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Business Law Assignment Corporation Act 2001

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Added on  2020-03-23

Business Law Assignment Corporation Act 2001

   Added on 2020-03-23

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Running head: BUSINESS LAWSBusiness LawsName of the studentName of the universityAuthor note
Business Law Assignment Corporation Act 2001_1
1BUSINESS LAWSIssue Determining the legal rights of peter RuleSection 1324 of the Corporation Act 2001 provides that the court can issue an injunctionagainst an action which has taken place in contravention of the CA by the directors of thecompany. In addition the court may provide damages to the person who has made application forsuch order along with or in substitution of the injection order. In the case of Phoenix Constructions Queensland Pty Ltd v Coastline Constructions PtyLtd and McCracken [2011] QSC 167 the court had to determine the application of section 1324of the CA which in summary states that a director of officer may be imposed with an injunctionif it is found that they have engaged or are planning to engage in an activity which is against theprovisions of the corporation act. In this case it was provided by the court that s182 of the CAhad been breached by the director by using his position in the company to bring detriment for thecompany and gain personal advantage as the director did not allow to make the company get acertain property under a joint venture for causing benefit to his wife. According to section 140 of the CA if a company has a constitution or replaceable ruleswhich are effective on such company they have an effect of a contract between each member ofthe company and the company itself, between every director and company secretary of thecompany and the company itself, the members of the company with other members throughwhich every person is has an agreement to perform the rules and constitution as far as applicable
Business Law Assignment Corporation Act 2001_2

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