Corporation Act Assignment PDF
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Added on 2021-06-17
Corporation Act Assignment PDF
Added on 2021-06-17
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Running head: CORPORATION ACTASIC v VizardName of the StudentName of the UniversityAuthor Note
1CORPORATION ACTTable of ContentsIntroduction:....................................................................................................................................2Discussion:.......................................................................................................................................2Brief facts:...................................................................................................................................2Duties breached:..........................................................................................................................4Decision of the court:...................................................................................................................5Impact of the case:.......................................................................................................................6Conclusion:......................................................................................................................................7Reference:........................................................................................................................................8
2CORPORATION ACTIntroduction:The present subject matter of the case is based on directors duties that has been mentioned underthe Corporation Act 2001. Justin observed that “in Australia all the company related matters areresolved by the Corporation Act”. The directors in a company play an important role and thedirectors have to do all the important works of the companies. Therefore, it is no doubt to statethat directors are positioned in an important place and therefore they have certain dutiesmentioned under the Corporation Act 2001 (Knepper et al. 2016). According to the CorporationAct, if a director of a company has failed to comply with all the sections mentioned under theAct and act for their personal interest, they will be held liable under section 180 of the Act.Further, it has been stated that no directors are allowed to make a breach regarding the provisionof the Corporation Act and an institution has been established to take it close vigil over the issuesrelating to the acts of the directors within a company. The main purpose of the Corporation Actis to secure the interest of the company and the shareholders and therefore all the rules statedwithin that Act are mandatory in nature. The current case is one of the examples observed by thecourt where it has been held that if a director of a company has failed to act in accordance withthe provisions of the Corporation Act they will be held liable and their license can be cancelled.Discussion:Brief facts:In this case, it has been notified that the director has improperly used all the informationof the company to gain certain undue advantages and therefore held liable under the CorporationAct 2001. Considering the facts of the case, the defendant Stephen William Vizard has beenappointed as a non-executive director of the company and has transferred certain information forgaining personal advantages. In this case, the alleged defendant was a non-executive Directorand was a well-known figure in the society. It has further been stated that he set up hisphilanthropic organizations named Vizard Foundation and become one of the main organizingcharacters of the company. In the year 2000, certain undoing occurrence had made by thedefendant and he has been involved in various business activities. According to the researchmade by the Australian securities and investment Commission it has been reported that the
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