The Inland Revenue contended that the policy decisions of the offshore company were made in London by the parent and merely rubber-stamped
by the offshore company's board of directors who were based offshore.
In that story, Journal reporter Tom Lauricella charged that the Funds' board rubber-stamped
"management's efforts to profit at the expense of fund shareholders," citing the SEC staff's observation in a 2003 examination letter that for a period of time the Funds advanced certain marketing expenses, known as 12b-1 expenses, in excess of annual limits, and that the excess was reimbursed by the adviser at each year-end.
A 30-YEAR deal to hand control of the Colomendy outdoor centre to a private firm was rubber-stamped
After their approval, it must also be rubber-stamped
by the L.
In sum, the board, that is, the board members, like the psychiatrist, had zero contact with the teacher, and merely rubber-stamped
the administrators' decisions.