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4. Find the following sentences in the text.

  1. Акционеры – владельцы компании, но они владеют активами компании, которые принадлежат компании, как отдельной независимой правовой единице.

  2. Акция – это единица измерения интересов члена компании.

  3. Акции могут быть заложены в качестве обеспечения для получения ссуды.

  4. Прежде всего, все акции обладают одинаковыми правами.

  5. Привилегированные акционеры всегда имеют приоритет перед обычными акционерами на выплату фиксированного дивиденда.

  6. Существуют два условия членства: согласие стать членом и занесение в список членов.

  7. Устав закрытых акционерных компаний может позволять директорам отказаться регистрировать передачу акций.

  8. Каждая компания должна вести список членов.

5. Recite the main point of the text.

Unit 6. Consumer Protection

1. Words to be remembered.

merger– поглощение, слияние компаний

rogue – жулик, мошенник

contravention – нарушение (закона, права), противоречие (закону,

праву)

assurance – заверение, гарантия

accessory – соучастник (преступления)

contempt – неуважение, оскорбление (органа власти)

punish – наказывать

punishable – наказуемый

imprisonment – тюремное заключение

fine – штраф

void – недействительный

injure – причинять вред

refrain – воздерживаться от чего-либо

injury – вред, ущерб

2. Text for reading.

Aims of Competition Law

Competition law regulates the market power of companies and individuals, restraining them from entering agreements restricting competition by fixing the price of goods or services and dividing the available market between them. It also regulates mergers and prevents dominant companies from abusing their position through excessive pricing or discrimination against customers. This interference with the free market is in the interests of the consumer.

The Fair Trading Act 1973

This has been called the most comprehensive measure ever passed to protect the economic interests of the consumer. The Act establishes the position of the Director General of Fair Trading (DG), the Consumer Protection Advisory Committee (CPAC) and reconstitutes the Monopolies and Mergers Commission (MMC).

Under the Fair Trading Act the DG has the following main duties:

  1. regulating monopolies, mergers and restrictive and uncompetitive practices;

  2. supervising trading practices;

  3. reporting bad trading practices to the DTI and making recommendations;

  4. taking action against traders who are persistently unfair to the consumer;

  5. encouraging trade associations to produce voluntary codes of practice;

  6. publishing information and advice to consumers.

Control of Rogue Dealers

Under Part III of the Act the DG has a “bloodhound” as well as a “watchdog” function with regard to persons carrying on a business who persist in a course of conduct which (a) is detrimental to the interests of UK consumers, whether economic or relating to health, safety or otherwise, and (b) is to be regarded on the criteria stated as unfair to consumer. These criteria involve either contraventions of duties, prohibitions or restrictions imposed by the criminal law and also breaches of contract, or other breaches of duty enforceable by civil proceedings.

The DG’s first line of attack is to obtain a satisfactory written assurance that the trader will refrain from continuing the course of conduct and from carrying on any similar course of conduct in the course of that business. Should the DG fail to achieve the written assurance or if such an assurance is broken, he may either bring proceedings in the Restrictive Practices court or, in smaller cases, in the county court for the district in which the practice is carried on. The power of the courts specified include (a) the obtaining of an undertaking to refrain from the specified course of conduct or (b) the making of an order on similar terms. The court also has power to obtain undertakings from or make orders against accessories, directors or officers of companies and other members of a group of interconnected bodies corporate. Legal aid is generally available to defend these actions and appeals lie to the Court of Appeal. Breach of an undertaking given or order made constitutes contempt of court punishable by imprisonment or a fine.