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2016-2017
: MA(Cantab.), Barrister (Middle Temple),
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1 ............................................................................................. 1
1.1 ........................................................................................................ 1
1.2 .......................................................................................... 2
1.3 ...................................................................................... 3
1.4 ...................................................................................... 3
1.4.1 .......................................................................................... 3
1.4.2 .......................................................................................... 3
1.4.3 v.
......................................................................................................... 4
1.4.4 Societas Europaea ........................................................................................... 5
1.4.5 ..................................................... 5
1.5 ..................................................... 8
2 ............................................................................................. 12
2.1 ...................................................................................................... 12
2.2 ........................................................................................ 12
2.3 ......................................................................................... 13
2.3.1 ...................................................................................... 14
2.3.2 .......................................................................................................... 18
2.3.3 .................................................................................... 19
2.3.4 ............................................................................ 19
2.3.5 ......................................................................... 20
2.3.6 ...................................................................................... 20
2.4 ................................................................................................. 21
2.5 ........ 22
2.6 ....................................................................... 23
2.7 ............................................................................................. 23
2.7.1 ................. 23
2.7.2 ......................... 24
2.8 .................................................................................... 24
2.9 ................................................................................ 24
3 ............................................ 31
3.1 ............................................................. 31
3.2 ................................................................................. 33
3.2.1 .................................................................................. 34
3.2.2 ................................................................................ 35
3.3 .................................................................................... 40
3.4 .................................................................................................... 40
3.5 ......................................................................................... 40
3.6 .............................................................................. 41
3.7 .......................................................................................... 41
i
4 .................................................................. 42
4.1 .......................................................................................... 42
4.1.1 ............................................................................. 42
4.1.2 ...................................................................... 43
4.1.3 ................................................................... 43
4.2 .................................................................................... 45
4.3 ............................................................................ 47
4.4
. ........................................................................................................... 48
5 .............................................. 49
5.1 ................................... 49
5.1.1 ............................................................................................. 49
5.1.2 (ultra vires) ........................................................... 49
5.1.3 ultra vires ............................................................ 51
5.2 .............................................. 52
5.2.1 ............................................................... 52
5.2.2 ................................................................................. 53
5.2.3 ...................................................................................... 54
5.3 ........................................................................................... 54
5.3.1 .......................................................................................................... 55
5.3.2 .......................................................... 55
5.3.3 ............................................................................................. 55
5.3.4 ...................................................................................... 57
5.4 ......................................................... 62
5.5 ......................................................................................... 63
6 .................................................................. 65
6.1 ...................................................................................................... 65
6.1.1 .......................................................................................................... 65
6.1.2 - ............................................................... 65
6.1.3 - ....................................................... 66
6.1.4 ....................................................................................................... 66
6.1.5 ........................................................................................ 66
6.2 ........................................................................................ 67
6.2.1 .......................................................................................................... 67
6.2.2 ......................................................... 67
6.3 ............................................................................... 68
6.3.1 .................................................................................. 68
6.3.2 ................................................................. 69
6.3.3 .................................................................................................. 69
6.3.4 ...................................................................................................... 69
6.4 ....................................................................................................... 69
6.4.1 .......................................................................................................... 69
6.4.2 .......................................................................................................... 71
6.4.3 ............................................................................................. 71
ii
6.4.4 . .......................................................................................... 72
6.4.5 ...................................................................................... 73
6.4.6 ............................................................................................... 73
6.4.7 .............................................................................................. 73
7 ................................................................... 75
7.1 ...................................................................................................... 75
7.2 .................................................................................... 75
7.3 ....................................................................... 76
7.4 ................................................ 76
7.5 ........................................................... 77
7.6 . 77
7.7 ........................................................................................ 79
8 .................................................................... 82
8.1 ...................................................................................................... 82
8.2 ....................................................................................... 82
8.3 ............................................ 83
8.3.1 ................................................................................ 83
8.3.2 ............................................................................... 83
8.4 ................................................................................. 84
8.5 ................................................................................. 85
9 : ............................................................ 87
9.1 ...................................................................................................... 87
9.2 .. 88
9.3 .................................................................................... 88
9.3.1 .................................................................................... 89
9.3.2 ......................................................................................... 89
9.3.3 ..................................................................................... 90
9.3.4 ........................................................................................ 90
9.4 ..................................................................................... 91
9.4.1 ...................................................................................... 92
9.4.2 .................................................................................................... 92
9.4.3 ........................................................................................................ 92
9.4.4 ................................................... 93
10 : .............................. 94
10.1 ........................................................................................... 94
10.2 ............................................................................................. 95
10.3 ....................................................................................... 96
10.3.1 ......................................................................................... 97
10.3.2 ............................................................................... 97
10.3.3 ............................................................. 98
iii
10.3.4 ......................................................................... 99
10.3.5 ......................................................... 100
10.4 .............................................................. 101
10.4.1 ......................................................................... 101
10.4.2 ...................................................................................................... 101
10.4.3 ................................................................................. 101
10.4.4 ..................................................................... 102
10.4.5 ............................................................................................. 103
10.4.6 .................................................................................................... 103
10.5 ................................................................................................. 104
10.5.1 ........................................................................................................ 104
10.5.2 ..................................................................................... 104
10.5.3 .................................................................................... 104
10.5.4 ........................................................................................ 105
11 : ........ 107
11.1 .................................................................................................... 107

11.2 ........................................................ 107
11.3 ..................................................................................... 110
11.3.1 ............................................... 110
11.3.2
.......................................................................................... 110
11.3.3 , ,

................................................... 111
12 ............................................................... 114
12.1 .................................................................................................... 114

12.2 Foss v. Harbottle .................................................... 115
12.2.1 .................................................................................................. 115
12.2.2 ............................................................................... 115
12.2.3 ............................................................................................. 120
12.3 ................................................................................ 122
12.3.1 ............................................................................................. 123
12.3.2 ................................................................................................... 124
13 .......................................... 126
13.1 .................................................................................................... 126

13.2 ..................................................................... 127
13.2.1 ................................................................................ 127
13.2.2 ......................................................................................................... 128
13.2.3 ...................................................................... 128
13.2.4 ........................................................................................... 129
13.2.5 ....................................................................................................... 129
13.2.6 .................................................................................................... 130
13.2.7 ................................................... 130
iv
13.2.8 ..................................................................................................... 133
13.3 .................................................................................... 133
13.3.1 ....................................................................................................... 133
13.3.2 ...................................................... 133
13.3.3 ................................................................................ 134
13.3.4 ................................................................... 134
13.3.5 ..................................................................................... 135
13.4 ................................................ 135
13.5 ........................................................................................... 136
v
1
1.1

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4
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4 1209
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6
Entechno Development v. Republic (1986) 3 C.L.R. 2613, Epsilon Electromechanical Limited v.
(1992) 4 A.A.. 723, Deloitte Haskins & Sells Associates Ltd,
Deloitte Haskins & Sells v. (1997) 4 1209
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Salomon v. Salomon3.
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We think that it is necessary to state that since the decision in Salmon &
Co. v. Salomon [1897] A.C. 22, it has been said time and again that a
1
. 113, 15(2), v. Vineyard View Tourist Enterprises Ltd (1998)
1 300
2
Michaelides v. Gavrielides (1980) 1 C.L.R. 244
3
Salomon v. Salomon (1897) A.C. 22
4
Michaelides v. Gavrielides (1980) 1 C.L.R. 244, Bank of Cyprus (Holdings) v. Republic (1983) 3
C.L.R. 636, Bank of Cyprus (Holdings) v. Republic (1985) 3 C.L.R. 1883, N.M. Michaelides v. Michael
James Hickman (1988) 1 CLR 98, Metro Shipping & Travel Limited v. Global Cruises S.A. (1989) 1
CLR 182, v. The Dolphin Insurance Company Limited (1990) 1 351,
v. Yellow Rose Shipping Company Limited (1995) 1 1002,
v. Vineyard View Tourist Enterprises Ltd (1998) 1 300, v. (1998)
1 867, 1. 2. v.
Nicantony Trading Co (1998) 1 1653, . .. v.
(1998) 1 2296, (1)
, (2)Eurolife Ltd, (3) , (4) cisco Ltd, (5)
(.2)
Certiorari (2005) 1 1178, Pashkovskiy v. Pashkovskayia . 8/2009 30/3/2011,
.. v. .. . 319/2008, 7/7/2014.
31
company and the individual or individuals forming a company were separate
legal entities, however complete the control might be by one or more of those
individuals over the company. That is the whole principle of the formation of
a limited liability company, and it would be contrary to the scheme of the
Company Acts to depart from that principle. 1 :

Salomon v. Salomon,

,
.

.
( ),
,
2.
A registered Company is a legal entity distinct from its members. As such it

enjoys rights and is subject to duties which are not the same as those
enjoyed or borne by its members; it has as it is frequently put a legal
personality of its own.3 :
. ,

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v. (1998) 1 867
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Michael James Hickman (1988) 1 CLR 98
32
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Lindos Constructions Limited v. (1993) 1 17
2
3
v. Yellow Rose Shipping Company Limited (1995) 1 1002
4
v. Vineyard View Tourist Enterprises Ltd (1998) 1 300
5
. .. v. (1998) 1 2296
33
3.2.1

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483/97 484/97, 18/02/2000 (-)
4
2002, 33(2)
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34
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1
Salomon v.
Salomon,
,
.

( ) Michaelides v. Gavrielides (1980) 1 C.L.R. 244,
250, Michaelides, Salomon,
( ) Bank of
Cyprus (Holdings) v. Republic (1983) 3 C.L.R. 636, 648
2
Michaelides v. Gavrielides, ,
. ,
Michaelides,
Salomon ( ) Bank of Cyprus (Holdings) v. Republic (1985) 3
C.L.R. 1883, 1889
3
v. (1989) 1 504
4
v. (1989) 1 504
35
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, , Bank of Cyprus
(Holdings).
2 :

(Salomon v. Salomon & Co , 66 L.J. Ch. 35).

, .
1
v. Galatariotis Brothers Ltd .. (1995) 1
11Multi Klima Maliotis Engineering Ltd v. ,
483/97 484/97, 18/02/2000 (-)
2
Multi Klima Maliotis Engineering Ltd v. , 483/97
484/97, 18/02/2000 (-)
36
1,

.
,
,

2
3,
4. ,

. v. Ellinas Finance Public
Company Limited5, :
Brenda Hannigan: Company Law, 2003,

. 74-82,

.
Salomon v. Salomon & Co Ltd (1897) A.C. 22, ,
, Adams v. Cape
Industries plc (1990) BCLC 479,
,

. Salomon
in group structures, ( Ord v. Belhaven Pubs Ltd (1998) 2
BCLC 447). Re: Southard Ltd (1979) 3 All E.R. 556,

,
Pennington: The Principles of
Company Law . 27 32,
, ,
.
, Prest v. Petrodel Resources Ltd & Ors 6 ,

.
1
Exalco S.A. . .. (2007) 1B 991
2
Creasey v. Breachwood Motors Ltd [1992] BCC 638
3
DHN Food Distributors Ltd v. Tower Hamlets London Borough Council [1976] 3 All ER 462
4
Adams v. Cape Industries plc [1990] Ch 433,
5
v. Ellinas Finance Public Company Limited . . 209/2009, 20/3/2013
6
Prest v. Petrodel Resources Ltd & Ord [2013] UKSC 34
37

, ( )
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.

.
VTB Capital plc v Nutritek International Corporation & others1,

,
.
2
,
,
.

,
3

4.

5.
1
VTB Capital plc v Nutritek International Corporation & others [2013] UKSC 5
2
v. Zako Estates Limited (1989) 1 490
3
v. (1989) 1 504
4
v.
(1996) 3 517 (
).
5
.
(1994) 4 770. :

.
38

1.

,
2.

( ) 3.

4.
,
. . [. Gower's
Principles of Modern Company Law . 130). Smith Stone Knight Ltd v. Lord Mayor
[1939] 4 All E. R. 116],
, : (1)
; (2)
; (3) ; (4)

; (5)
; (6) ;
Bank of Cyprus v. Republic ()
Bank of Cyprus (Holdings) v. The Republic (1985) 3 C.L.R. 1883,
.
1
.. v.
(1993) 4 2677
2
Netcom Limited v. ,
. 984/2003, 08/07/2005 (-).

,
,
.
3
Bank of Cyprus (Holdings) v. Republic (1985) 3 C.L.R. 1883 . Stereo Development Co.
Limited v. (1998) 4 651
,
,
33(1)
1978-1998 :

, , ,

..
4
Camrex (Realisations) Limited v. Freewind Shipping Company Ltd (1986) 1 CLR 420, Avraam K.
Prousi v. Redundant Employees Fund (1988) 1 CLR 363
39
:

1
,

2.
3.3

.

(
)3, .
.
3.4
4 . H

(trustee) 5.
3.5

.
,
mens rea6.
1
Othon Galanos Tax Free Shops Ltd v. (1990) 3 ... 2234,

2
.. v. Polly-Frocks Ltd (2000) 1 398
3
. 113, 3(2)
4
. 113, 16. . ( ) , .
218. . () , . 109
5 Salomon v. Salomon (1897) A.C. 22, v. Investylia Public Co Limited
(2008) 1 1117
6
Tesco Supermarkets Ltd. v. Nattrass, [1971] 2 All E.R. 127, Dias United Publishing Company Ltd.
v. The Police (1982) 2 CLR 229, Alithia Ekdotiki Eteria Limited and another v. the Police (1984) 2
CLR 431, Costas Michael Hailis v. the Police (1982) 2 CLR 99
40
()

1.
3.6
2 .
.
3.7

.
. 3.
1
Dias United Publishing Company Ltd. v. The Police (1982) 2 CLR 229
2
. 5
3
. 113, 15(2)
41
4
4.1
4.1.1

1.
2.

.
3
, .

4.
15 5.
()
()
, 8,54 17,09

( ) 8,54 17,09
8,54 17,09

- -

1
. 113, 19(1)
2
487 9/2/1961
3
. . 14
4
. 113, 19(1)
5
. 113, 137
42
4.1.2
, , ,
,
,
, , 6
, 1.
,

.

, 42.72
.

6 . 2
3

4
5. ,
,

, 6.
4.1.3
, ,
,
( )7.
8.
1
. 113, 19(2)
2
Stelel Catering Ltd v. , (2000) 4 788, Glasboro Enterprises Ltd v.
, . . 1310/99 . 11/01/02
3
Cyprotoys & Crafts Ltd v. (1990) 3() A.A.. 2358
4
Moschovakis v. Cyprus Broadcasting Corporation (1988) 3 CLR 750
5
6
7
. 113, 19(3)
8
. 113, 19(1)
43

.
,
1.
4.1.4
,
, , 2
3.
4. ,
:
() , , ,
, ,
()
,
() .

5 .
,

.

. ,
,
,
,

.

,
1
. 113, 19(4), Neoptolemos Spyropoullos v. Transavia Holland N.V. Amsterdam (1979) 1
CLR 421
2
4545 18/3/1965
3
. 113, 20(2)
4
. 113, 20(1)
5
. 113, 20(3)
44
1.

, . 113
"" 2, 3
4.
(
)
""

.

427,15
(250) .
4.2

,
5.

,

6:
()
()
()
()

()

1
. 113, 20(6)
2
. 113, 4
3
. 113, 103
4
. 113, 20(4), 113, 118
5
. 113, 6
6
. 113, 7(1)
45
()

() .

,

1.

,

2.

3.
(petition) 4
5.

6
,
.
,

7.

1
. 113, 23
2
. 113, 24
3
. 113, 7(2).
.
4
. 113, 24(1), , .5
5
. 113, 2 209, , .2
6
, .8
7
. 113, 7(3)
46
1 . ,
,
,

2.

, 3.
,

4. 15
(
).
85.43 (50)
.
,
,
5.
4.3
6,

. 113.

15 7. ,

42,728.

1
. 113, 7(3)
2
. 113, 7(5)
3
. 113, 7(4)
4
. 113, 7(6)
5
. 113, 7(6)
6
. 113, 12(1)
7
. 113, 137(1)
8
. 113, 137(5)
47

,

1.
,

2 .
,
3.

42,72
4.
4.4
.

, 5.

6.
,
(petition) 7.
1
. 113, 23
2
. 113, 137(2)
3
. 113, 137(3)
4
. 113, 137(6)
5
. 113, 24(1)
6
. 113, 24(3)
7
. . 4.2 , . 113, 24(4)
48
5
5.1
5.1.1
1

2. 3:
,

.
,
,
.

.
4.
,
5.
5.1.2 (ultra vires)
,

6.
(ultra vires doctrine).
1
. 113, 4()
2
v. . (1966) (1990) 1 673, L & T
Partners Communications Services Ltd Pr Partners .. v. ..
. 2362/2006, 18/1/2007 (-)
3
v. . (1966) (1990) 1 673
4
v. . (1966) (1990) 1 673
5
v. (1991) 3 398
6
v. . (1966) (1990) 1 673, T.J.S. Enterprises
Limited .. v. () . 2362/2006,
18/1/2007 (-), . v. .
. 1208, 8/9/2006 (-)
49
:

.

. ,
/ .
: ultra vires ( )

(memorandum
of association), ultra vires,
.1
2:
()
,
()
.

,
. 3,
, ,

.
.

4 . 5 ultra vires

(memorandum of
1
v. .. (2009) 1A 479
2
v. .. (2009) 1A 479
3
. 5.1.1
4
v. . (1966) (1990) 1 673
5
. Nicosia Palace Hotel Co Ltd v.
(2003) 1 ... 722, T.J.S. Enterprises Limited .. v.
() . 2362/2006, 18/1/2007 (-),
() . . 1. Parson Emporio Ltd .. . 149/2007 .
7/3/2012
50
association)
, ,

, .

, 1,

,
.
5.1.3 ultra vires

2 3
4 5 . ,

6.
1
v. . (1966) (1990) 1 673
ultra-
vires .
(.
European Communities Act 1972. s. 9(1).
.

.
2
v. . (1966) (1990) 1 673
3
68/151/ 9 1968 (
2009/101/ , 16 2009)
4
. 21()/1997, . 151()/2000, . 70()/2003
5
. 113, 33: . 33.
(1) ,
,
,
:
,
, ,

, :
,
, , .
6
L & T Partners Communications Services Ltd Pr Partners .. v.
51
1 ,
,
.
( )

, .
,
, , .
,
, .

.

2.
5.2
5.2.1
( Royal British Bank v. Turquand3)
(indoor management rule)

:

.

. 4 ,
Nicosia Palace Co Ltd Nicosia Palace Hotel
.
,
.. . 2362/2006, 18/1/2007 (-)

1
. 113, 33
2
L & T Partners Communications Services Ltd Pr Partners .. v.
.. . 2362/2006, 18/1/2007 (-)
33
[1843 1860] All ER 435
4
Nicosia Palace Hotel Co Ltd v. (2003) 1 722
52
7,000.
Nicosia Palace
7,000.
Nicosia Palace Co Ltd
. H Nicosia Palace
.

,
.
Royal British Bank v. Turquand1

,
. :

.

.
.
, .
5.2.2
2 :
()
.
()

.
()

.. 3.
1
[1843 1860] All ER 435
2
Nicosia Palace Hotel Co Ltd v. (2003) 1 722
3
. Helly-Hutchinson v. Brayhead Ltd

53
() .1
5.2.3
2
3

, ,
, .

Turquand4.

,

.
Turquand 5.
5.3
1
Nicosia Palace Hotel Co Ltd v.
(2003) 1 722 :

( ,
).
Turquand (constructive
knowledge) .

. (obiter dictum).
,
.
2
68/151/ 9 1968
( 2009/101/ ,
16 2009)
3
. 113, 33(2)
4
33(2)

.
5
. 5.3
54
5.3.1

, ,
.
() (
) () ,
() .
,
1.
5.3.2
, ,

2.
,
.
,
3.
,
.

4.

.
Limited
.
5.
5.3.3
1
Ferguson v. Wilson [1866] L.R. 2 Ch. 77; A.D. Hotel & Catering Ltd v. Takis Pilava (1982) 1 CLR 81
2
3
4
. & v. (2000) 1 954
5
Ferguson v. Wilson [1866] L.R. 2 Ch. 77; A.D. Hotel & Catering Ltd v. Takis Pilava (1982) 1 CLR
81, . 113, 103(4)
55
( ) :
.

1. ,
2 .. .

3
, ..

.

.
,
.

5.

.

1
, . 149, 146, Freeman and Lockyer v. Buckhurst Pak Properties
(Mangal) Ltd. [1964] 1 All E.R. 630, Hely-Hutchinson v. Brayhead, Ltd. and Another [1967] 3 All E.R.
98, Liopetri Transport Co v. Loucas Constantinou (1971) 1 CLR 424
2
, . 149, 147
3
, . 149, 147
4
. 149
. ( 197)

, .
,
(estoppel) 29
14/60, ,
. 149: v. (1999) 1 551
5
Freeman and Lockyer v. Buckhurst Pak Properties (Mangal) Ltd. [1964] 1 All E.R. 630, Hely-
Hutchinson v. Brayhead, Ltd. and Another [1967] 3 All E.R. 98, Liopetri Transport Co v. Loucas
Constantinou (1971) 1 CLR 424
56

500 .
500

5001.
3.13 .

.
5.3.4
Georgios Demetriou v. Cyprofrota2
:
Cyprofrota
( )
.
.

.
.
,

.
Turquand3.
Liopetri Transport Co v. Loucas Constantinou4
,
.
( )
1
Freeman and Lockyer v. Buckhurst Pak Properties (Mangal) Ltd. [1964] 1 All E.R. 630, Hely-
Hutchinson v. Brayhead, Ltd. and Another [1967] 3 All E.R. 98, Liopetri Transport Co v. Loucas
Constantinou (1971) 1 CLR 424
2
Georgios Demetriou v. Cyprofrota (1974 -7) 9 JSC 847
3
. 5.2.1
4
Liopetri Transport Co v. Loucas Constantinou (1975)1 CLR 424
57
,
.
Hely Hutchinson1 Freeman & Lockyer2
.
A.D. Hotel & Catering Ltd v. Takis Pilava3
, ,
193
.

.

.

.
108.085.
, , , :
(1)
,

, .

, .
(2) ,

,

. ,
,
.
1
Hely-Hutchinson v. Brayhead, Ltd. and Another [1967] 3 All E.R. 98
2
Freeman and Lockyer v. Buckhurst Park Properties (Mangal) Ltd. [1964] 1 All E.R. 630
3
A.D. Hotel & Catering Ltd v. Takis Pilava (1982) 1 CLR 81
58
Paneuropean Insurance Co Ltd v. 1
,
, , 597,96
.
, Eurohouse
Insurances Ltd.

.
Eurohouse
.
(ostensible
or apparent authority) 197
. 149.
.

197
. 149 (ostensible or
apparent authority).
(1)

Eurohouse
.
(2)
Eurohouse
.
(ostensible or apparent authority).
(3)
, (estoppel)
29 1960 (. 14/60),
, ,
. 149.
(
:
1
Paneuropean Insurance Co Ltd v. (2004) 1 713
59
Eurohouse,
Eurohouse .
, ,
.
, .
Eurohouse

,
[ ]. ,
Eurohouse .

(ostensible or apparent authority) 197
. 149 :

,

Eurohouse,
Eurohouse , Eurohouse
, Eurohouse ,
.

197 . 149.
v. 1
1991 / Barclays.
,
, .
. 1992,

. , ,
, , ,
, .
1992 .

/ .
8
1
v. (1999) 1 551
60
,
, ' ,
. .
,
. , ,

(apparent or ostensible authority). To
. ,

,
8 .

.

.
: 1.

Barclays , . 2.
"
Barclays " "
Barclays
", . 3.

,
,
.
, , :
(1) '
, ,
.
.
,
, .
.
.
. '
, ,
1984
(broker) ,
, .
61
.
. 149
. ( 197)

,
.
(2)
, (estoppel)
29 14/60,
,
. 149.
(3) .
,
,
. ,
'
,
.
5.4
2003,

. 1

, :
,

.
. , , .
"
"2.
2003 , 3, ,

, ,
1
& v. (2003) 1 1663
2

.
3
. 70()/2003
62
,
.
, 1.
,
,
.
, 2.

3.
5.5
2009,
,
( 1960) ,
.

,

,
4.
5 6,

, ,
.
,
:
()
,
,
1
. 113, 15(1)
2
. 113, 15(2)
3
. 113, 15(3)
4
Electricity Authority of Cyprus v. Petrolina Company Ltd (1971) 1 CLR 19
5
. 113, 33
6
. 99(I)/2009, 3
63
1,
()
,

2,
()

3.
,

, ,
4.

5.
,

6.
1
. 113, 33(1)()
2
. 113, 33(1)()
3
. 113, 33(1)()
4
. 113, 33(1)
5
. 113, 33(2)
6
. 113, 33(3)
64
6
6.1
6.1.1
,

1 .
.
1.000 1.000 1
.

2
3 .

4.
.

.
5.
6.1.2 -
( ) -
.
( )
6 .
, -

1
. 113, 4(4)()
2
. 113, 4(4)()
3
. 113, 4(4)()
4
. 113, 15(2)
5
Lavinia Investments Ltd v. (1998) 3 827
6
. 113, 3(2)()
65
.
.
6.1.3 -

.
( )
.

1. ,
,
2.
6.1.4
, ,
.
6.1.5
,
:
() :
25,629 (15,000)3.
()
25% . 113 47(3)4.
()

5.
1
. 113, 58()
2
. 113, 59
3
. 113, 4
4
. 113, 47(3)
5
. 113, 47 47
66
6.2
6.2.1
, .

1.

2.
:
5.000
5.000 1 10.000 10.000
1 5.000
1 ,
.

, 15
3
4 .
,
5.
,

5

5 6.
6.2.2
1
. 113, 60(1)()
2
. 113, 60(2). ,
. 113 ( 44)
.
3
. 113, 62(1)
4
. 113, 62(2)
5
. 113, 62(3)
6
. 113, 62(2)
67
,
,
,

1.
,
:
() , 25%

2 (.. 1
2,
1,25).
() ,
5 3 .
4.
,
5
,
6.
6.3
,
:
6.3.1

7.
1
. 113, 59(1)
2
. 113, 60(1)()
3
. 113, 60(1)()
4
. 113, 60(2) 47
5
,

6
. 113, 60(1)
7
. 113, 60(1)()
68
6.3.2

(stock)
1 .
6.3.3

,
, ,
2.
6.3.4

,
3.
4.

,
5.
6.4
6.4.1
1
. 113, 60(1)()
2
. 113, 60(1)()
3
. 113, 60(1)()
4
. 113, 60(2)
5
. 113, 61, 16
69

1:
. ,
, ,
, .
,
,
. ,

,
,
.
,
. .
,
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, .
,

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.
.
[] ,

,

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, ,
.
.
,
.
. ,
,
, .
1
Lavinia Investments Ltd v. (1998) 3 827
70

,
.
.
,
, ( Pennington on Company
Law, 4 , . 139, 140).
, , .
, ,
.
(Gowers Principles of
Modern Company Law, 4 , . 403).
,
(Borlands Trustee v. Steel Brothers & Co [1901] 1 Ch. 279, 288.
In Re Paulin [1935] 1 K.B. 26),

(Oakbank Oil Co v. Crum (1882) 8 App. Cas. 65).
,
, ,

1.
6.4.2

(.. 5.000 2.000 2
1.000 1 ).
6.4.3
2

,
.
1
. 113, 21, . 2, 2.4
2
. 113 105(1)
71
1 .
(
)
2.
,

.
6.4.4 .
,
3
(
).
4.

, ( )

5.

( )
.

6.
H
30 ,

7.
1
. 113 105(2)
2
. 113 105(3)
3
. 113 106(1)
4
. 113 106(3)
5
. 113 108(1)
6
. 113 108 (3), (4)
7
. 113 110
72
6.4.5
,
,

, ,
, ,
1.

. , ,

.

.
111 . 113

.
/ / ,

111
2.
6.4.6
, ,
3.
6.4.7
,

1
. 113 111(1)
2
. . , (2004) 1 ... 866, Ritchie
Russell , (2008) 1 ... 639
3
. 113 112
73
1.
,
2
.
1
. 113 71
2
. 113 21(1)
74
7
7.1

.
. ,

,

.

( )
.

.
,
,
.
, ,
,
,
.
7.2
(
)
.

( ) ,
. 113 1
1
. 70()/2003, 77/91/
75
1.
7.3

(.
25% )
.
2.
()

.
() 1
.
()
3 1
( ).
7.4
,
1
. 113, 169 169
2
. 113, 56(1)
3
. 113, 56(3)
76
1
, 2.
7.5
3 .
, 4
, ,
5.
, ,

6.

.
7.6

1
. 113, 57
2
9 99() 2009.
3
Trevor v. Whitworth (1887) 12 App. Cas. 409 (H.L.).
4
. 135()/2000, . 70()/2003
5
. 113, 57 57
6
. 1113, 28(1)
77
.
, 1
( )
.
53 . 113 :
, ,
, , ,

.
()
,
,
() ,

,
() , ,
,

.
2,
,
3 :
()
,
() ,
90%
.
1
. 113, 53
2
. 99() 2009.
3
,
.
78
7.7
,
, ,

.
. ,
(
)
, 1.
2
.
,
.

3.
4:
()
,
() ,
,

() ,

.
1
Progress Property Company Ltd v Moorgarth Group Ltd [2010] UKSC 55
2
. 113, 64
3
. 113, 64(2)
4
. 113, 64
79
()

()
,
1.

2.

.
,
.
Companies Rules 1933.
,
( ) .
: (petition)
(summons).
,
.
, ,

.
,
3.
,

,
.
1
. 113, 55
2
.. v.
(1993) 4 2677
3
. 113, 65, Re Ratners Group plc [1988] BCLC 685
80
, ,

.

1.
1
. 113, 67
81
8
8.1
,

1.
,
, ,
.
.

2.
8.2
,

3.
, , ,
4.

.
5,
.

.

.6
1
. 113, 27(2)
2
. 113, 71
3
. 113, 73
4
. 113, 73
5
. 209()/2004 1963 . 19/1963
6
, 23
82
8.3
8.3.1
, ,
1
2 , .
8.3.2

3.
.

.

.
, , :
24. (
)

4.
25.

() 125

()

1
. 113, 216
2
. 113, 265
3
. 113, 29(1)()
4
, , 24
83
() .1
, I , :
3. ,
,
.2
,

3.
8.4

,
.

4.

,
5.

,

, (
) 6 .

1
, , 25
2
, , 3
3
.. v.
(2003) 1 778
4
. 113, 75
5
. 113, 77
6
.. v.
.. (2002) 1A 497
84
1.
, ,
,
2.
8.5
3 ,

4.
,

5. ,
, ,
,
,

6.

,
7.
( ),

8 ,
1
. 113, 27(2)
2
. 113, 76(1)
3
""
. 113, 78(2).
4
. 113, 78(1)
5
. 113, 78(2)
6
. 113, 78(3)
7
. 113, 79
8
57
85
1.
1
. 113, 113
86
9 :
9.1
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,
, .

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, .

,
( )
.

.
()1:
.
.
2: .
.
3 : (

, ).
,
,
, .
1
. 113, 27
2
. 113, 170
3
. 113, 171
87
.
" ,
.
9.2

(construction)
, ,
1.
80 :
80. ,

,
,
, , , ,
,
,
, .
,

.
, ,
,
2.

, 3.
9.3
1
Filter Syndicate Co. v. Cuninghame [1906] 2 Ch. 34, C.A., Gramophone and Typewriter, Limited v.
Stanley [1908] 2 K.B.D. 89, Michaelides v. Gavrielides (1980) 1 CLR 244.
2
Filter Syndicate Co. v. Cuninghame , Gramophone and Typewriter [1906] 2 Ch. 34, C.A.
3
Shaw & Sons (Salford) Ltd v. Shaw [1935] 2 K.B. 113, C.A., Scott v. Scott [1943] 1 All ER 582
88
9.3.1

1.

2.
3.
,

, 4.
9.3.2
113
5,
.

.
, ,
( )
. 75
:
75.

.
( )

6.
1
. 113, 2
2
. 113, 170
3
192(2)(), . 113
4
. 113, 171 (. 172).
5
. 177, . 113, . 175

6
. 113, 192(5)
89
9.3.3

1
, 942. , 3,
,
(

).

(

) 4 . ,
,
,
.
5.

.

. ,
.
9.3.4

,
6,
.
1
, 89-97
2
, 94
3
, 95
4
. 113, 177
5
. . 113, 174
6
. 113, 178
90
.
,
(
).
( ),
.
,
.
,
. ..
1
.
,

2.

( .. )
( 1/3) ,
. .
9.4
,

.
, 3
.
,

)4.
1
, 76
2
. 113, 183:
.
3
.. 80
4
91
9.4.1

.

1 .
,
2 ,
3 4.
9.4.2
,
,
.
:
98. ,
, ,

,
.
9.4.3
,

.
. :
99.
,
1
, 106
2
, 102
3
, 81
4
, 107-109
92
.
9.4.4

1.
.

.
.
.
,
2.
1
, 98
2
Barron v. Potter [1914] 1 Ch 895
93
10 :

10.1
1:
()
,
()
.
() :
,
, .

2 .
3.
() :
,
.
() :

.
,
,

4.
1
. 113, 27
2
. 113, 4(4)()
3
. 113, 4(4)()
4
v.
(2003) 1 778:

.
94

18 ,
(
) 1.
.
2, :
() ,
() 3,
() , ,
4.
10.2

5:
() ,
() ,
() ,
() ,
() ,
.
, , ,

195
,
.
1
, . 149, 11
2
. 113, 57 57
3
. 113, 28
4
. 113, 53
5
. 113, 105
95
.
,
1.
( )
( ) 2
2 .
. 30

3.

4. ,
5.

6.
10.3

.
.

. ,

.

.
7
.
1
. 113, 105(3)
2
. 113, 108
3
. 113, 110
4
. 113, 113
5
. 113, 112
6
. 113, 111
7
. 60()/2010
96
3 : , .
10.3.1
, ,
1
3
1.
,

, .

.
13
,
.

,
, ,
.
,

.
10.3.2

2.
18
.
,
15
1
. 113, 124.
104 .
.
2
. 113, 125
97
.
.

, ,

.
10.3.3

,
:
- ,
,
- ,
- ,
- .
1 ,
,
.

, ,

,

, ,
. .
4.2.9
.
,
1
, 9
98

,
,
.
10.3.4

1.

2.
, , ,
50%

,
, 28
,
56 .

3.

,
. , ,
4.

1
, 48
2
, 49
3
. 113, 169(1)
4
. 113, 169(2)
99

,

1/10
1.
21 ,

3 2 . ,

.
,
, 3.
10.3.5
4:
: 21 .
: 14 .

: 21 5
,
.

1
. 113, 126
2
. 113, 128()
3
. 113, 129
4
. 113, 127
5
. 113, 135
100
: ()
()
95% .

, ,
. ,

1.

..
178 .
28
.
2.
10.4
10.4.1

. ,

3.
10.4.2
.
2
3 4.
10.4.3
1
Tiessen v. Henderson [1899] 1 Ch. 861
2
. 113, 136
3
. 113, 128(2)
4
. 113, 128(1)()
101

.

1.

.
..
2.
10.4.4
,

.
, ,
( )
.
.
, ,

3.

,
.

.
.
4 .
.
.

5.
1
. 113, 128(1)()
2
National Dwellings Society v. Sykes [1894] 3 Ch. 159
3
. 113, 132
4
Northern Counties Securities Ltd v. Jackson & Steeple Ltd [1974] 1 WLR 1133
5
Puddlephatt v. Leith [1916] 1 Ch. 200
102
10.4.5

, ,
1.

.

( )
.

48
2.
10.4.6
,

.

3.
10.4.7

4.
1
. 113, 130
2
. 113, 130(3)
3
. 113, 128
4
. 113, 139
103
10.5
10.5.1

.
,
.
()
()
()
()
()

10.5.2

, .
.

.
, .
10.5.3
1 :
() 3/4 ,
1
. 113, 135(1)
104
() ,

()
.
10.5.4
1
21
.
()
()
()
()
10.5.5

2.

. 113
3.
1
. 113, 135(2)
2
. 113, 137
3
. 89()/2015
Russel v. Northern Bank Development Corp and others [1992]
BCLC
105
, 90%
,
(. 75%).

178, .
106
11 :

11.1

.

(fiduciary position)
, .

. ,

.

,
.
() ,
() .

, ,
.
11.2

1.
1
. 113,169
107

Re City Equitable Fire Insurance Co.1 , Romer
:
() :
.
() : ,

( )
.
..
.
() :
.

.

,
.
() :
,
, ,
, ,

.
Romer,

.

.

Romer. Equitable Fire
Insurance
1
Re City Equitable Fire Insurance Co. [1925] Ch. 407
108
. .
,
Romer
. .
Re DJan of London Ltd 1

:
()
,
,
() ,
.
, In
Re Barings Plc (No 5)2 :
() , ,

.
() (
) ,
,

.
()
() . ,

,
.
, Equitable Life Assurance

Society v Bowley & Ors3, Langley
Romer . Equitable

.
.
1
Re DJan of London Ltd [1994] 1 BCLC 561 (Chancery Division)
2
In Re Barings Plc (No 5) [2000] 1 BCLC 523, 535
3
Equitable Life Assurance Society v Bowley & Ors [2003] EWHC 2263 (Comm) (17 October 2003)
(QBD, Commercial Court)
109
11.3
(fiduciary)
.
(trustee)
.
3
:
11.3.1
(bona fides)
.

1.
Re W. & M. Roith
Limited2
. ,
,
.
,
.
:
,

.
.
11.3.2

1
In Re Smith & Fawcett Limited [1942] Ch. 304 C.A., . 306
2
Re W. & M. Roith Limited [1967] 1 W.L.R. 432
110
,

.

. Howard Smith
v. Ampol Ltd 1 Privy Council
.

.
( .. )

.

.
,
2.
11.3.3 ,
,

,

.

,
1
Howard Smith v. Ampol Ltd [1974] A.C. 821, P.C.
2
Mills v. Mills (1938) 60 CLR 150 (High Court of Australia)
111
1.
.

2.

500 .
. , 3 ,

.
.
,
.
4.

,

.

5.
House of Lords Regal

(Hastings) Ltd v. Gulliver 6. , Regal
.
. Regal

, Regal
.
1
Aberdeen Rly Co. v. Blaikie Bros (1854) 1 Macq 461 (House of Lords)
2
. 113, 191
3
Hely-Hutchinson v. Brayhead Limited [1968] 1 QB 549, C.A.
199 Companies Act 1948
4
North-West Transportation Co. Ltd v. Beatty (1887) 12 App Cas 589 (P.C.)
5
Cook v. Deeks [1916] 1 AC 554 (Privy Council)
6
Regal (Hastings) Ltd v. Gulliver [1942] 1 All ER 378
112
Regal . Regal (
)
.
.
Regal .
.
,
, .
Peso-Silver Mines Ltd v.

Cropper1
( )

.

, ,
,
2.
1
Peso-Silver Mines Ltd v. Cropper (1966) 56 DLR (2d) 1 (Supreme Court of Canada)
2
.. v. 10953/19.5.2006
113
12
12.1
(
)
. ,
,
.

.

,
. .

.
. ,
,
.

.

. .

.
,
.
, ,
..
75%

.
114
.
12.2 Foss v. Harbottle

12.2.1

Foss v. Harbottle1.

Edwards v. Halliwell2 3:
()
, , .
()

,
,
. ,
,
.

.
,
.
12.2.2
O Foss v. Harbottle .

1
Foss v. Harbottle (1843) 2 Hare 461 (Court of Chancery)
2
Edwards v. Halliwell (1950) 2 All E.R. 1064 . 1066 - 1067
3
. . MAESTRO ENT. (FAMAGUSTA) LIMITED,
. 564/00 9.4.2001 ( ) (. ..)
115

.
, :
,
, ,
, 1.
2 3:
() (ultra vires)4
.
()
.
..
.

.
()
,

. ..

.
Z&I
Mediterranean Leisure Investments Limited .. v. - 5
3 ,
1 . 3 ,
1
Jenkings LJ, Edwards v. Halliwell [1950] 2 All ER 1064 (CA) ( )
2
.. v. , . . . 11784, 24.11.2006, v.
Investylia Public Co. Ltd (2008) 1B 1117 (
, ).
3
(act or transaction) ,
,
, .. , v. Investylia
Public Co. Ltd (2008) 1B 1117
4
. 5.1.2
5
Z&I Mediterranean Leisure Investments Limited .. v. - . . .
159/2005, 25.5.2007
116
, 82%, 18%.

3 , ,
1, .
3

1,
.
3,
, ,
,
18% 14%. , ,
3,
2 ,
3,
1 . , ,
1,
,
,
, ,
126 , . 113. ,
,
. , ,
,
1 1

Foss v. Harbottle.
, ,

()

(fraud)
,

.
117
Daniels v. Daniels1 Templeman.
( ):
() Alexander v. Automatic Telephone Co.2

.
,
Foss v.
Harbottle ,
.
() Cook v. Deeks3

. ,
,
,

.
() ,

, . Pavlides v. Jensen 4

.

.

Templeman Daniels v. Daniels ()

,
,
, .
1
Daniels and others v. Daniels and others (1978) 2 All E.R. 89
2
Alexander v. Automatic Telephone Co. (1900) 2 Ch. 56
3
Cook v. Deeks(1916) 1 AC 554
4
Pavlides v. Jensen (1956) Ch. 565
118
v. 1 ,

, , ,

.

Foss v. Harbottle

,

.
() (
)
(
,
, )
.

, ,
.
Pavlides . Jensen 2

, Prudential Assurance Co Ltd. v. Newman
Industries Ltd (No.2)3 ,

.
Glass v. Atkin4,
50% ,
50%
1
.. v. , . . . 11784, 24.11.2006
2
Pavlides v. Jensen (1956) Ch. 565
3
Prudential Assurance Co Ltd. v. Newman Industries Ltd (No.2) [1981] Ch. 257
4
Glass v. Atkin [1967] 65 D.R.L. 2D 501
119
, 50%

.
v. 1,
(
... )

.
12.2.3

. []

Foss v. Harbottle.

.
.2
H
() Foss v. Harbottle (
)
, "
" (minority shareholders action) "
" (derivative action)

. ,
. ,
.
:
, ,

.
,
1
v. . . 11387, 23/1/2004 ( )
2
J.H. FARRAR, COMPANY LAW (1985), . 363, Personal Rights (
) ( )
120
(nominal defendant).

(
). (
), 1.

(substantive defendants)
2.

v. 3 ,
( .9 .9) :
.
, Foss
v.Harbottle
.
.

.
( Gower, Modern Company Law, 3
(1969) . 587,
, . .. .
(2004) 1 ... 136).
,
4:
,
, ,
.
Foss v. Harbottle (1843) 2
Hare 461. , ,

,

1
v. .. . . 255/2010, 13/6/2013
2
v. Investylia Public Co. Ltd (2008) 1B 1117
3
.. v. , . . . 11784, 24.11.2006
4
Michael N Ioannides Manufacturing Trading Ltd v.
, . 1/2012, 18/6/2013
121
. ,

,
,
,
.
Derivative Action (: Palmer, , . 65-02 65-05,
. 976-980).
1:

,
.
,

.
, Foss v. Harbottle (1843)

67 E.R. 189, , ,
,
. ,
,
.
, ,
.. . (2006) 1 ... 1263 .. .
(2004) 1 ... 136.
,

2.

3.
12.3
1
Yiannis G. Mammous .. . Willstrop .., . . 363/08, . 24/1/12, v.
.. . . 255/2010, 13/6/2013
2
.. v. , . . . 11784, 24.11.2006, v. .
. 11387, 23/1/2004 ( )
3
v. .. . . 255/2010, 13.6.2013
122
1

.
In re Pelmako
Developments Limited2, 202
210
Company's Act 1948.
.
12.3.1
()
,
()
3,
() ( )
.
In re Pelmako
Developments Limited 4 ( ) , ,
:
Re Five Minute Car Wash Service, Ltd

""
202 . 113,
() ,
() ,
() , ,
,
.
""
Scottish Co- Operative Wholesale Society Ltd.
1
. 113, 202
2
Pelmako Development Ltd, (1999) 1 ... 1369
3
. 211(), . 113
4
In re Pelmako Development Ltd, (1991) 1 ... 246
123
v. Meyer.
(probity), (fair dealing)
. , (inefficiency)
,
.
" " (just and equitable),

. , "equitable"
"just". , (term of
art), (equity),
.

(equity).
.
,

, ,

, .
() ,
-.
() .
() .
Karaoglanian & Sons v. Karaoglanian1.
12.3.2

202 :
()
.
()
1
Karaoglanian & Sons v. Karaoglanian 4 JSC 488
124

()
.
202 petition
1933.
. In re
Pelmako Developments Limited1 ,

, '
,
,
.

202

. '
. ,
,
202
.
1
In re Pelmako Developments Limited . . 8966/10.9.1999
125
13
2014
2015
.
13.1
.
. ,
.

. ,
.

.
.
,
.

1 .
,
.

.
1
. , . . , 2013
126
1600
1400
1200
1000
800

600
400
200
0
1996 1998 2000 2002 2004 2006 2008 2010 2012
V VI
, 203 344.
,
:
() ,
() ,
() .
13.2
13.2.1

1.
(petition)
19332.
1
. 209, . 113
2
. 213, . 113
127
13.2.2
1:
()
,
()
,
()
,
()
.
,

,
.
() ,
()
[just and equitable] .
(SE)
SE
64 () . 2157/2001 8
2001 (SE).2
13.2.3
() ,
3:
() 854
( ),
,
,
,
() ,
1
. 211, . 113
2
. 211(), . 113
3
. 212, . 113
128
,
,
() ,
,
,
.
13.2.4
(),

202 . 113.
In re Pelmako Developments Limited 1 ,

:
" " (just and equitable),

. , "equitable"
"just". , (term of
art), (equity),
.

(equity).
.

, :
() ,
-.
() .
() .
13.2.5
1
In re Pelmako Developments Limited (1991) 1 AA 246
129
1:
() ,
() ,
() (
) .
()
163 .
()
.
13.2.6
,
, .
2
.

.
.
, ,

3. ,

4.
13.2.7
,
5.
.

1
. 213, . 113
2
. 227, . 113
3
. 215, . 113
4
. 220, . 113
5
. 219, . 113
130
,
1.
,
,
, ,
,
, 2.

3.
4 ,
5.
,
, , .

6.
,

7.

8. ,
9.

, ,
,
, ,
,
10.
1
. 218(), . 113
2
. 216, . 113
3
. 217, . 113
4
. 13.2.6
5
. 220, . 113
6
. 228, . 113
7
. 229, . 113
8
. 231, . 113
9
. 232, . 113
10
. 233, . 113
131

1.

() ,
()
, ()

,
2.

,

3.

,

,
4.
,

, .

, ,
,
, , ,
.

, .

,
1
. 224, . 113
2
. 225, . 113
3
. 240(), . 113
4
. 240(), . 113
132
1.
13.2.8
, ,
,
.

2.
13.3

.
3 3:
() , ,
, , ,
,

,
() ,
()
,
.
13.3.1

4.
5.
13.3.2
1
. 239, . 113
2
. 260, . 113
3
. 261, . 113
4
. 263, . 113
5
. 262, . 113
133

1.
,
,
12 2.
.
,
. ,

,
3.
13.3.3
,
4.
, ( )
.
5.
13.3.4
, ,
,
6.
,
,
, 7.

1
. 266(4), . 113
2
. 266, . 113
3
. 276, . 113
4
. 268, . 113
5
. 277, . 113
6
. 264, . 113
7
. 265, . 113
134
1 ( 2)
.
13.3.5
,

3.
4.

.
5.
13.4

, ,
6.

7:
()
.
()
, ,
, ,
,
.
()
1
. 272, . 113
2
. 282, . 113
3
. 273, . 113
4
. 283, . 113
5
. 272 283, . 113
6
. 293, . 113
7
. 295, 216 217, . 113
135
.
()
1.
()
2.
,
, ,

3.
13.5
,
4 .
:
() ,
() (

)
()
,

.
,
,
.
,

.
1
. 296, . 113
2
. 297, . 113
3
. 297, . 113
4
. 300, . 113
136
137

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