Commercial and Corporation Law: Registering a No Liability Company and Understanding Royal Commissions

This article discusses the process of registering a No Liability Company in accordance with the Corporations Act. It covers the requirements and steps involved in the registration process. Additionally, it explains what a Royal Commission is, how it is set up, and its powers. The article also provides information on the Banking Royal Commission, including its establishment, commissioner, and terms of reference.

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PART 1 - 15%
REGISTER A NL - NO LIABILITY COMPANY.
FOR THIS YOU MUST READ AND UNDERSTAND SECTIONS; 117(1), & (2) ;112(1)
&(2); 201A, 204A 147, 148, & 149
A No Liability company is a company which has a share capital and can only be used under
the circumstance in which the principal activity of the company is mining or rather resource
exploration (Gambacorta Yang and Tsatsaronis, 2014 p.56). To register such a company based
on the corporations' act, the company must meet the following requirements as indicated below;
 A registered office which is open to the public
 Minimum member of at least one
 A minimum of atleast three directors
 Atleast one company secretary
 Atleast three directors who are residents of Australia
 An auditor who helps in assessing and evaluating the fair view of the company
The key steps involved in the registration of the company entails;
Selection of a Name
According to Gambacorta Yang and Tsatsaronis (2014 p.56), it involves the selection of a
company’s name by searching the ASIC’s National Names Index. However, the name
must be of the legal status of the company. For instance, at the end of the name of the No
Liability Company there has to be the No Liability abbreviated as NL.

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Provision of Written Consent to the Directors
All the individuals who are to become the directors of the company must be given
a written consent since it is part of the registration application. Also, the individual whoa
ere to become secretaries are to be provided with such written consent.
Completion of Form 201
Form 201 will be filled, completed and lodged as part of the application for
registration of the company (Gambacorta Yang and Tsatsaronis, 2014 p.56). During the
application, the individuals will be expected to pay a registration fee of $740.
PART 2 15% WORD LIMIT 200 WORDS.
WHAT IS A ROYAL COMMISSION - HOW IS A ROYAL COMMISSION SET UP -
UNDER WHAT ACT IS IT SET UP.
A royal commission is considered as an independent public inquiry commission which is
set up by the Australian government (Ferguson and Butler, 2014 p.26). The commission set up
under the Royal Commissions Act 1902. It is set up through appointment done when there are
some issues regarding accidents and natural disasters.
WHAT ARE THE POWERS OF A ROYAL COMMISSION
The key powers of the royal commission include the powers of investigation which
provision of research, information and even advice to the government on an issue. The other
power is coercive powers which enables them to summon a witness to provide certain key
information.
WHAT IS THE FULL (CORRECT) NAME OF THE BANKING ROYAL COMMISSION?

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The full name of the Banking Royal Commission is Wag N’ Bietjie
2 Mark
WHEN WAS THE BANKING ROYAL COMMISSION ESTABLISHED
The banking Royal Commission was established in December 2017
WHO CREATED THE BANKING ROYAL COMMISSION.
According to Ferguson and Butler (2014 p.26), the Banking Royal Commission was established
by the governor general of the Commonwealth of Australia to help solve some of the financial
services and issues in the industry.
WHO IS THE BANKING ROYAL COMMISSION COMMISSIONER
The commissioner of the Banking Royal Commission is called the Honorable Kenneth Madison
Hayne
WHEN MUST THE BANKING ROYAL COMMISSION REPORT
The commission will submit an interim report on 39th September 2018 and another final report
by 1st February 2019.
HOW MANY TERMS OF REFERENCE HAVE BEEN GIVEN TO THE BANKING ROYAL
COMMISSION?
The terms of reference given to the Banking Royal Commission is about two.

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References
Gambacorta, L., Yang, J. and Tsatsaronis, K., 2014. Financial structure and growth.
Ferguson, A. and Butler, B., 2014. Commonwealth Bank was facing royal commission call after
Senate financial planning inquiry. Banking and Finance’, The Sydney Morning Herald, Business
Day ed., published by Fairfax Media, Sydney, NSW, 26.