Pastor Dr. Roy E Smith, once called “Rev Robin Hood” now of Orlando Florida, has much to be thankful for. In 2006 he was delivered to a Federal Prison Camp for unknowingly signing off on documents that included false information in connection with several loans for his cathedral, The Church of Dominion Inc. positioned in Greensburg Pennsylvania.
The chapel used these loans to purchase a new facility, up a day care middle for single moms open, a community food bank, and K-12 Christian School for at risk children who have been failing in the public schools. Allegedly, a home loan broker in partnership with a minister consultant from Nigeria helped the cathedral and the pastor in obtaining the money by exaggerating statistics and possessions. “Furthermore, the cathedral was promised an offer by a business that didn’t enroll with the Department of Charitable Organizations, was considered nonexistent thus,” said a consultant from the cathedral.
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Nevertheless the Pastor was still left “holding the bag” as his last signature (combined with the table) was present and he made a decision to plead out in Federal Court. His family Fortunately, the church plank, and congregation supported him through the ordeal. “I was and still stay saddened at the pain caused to my members, friends, and those in the grouped community because of this of the situation that occurred.
In case, the business incurs losses and is about to be liquidated, the preference shareholders must be paid completely from the remaining capital of the business before others are paid. Ordinary shareholders get their dividends only after all other claims of the business have been met. Generally, the ordinary shares carry no fixed rate of dividend.
In other words, the pace of dividend on the ordinary shares is uncertain. Deferred stocks are held by the promoters generally. Whatever is left of the total profits, after paying to all other styles of shareholders, goes to them. By this real way, the promoters get a significant talk about of the gains usually. In addition to the pressing problem of numerous kinds of shares, a company may get capital by increasing loans from the general public also.
It has got the loan capital by the problem of debentures. Debentures are not shares. The holders of the debentures aren’t users of the business like the shareholders. They get a set interest whether the ongoing company makes earnings or deficits. The debentures are repayable after a set number of years. Inside a Joint Stock Company, the shareholders tolerate the risk of uncertainty. They choose a Board of Directors to control the affairs of the business.
The Board of Directors in turn elects, one of them as a Managing Director or appoint an over-all Manager from outside on salary. Usually he’ll look into the day-to-day administration of the business. The directors are those persons who hold a sizable variety of shares. An important benefit of a Joint Stock Company is that the liability of each shareholder is bound.
It means the responsibility of the shareholder is bound to that amount of his share capital. In case the ongoing company incurs financial issues, the shareholder may lose only the amount identical to the worthiness of his nothing and shares else. The rest of his property is clear of any claims by the creditors of the business. The small levels of the individuals who are thinking about investment are brought together and this helps in capital formation. By this way, large-scale functions are made possible. People with small savings may become shareholders of the Joint Stock Company even. So it promotes investment habit.
Shares are easily transferable. If a shareholder is in need of money, he can sell his shares on the STOCK MARKET. The Joint Stock Company has more or less a permanent lifetime. It has a well-balanced life for years. Shareholders might change. However, the company continues on forever, so long as it is managed well.