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Assignment on Company Law (docs)

   

Added on  2020-05-16

8 Pages1091 Words190 Views
1Company LawName:Course Professor’s nameUniversity nameCity, StateDate of submission
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2Part 1IntroductionRegistration of a Proprietary CompanyRegistering a proprietary company requires the use of laws and regulations in its set up. For a functional company to operate as its own independent legal body, it has to set its own constitution and the articles and memorandum of association. These documents are aimed at ensuring that the proprietary company runs as an independent and autonomous body (Mason, 2009). The company’s name is Morbid Proprietary (Pty) Company Limited. It deals with gemstone mining and will require a fully functional structure to help in its operations within and without. The constitution guides its external operations while the memorandum and articles of associationhelps in the internal management of the company. There are however several steps that must be taken into consideration in order to register a proprietary company. These steps are informed by the company’s Act in sections 117, 134, 135 and 169 respectively (Hannigan, 2016). During the set-up, the proprietor(s) of the company must ensure that all the sections under company law are adhered to. Other statutory bodies in the company that help in the management of the internal affairs of the company are the audit department in the company and the Board of Directors.Section 117 is divided into 6 sub-sections. They include;Section 117(3) prescribes the copy of the constitution. If a company is to become a public company it must have a constitution.
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3Section 117(4) prescribed form. It states that the company registration must be in form of a prescribed form.Section 117(5) consents and agreements of registration of the company. Section 117(60 it shows the strict liability offense The section contains resolutions and agreements filled and also has the following; thatThe company must have a physical address in registrationOne of the directors should live in Australia, andA company secretary must live in AustraliaSection 134/ 135 in a proprietary company registration involves its internal management. Internal management is important as it brings both efficiency and effectiveness in the company(DIGNAM, 2018).Section 169 suggest that the company must share a register for each class of shareA proprietary company must maintain a register of its class of shares. The share register is important as it;The prescribed date of the member entry, andContains the address and the name of the memberThe number of shares held by each member.
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