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1. The director can absolve himself of liability for false statements in a prospectus if he can prove that he had reasonable grounds to believe and did believe that the statements prepared by the promoters were true. The burden of proof is on the director. 2. For pre-incorporation contracts entered into by promoters to acquire land for a company, the party has a remedy against the promoters personally but not against the company once incorporated. 3. Though a certificate of incorporation conclusively pro

Author

gangsuraj

Language

EN