VII. Read the following text. Copy paragraphs 3-6 and translate them into Ukrainian in writing

VI. Complete the following sentences with the proper types of the predicates, following the rule of the sequence of tenses. Write them down and translate into Ukrainian.

Model: He told me that they (have settled, had settled, settled) all the points of the

contract.

He told me that they had settled all the points of the contract. (past perfect active voice)

Він сказав мені, що вони вже вирішили всі пункти контракту.

1. He informed that the contract (had been signed, is signed, signed).

2. It was reported that the firm Kristal (will launch, would launch, has launched) the output of a new product the next year.

3. It was known that the deputy manager usually (makes, would make, made) reports at the meetings.

4. We know that their corporation (is interested, was interested, interests) in developing trade relations with Hungary.

Notes:

¹ consent – згода

² entity – економічна одиниця

³ to sue – подавати судовий позив

⁴ public corporation – відкрите підприємство

⁵ capital stock – акціонерний капітал

Corporation.

1. The corporation is an association of stockholders (part owners), formed with government consent¹ and having the power to transact business in the same manner as if it were one person. It is usually made up of three persons or more who invest money in a business enterprise.

2. A corporation is a legal person, a single entity², in the eyes of the law.

As such it can sue³ and be sued. What is significant about this point is that the people who own corporation – the stockholders – cannot be sued no matter how serious the case is.

3. Corporations are either closed or public⁴. A small business corporation is usually a closed corporation. This means that the capital stock⁵ is not sold to the public. If one of the stockholders decides to sell the stock, he should sell it to the one who is approved by all of the stockholders. In this way the ownership of the business is selective and controlled.

4. A public or open corporation offers its stock to the public. It means that its stock is available to anyone who chooses to invest in the business.

5. The corporate form has its advantages, as: a) limited liability of the owners, b) unlimited existence of the business, c) ease of expansion,

d) varieties of skills, abilities and ideas. Besides, the corporation can offer higher salaries and thus attract talented managers and specialists.

6. The corporation is not without its drawbacks, as: a) government regulation, b) complexity and high cost of organizing, c) lack of freedom in action, d) taxes which are paid on any dividends received and so on.

VIII. Copy the following statements on paragraphs 1-2 mark with “T” if the statement is true or “F” if it is false.

1. The consent of the government is not obligatory at forming the corporation.

2. A corporation makes its transactions on the names of all its members.

3. A corporation can sue and be sued.

4. Corporation owners cannot be sued.

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