Law Commons^™

The Court Of Justice Of The European Communities: An Annotated Bibliography -- 1951-1973, Igor I. Kavass

Vanderbilt Journal of Transnational Law

This bibliography attempts to bring together information about the publications of the Court of Justice and those of other Community institutions pertinent to the work of the Court, as well as relevant juridical writings about the Court and its activities published as books, essays, journal articles, comments, notes, etc. Wherever possible, individual entries are followed by short annotations or explanatory comments. Annotations to the more important treatises or monographs include citations to book reviews.

This bibliography, like all legal bibliographies of its type, is selective in that it lists only those works which the compiler was able to identify and …

Recent Decisions, Mark A. Schneider

Vanderbilt Journal of Transnational Law

This landmark decision is the first time that the Court of Justice has ordered a party abusing a dominant position to correct that abuse constructively, by requiring the monopolizer to sell to the complaining and injured party sufficient quantities to satisfy that party's requirements. Although not novel when compared with United States antitrust law, this is one large step beyond previous decisions within the EEC. The wide spectrum of remedies available under American law, ranging from criminal prosecution, to administrative orders, and to civil suits where the broad powers of equity are available, has not previously been applied within the …

The Canada Business Corporations Act: Some Aspects Of Transnational Interest, Robert W.V. Dickerson, David L. Vaughan

Vanderbilt Journal of Transnational Law

With passage into law on March 24, 1975, of the Canada Business Corporations Act (CBCA) it is probably safe to say by way of provocative introduction that Canada has enacted the most modern corporation law in the English-speaking world. The Act is to be proclaimed in force at the end of December, 1975. Although the predecessor statute, the Canada Corporations Act, will remain in force, no new corporations may be incorporated under it.

The Fairness Myth, Victor M. Earle, Iii

Vanderbilt Law Review

Any type of fairness doctrine for liability, no matter how superficially if not seductively appealing, would effectively destroy the guarantee of professionalism that the securities law and the ac-counting profession have for so long sought to instill in financial reporting. Without the assurance that accountants are consistently applying those principles that- find general acceptance within the accounting profession, the accountant's opinion will mean nothing to a shareholder, investor, or creditor, unless by some magic he can personally observe the particular "fairness" bias of the individual accountant who performed the audit.51 Instead of enhancing the stature of the accountant's opinion and …

We Often Paint Fakes, Abraham J. Brilof

Vanderbilt Law Review

To begin, the profession has disseminated the message far and wide that its members are the high priests responsible for the interpretation and application of a very special body of knowledge known as "generally accepted accounting principles" usually referred to as "GAAP." On analysis one quickly discerns that no such defined body of principles exists. Some commentators maintain, in fact,that not a single accounting precept is deserving of the designation"principle" and these exegetics urge that the critical phrase be changed to read "generally accepted accounting standards," hence" GAAS." Others, reflecting on the evils perpetrated in the name of GAAP and/or …

Current Problems Of Accountants'responsibilities To Third Parties, T. J. Fiflis

Vanderbilt Law Review

When the auditor begins the audit program, he will record in "working papers" his work and findings. Each page will be dated and initialed by all persons who dealt with it. The papers should be indexed and bound and retained for some years. They should also be comprehensible as they are intended for use by others as well as for later use.

A trial balance is usually the first working paper. Other standard working papers are data from the corporate charter, by-laws,and minutes and analyses of accounts, prescribed by the audit program. One of the last working papers will be …

Accounting Standards In The United States And The United Kingdom: Their Nature, Causes And Consequences, George J. Benston

Vanderbilt Law Review

The purpose of this article is to account for the existence of differing accounting standards in the United States and the United Kingdom despite a common language, common practice and a fundamentally common political and economic base in the two countries. What factors explain the fact that, while accounting standards in the United States are codified and explicit, they remain on the whole uncodified and implicit in Great Britain? From which system does the investor more likely benefit? The first section of this paper begins with descriptions of auditing and reporting standards in each country. The factors which influence the …

The Establishment Of Generally Accepted Accounting Principles And Generally Accepted Auditing Standards, James F. Strother

Vanderbilt Law Review

This article will discuss accounting principles and auditing standards and the respective roles played in their development and regulation by the Securities and Exchange Commission, the organized accounting profession and other public and private agencies. Accounting principles and auditing standards comprise two fundamentally different and distinct bodies of convention and practice. Generally accepted accounting principles and generally accepted auditing standards are those principles and standards which for a number of reasons have come to be accepted and applied by issuers, accountants, and auditors. Combined with the procedures and techniques attending their observation and application, generally accepted accounting principles and auditing …

Sec Enforcement And Professional Accountants: Philosophy, Objectives And Approach, John C. Burton

Vanderbilt Law Review

The Commission's enforcement program in regard to professional accountants is one of the means by which it seeks to improve the quality and reliability of financial reporting in the United States. Effective utilization of this program can achieve an increasing quality of professional performance and the implementation on an industry-wide basis of improved quality control procedures, thereby assuring the vitality of auditing standards and public confidence in the profession as a whole. These objectives are being achieved through a selective, albeit vigorous, application of enforcement powers and the continued use of flexible and innovative approaches by the SEC. While the …

The Community Court And Supremacy Of Community Law: A Progress Report, Peter Hay, Vicki Thompson

Vanderbilt Journal of Transnational Law

The dedication of an annual issue of the Vanderbilt Journal of Transnational Law, to the case law of the Court of Justice of the European Communities is an appropriate tribute to the significant contribution of the Community Court to the integration of the European Communities. The Court of Justice is perhaps the most remarkable and successful of the common institutions (Council, Commission, Parliament, and Court), which the process of European integration has produced thus far. The Communities--Common Market, Coal and Steel Community, and Euratom--have been beset by numerous political and economic problems; integration beyond the original Treaties, and sometimes within …

Legal Aspects Of A United States Foreign Sports Policy, James A.R. Nafziger

Vanderbilt Journal of Transnational Law

The father of the modern Olympic Games, Baron Pierre de Coubertin, envisaged international athletic exchange as the "free trade of the future." No nation would regulate this trade to its political advantage. The Olympic Games, as well as other international political arenas, would be unpolluted by political currents. To a remarkable extent, considering the course of twentieth century history, these aspirations have been met. But athletic exchange, like other forms of human interaction, nevertheless remains exposed to sovereign intervention; a measure of politics is inevitable in any transnational activity, whether in the United Nations or a global convention of medieval …

The Protection Of Industrial Property Rights In The European Economic Community, Ronald L. Smallwood

Vanderbilt Journal of Transnational Law

This study of European Economic Community (EEC) industrial property rights discusses trademarks, patents, and copyrights. The legal foundation for the protection of these industrial property rights in the EEC is derived from article 36 of the EEC Treaty, which expressly allows an exception to the prohibition of restrictions against the free movement of goods within the EEC when justified by the protection of industrial property, and article 222, which encompasses the protection of industrial property in the Member States. Although decisions of the Court of Justice on industrial property rights are infrequent, their ramifications are significant throughout the Community since …

Recent Cases, Gregg N. Gimsley

Vanderbilt Law Review

The instant decision is of major importance because it clearly defines a more liberal standard for aiding and abetting under section 10(b), reads a requirement of due care by accountants into section 17(a), and serves as an additional warning to the accounting profession of its expanding responsibilities in the field of securities regulation. By establishing negligence, duty to disclose, and causal connection, rather than actual knowledge, substantial assistance,and reliance, as the major elements of aiding and abetting a violation of Rule 10b-5, the Seventh Circuit has given this cause of action the broadest interpretation to date. Nothing precluded this interpretation …

Truth In Financial Statements: An Introduction, Douglas W. Hawes

Vanderbilt Law Review

When used in relation to a periodical, the word "symposium"refers to "a collection of opinions on a subject." The word derives from the Greek "sympinein," to drink together, and originally was applied to a drinking party in which conversation and intellectual entertainment played a vital part. To our "party" we have invited a distinguished group of authors representing in some cases widely differing points of view. They have contributed articles dealing with various aspects of these problems of financial reporting and auditing. We leave to you, the reader, and to those engaged in the continuing debate the final judgment on …

Case Digest, Journal Staff

Vanderbilt Journal of Transnational Law

Case Digest

1. ADMIRALTY

SEAMAN ENTITLED TO MAINTENANCE AND CURE UNTIL INJURY DIAGNOSED INCURABLE

INJURED SEAMAN WHO ABANDONS REHABILITATION PROGRAM DUE TO EXTENUATING CIRCUMSTANCES DOES NOT FORFEIT His RIGHT TO MAINTENANCE AND CURE

SHIPOWNER NOT ENTITLED TO INDEMNITY FOR SETTLEMENT PAID TO INJURED SEAMAN UNDER No LEGAL COMPULSION

THE SUITS IN ADMIRALTY ACT AND THE PUBLIC VESSELS ACT COMPREHEND WRONGFUL DEATH ACTIONS

2. ALIEN'S RIGHTS

MERE SEPARATION OF AN ALIEN AND HIS SPOUSE SHORTLY AFTER MARRIAGE DOES NOT MAKE THE MARRIAGE A SHAM FOR IMMIGRATION PURPOSES

ENTRY OF AN ALIEN INTO THE UNITED STATES INCLUDES ANY ENTRANCE FOLLOWING A MEANINGFUL …

Recent Decisions, Anne Markey, James F. Maddox, Thomas C. Eklund, Thomas F. Taylor, Ralph Vinciguerra, Clark Mervis

Vanderbilt Journal of Transnational Law

Admiralty--Damages in a Maritime Collision or Stranding Caused by Mutual Fault Must be Apportioned According to the Comparative Negligence of the Parties

Anne Markey

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Admiralty--Wrongful Death--General Maritime Law Provides Remedy for Pain and Suffering of Decedent Incurred in Wrongful Death on High Seas but not for Funeral Expenses

James F. Maddox

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Arbitration--Securities Regulation--In International Sale of Securities, Arbitration Agreement is Binding not Withstanding Non-Waiverability of Judicial Remedy of Securities Exchange Act of 1934

Thomas C. Eklund

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IMMIGRATION--ALIEN COMMUTERS, BOTH DAILY AND SEASONAL, WHO HAVE ONCE OBTAINED THE STATUS OF IMMIGRANTS ARE PROPERLY CLASSIFIED AS SPECIAL IMMIGRANTS LAWFULLY …

Case Digest, Journal Staff

Vanderbilt Journal of Transnational Law

1. Admiralty Shipowner's Warranty of Seaworthiness extends to any Regularly Used Mode of Ingress or Egress

Award of Prejudgment Interest in Admiralty may be Denied Party Substantially at Fault

Contribution will lie against the United States in Non-collision Maritime Cases when United States and Third Party Adjudged Mutually Negligent

Admiralty Jurisdiction does not Extend to Shoreside Injury Caused by Unloaded Cargo

Admiralty Jurisdiction does not Extend to Shoreside Injury Caused by Negligent Handling of Shipowner's Dunnage when Stevedore uses Own Equipment

2. ARBITRATION

Foreign Arbitration Award may be Enforceable at Bankruptcy although Issued after Initiation of Bankruptcy Proceedings

3. CONTRACTS …

A Retrospective Analysis Of United Nations Activity In The Congo And Its Significance For Contemporary Africa, Agola Auma-Osolo

Vanderbilt Journal of Transnational Law

U Thant's decision to take action against Katanga's secession--a decision that was welcomed by most African countries--must have been motivated, at least in part, by his Third World sympathies as well as his views as to the significance of chapter VII of the United Nations Charter. It was his positive attitude toward the Afro-Asian bloc, of which his own country is a member, that determined the decision U Thant made. Had U Thant been from the West, it is more likely that his decision would not have deviated from that of Hammarskjold...

With these experiences, it is therefore hoped that …

Jurisdiction And Procedure Of The Court Of Justice Of The European Communities, Robert A. Buchanan

Vanderbilt Journal of Transnational Law

The Court of Justice of the European Communities is the final adjudicatory body for questions arising under the three Community treaties--the European Economic Community Treaty (EEC), the European Coal and Steel Community Treaty (ECSC), and the European Atomic Energy Community Treaty (EUR-ATOM). Since none of the treaties confers upon the Court the power to adjudicate questions involving the domestic laws of Member States, the Court's jurisdiction extends only to interpretation of Community law. Basically, the jurisdiction of the Court can be divided into the following subject areas: actions against Member States, actions against Community institutions, claims for damages against the …

The Role Of The Court Of Justice In The Development Of Agricultural Policy In The European Communities, Stanley D. Miller

Vanderbilt Journal of Transnational Law

Twenty-five years ago, the center of power for agricultural policy lay firmly in the national capitals. With the signing of the Treaty of Rome, that authority began a gradual flow from the Member States to the institutions of the EEC, particularly the Commission located in Brussels. The transition is not yet complete and has not been without its setbacks, but most Europeans and all the governments of the Member States now accept and support the reality of a Common Agricultural Policy (CAP). The innovative steps taken by the EEC in attempting to weld the agricultural economies of the several states …

Books Received, Journal Staff

Vanderbilt Journal of Transnational Law

ABSTRACTION AND USE OF WATER: A COMPARISON OF LEGAL REGIMES By Ludwik A. Teclaff

New York, United Nations Publications,1972. Pp. iv, 254. $5.50.

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CONSULATE OF THE SEA AND RELATED DOCUMENTS

By Stanley S. Jados

University, Alabama: The University of Alabama Press,1975. Pp. xvi, 326. $12.00

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FOOTSTEPS INTO THE FUTURE

by Rajni Kothari

New York: The Free Press, 1974. Pp. xxiii, 173. $8.95.

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THE FUTURE OF INTERNATIONAL FISHERIES MANAGEMENT

Edited by H. Gary Knight

St. Paul, Minnesota: West Publishing Co., 1975.Pp. xiii, 253. $14.00.

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THE ILLEGAL DIVERSION OF AIRCRAFT AND INTERNATIONAL LAW

By Edward McWhinney

Leiden: A.W. …

The Role Of The Corn Products Doctrine In Foreign Exchange Transactions, Charles H. Manning

Vanderbilt Journal of Transnational Law

Exchange rate gain or loss may result from fluctuations of exchange rates or from formal governmental action such as revaluation and devaluation. In evaluating the significance of foreign exchange transactions and their tax consequences, the types of transactions that produce exchange rate gain or loss must be distinguished. The first type of transaction is currency speculation in which exchange rate gain or loss is the only profit or loss realized. The second type of transaction involves the purchase and sale of inventory in which the exchange rate gain or loss is ancillary to the monetary gain or loss realized on …

The Taxation Of Interest -- Free Loans, James T. O'Hare

Vanderbilt Law Review

The dramatic rise in interest rates in the United States in the past few years has given added significance to the uncertain tax consequences of interest-free loans made between family members, between corporations and shareholders, and between affiliated corporations. Such loans can create a variety of tax problems depending on the relationship of the parties. An interest-free loan from one family member to another may constitute a gift equal in value to the use of the money loaned or even to the amount of the entire principal. A corporation that makes an interest-free loan to one of its shareholders not …

Abstention: The Supreme Court And Allocation Of Judicial Power, Randall P. Bezanson

Vanderbilt Law Review

In an era of continually expanding federal judicial power, the Supreme Court has fashioned and employed several devices designed to delegate certain classes of federal question litigation to the state court systems. Among these devices are the doctrines of abstention, comity, and exhaustion of state remedies. Implementation of these doctrines has enabled the Supreme Court to maintain state judicial presence in federal question litigation and retain at least the appearance of a manageable federalized judicial structure. This article will attempt to analyze the function of the abstention doctrines as judicially-created tempering devices. Following a brief discussion of the factors that …

Recent Developments, James D. Holland

Vanderbilt Law Review

The power to parole prisoners derives from the legislative power to define crimes and set penalties for offenses, and has been delegated by Congress and state legislatures to the federal and state parole boards.' Recent litigation of inmates' post-conviction rights in federal and state correctional systems has focused increasingly on the broad discretionary power that parole boards exercise by performing their statutory mandate... The recent development of a flexible concept of due process,' however, has permitted a finer balancing of governmental and individual interests than the prior requirement of a "full panoply" of procedural safeguards, or none at all, and …

The Tennessee Rule Against Perpetuities: A Proposal For Statutory Reform, C. Dent Bostick

Vanderbilt Law Review

For several decades, there has been agitation for reform of the common-law Rule Against Perpetuities. For the most part, the reformers have urged that improvements in the Rule and the manner of its application be accomplished through legislative enactment.' Only a few jurisdictions have opted for reform by the judiciary. Thus far, there has been no legislative reform of the Rule in Tennessee; the appellate courts of the state continue to apply the Rule inits common-law form with all the confusing rubrics attached to it by centuries of development. The condition of Tennessee's law on the subject contrasts sharply with …

The Original Issue Discount Deduction In Bonds-For-Noncash Property Exchanges, Charles L. Almond

Vanderbilt Law Review

The first codification of the United States Internal Revenue laws gave a corporation a deduction from income of "[a]ll interest paid or accrued within the taxable year on its indebtedness. ...This same language is presently in force in the Internal Revenue Code of 1954. The statutory language authorizing the interest deduction has never dealt explicitly with the deductibility of discount arising upon a corporation's original issuance of bonds. Treasury Regulations promulgated pursuant to the interest deduction sections, however, have recognized continually that the statutory language embodies a deduction for original issue discount. 'The latest pre-1969 regulation, which limits itself to …

Recent Cases, Michael D. Kelly, Robert D. Tuke

Vanderbilt Law Review

Antitrust Law--Clayton Act--Statistics of Market Concentration and Increased Market Share are Insufficient to Show Violation of Section 7 When Other Factors Mandate a Conclusion that Competition will not be Substantially Lessened by the Contested Acquisition --

Preservation of a large number of marginal competitors does not necessarily result in the optimum level of competition, and size per se is not illegal' and should not be equated with anticompetitive effect. Seemingly, the competitive objectives of antimerger law have been infused with a theory characterized by socio-political feelings of hostility towards large, integrated corporations contrasted with friendliness toward small, independent business units …

The Legal Status Of A National Bank's Automatic Stock Investment Service Under Sections 16 & 21 Of The Glass-Steagall Act Of 1933, H. Lee Barfield

Vanderbilt Law Review

For many years, commercial banks bought and sold common stock while acting in an agency capacity for their customers. Frequently, these transactions were made while the bank was acting as trustee or as custodian for its beneficiaries or principals. Generally,the banks did not advertise this service extensively, but limited promotional activities to prior bank customers. In 1973, a dramatic change began as several commercial banks, notably Security Pacific National Bank of Los Angeles and Chase Manhattan of New York,began to promote this service vigorously in advertising addressed to the general public through the various media. Threatened by the increased competition …

Recent Developments, Mark J. Mathiesen

Vanderbilt Law Review

Under the existing statute Congress has attempted by legislation to encourage the development of HMOs as a viable alternative for the health-care consumer. As is often the casein the political world of Congress, the fanfare accompanying a legislative response has obscured the deficiencies of the answer. This act with its limited appropriations, restricted preemption language,and failure to support profit-making HMOs constitutes an experimental approach to the HMO concept, and therefore, only illusionary support for its development.