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27. 24. , Art. 41 (1). 25. Department of Trade Document referred to in n. 4, para. 31. 26. In Dutch maatschappelijk, geplaatst, gestort kapitaal; see Sanders in the work quoted in n. 14, at p. 26. The Second Company Law Directive 49 company laws is eminently practicable and the need to give the management authority to issue new shares without first obtaining a resolution of the general meeting has made itself feit also in French and German law. 27 In practice, apart from the Iimitation in time, there is not a great difference between the two legal systems.
Rev. 1977, 133 et seq. Cf. esp. Case 43/75, Deirenne v. , 455, where the Court held at consideration 9 that Article 119 EEC "forms part of the social objectives of the Community, which is not merely an economic union, but is at the same time intended, by common action, to ensure social progress and seek the constant improvement of the living and working conditions of their peoples, as is emphasized by the Preamble of the Treaty". L. Rev. 1977, 108 et seq. with annotation by C. Crisham. 18. Special Treaty clauses are not dealt with here.
Whatever standard may be intended, this is a legal Obligation placed on the NEB: we know this by virtue of the heavy type in para. 10. But such an obligation is only likely to be enforeable by the Secretary of State and not by the subsidiary's creditors, although this is a speculative conclusion. 80. O. 1972 C 68/5. 81. (1973) at para. 124. The Industry Acts 31 not mean, however, that their work is necessarily and automatically to be treated as that of an aid scheme. " In order to be in a position to make a judgement, the Commission has extended to the NEB the practice, already adopted in relation to other agencies, of requiring an annual report to be submitted.