on Disappearances recommended in 1991 that the PTA, which provided extensive powers to the security forces, thus...

    Water pollution (Environmental law ) Introduction   Environmental means the physical factors of the surroundings of human beings including the land, soil, water, atmosphere, climate, sound, odors, tastes and the biological factors of the animal and plants of every description. In 21 st century we brings with us the environmental issues for time to time such as loss of bio diversity deforestation, climate change, disaster, exploitation of natural resources etc. Eventhough present generation face lot of issues related with Water pollution.   Water is an indispensable resource for people and organism. Statistic said 2/3 % of water is    around the world.   However, water pollution      affect not only    individuals    living species, but also populations and entire functioning ecosystem that exists in the water.   Water is the most important resource for survival on a planet. It is the essence of l...

  Comparison of three laws in intestate succession   Introduction   Sri Lanka is a jurisdiction where different laws with different legal values apply. As a result legal pluralism plays an important role in the legal system of Sri Lanka. Therefore matrimonial rights and obligations of spouses are different from one system of law to another.   There could be some uniformity in the law due to the enactment of uniformly applicable by the court. One important feature that can be observed in all legal system as regards rights and obligations is that they are not equally distributed between the husband and the wife.   The husband is considered to be the head of the family unit. The primary responsibility lied with him as regard the provision of production and welfare his wife and children. The wife’s rights and responsibility are subordinate to those of the husband.   However this position now changed by married woman property ordinance which is app...