logo

Law Assignment Solution - (Doc)

   

Added on  2020-03-16

8 Pages1616 Words68 Views
1Cover SheetName of the studentStudent IDWord count
Law Assignment Solution - (Doc)_1
2ContentsSolution 1....................................................................................................................................................3Issue........................................................................................................................................................3Applicable law.........................................................................................................................................3Application of law...................................................................................................................................4Conclusion...............................................................................................................................................4Solution 2....................................................................................................................................................4Issue........................................................................................................................................................4Applicable law.........................................................................................................................................4Application of law...................................................................................................................................5Conclusion...............................................................................................................................................5Solution 3....................................................................................................................................................5Issue........................................................................................................................................................5Applicable law.........................................................................................................................................6The reduction can be made by two methods:...........................................................................................6Application of law...................................................................................................................................6Reference List.............................................................................................................................................8
Law Assignment Solution - (Doc)_2
3Solution 1 IssueCan Galli grandchildren take any action regarding the non-payment of the dividend? Applicable lawWhen the controllers of the company acts in an unfair manner and misuse their position resultingthe violation of their duties then there are various remedies that can be sought by the aggrievedshareholders and one such remedy is stated in part 2F.1 of the Corporation Act 2001.Section 234 of the Act list down the people who can apply for oppression orders under section232 of the Act. The persons include: (Findlaw, 2017)i.Company shareholders;ii.Because of selective reduction any person is ceased from the companies register;iii.A person who is not the shareholder and the application deals with the circumstancesin which he is removed;iv.Any person who under will or law has been transmitted with shares;v.Any person who as per ASIC consider to be appropriate after investigation in theaffairs of the company. Now the remedy under section 232 can be sought only if in the opinion of the court the conductof the company affairs OR the act/omission (actual or proposed) by or on behalf of the companyOR any resolution (actual/proposed) by shareholders is: (Bottomley, 2016)i.Not in the interest of the shareholders;i.Unfairly prejudicial, oppressive or unfairly discriminatory against the shareholders orthe shareholders in any other capacity.It is found that when the company is improperly diverting from its business or paying excessiveremuneration or when there improper use of shares or when the person is improperly excludedfrom participating in the management or when the information is denied, then, these actions areconsidered as an act of oppression. When it is found that there oppression then an application can be made under section 232 and thecourt has wide powers under section 233 of the Act. Some of the powers include:i.Winding up of company;ii.Repletion or the modification of the constitution;iii.To regulate the affairs of the company;
Law Assignment Solution - (Doc)_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Business law | Galli Grandchildren
|7
|1276
|54

Sam and Kate are the directors and shareholders of Fantastic
|10
|2979
|180

Corporations Law - Rules and Regulations for Companies in Australia
|8
|1723
|491

Corporations Law ACC204 Assignment
|7
|1441
|100

ACC204 Corporations Law - Assignment
|9
|2024
|120

Corporations Law Assignment
|8
|1895
|95