Corporation Law Assignment Sample PDF
Added on 2021-01-03
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Corporation Law
Table of ContentsINTRODUCTION...........................................................................................................................4PART A...........................................................................................................................................41. Explain the concept of the separate legal entity of a company from its owner. .....................42. Can the directors of a public company remove one of their colleagues from the board ofdirectors? What is the process for removal of a director in a public company? ........................43. Briefly describe TWO powers that are given to shareholders in general meeting by theCorporations Act. .......................................................................................................................44. What is meant by the expression ‘agency by ratification’? What is the effect of ratification?.....................................................................................................................................................45. To whom is ASIC responsible? What role (if any) does ASIC have in law reform? ............5PART B ...........................................................................................................................................5Question 1...................................................................................................................................5Question 2...................................................................................................................................5TASK C...........................................................................................................................................61. Critically analyse Sons of Gwalia Ltd v Margaretic (2007) 231 CLR 160. Discuss the majorissues and rulings in the case. ....................................................................................................62. Critically analyse Adler v ASIC (2003) 168 FLR 253. Discuss the major issues and rulingsin the case....................................................................................................................................6PART D...........................................................................................................................................7a) Explain the circumstances under which both a private and public company can reduce itscapital..........................................................................................................................................7b) Explain the application of Section 140(1) of the Corporations Act. .....................................7c) How does s189 of the Corporations Act 2001 relate to s588H of that Act?...........................7PART E ...........................................................................................................................................8Q1. Advise Tom, who wants to initiate an action against the directors what remedies areavailable to him. .........................................................................................................................8Q2. Explain to Abishick and Amandeep what duties they have to their company asdirectors, the source of these duties, and who is responsible for enforcing the duties...........8PART F............................................................................................................................................8
Q1. Critically analyse the five key characteristics of a company and explain how each of thefive characteristics affects the use of companies as business entities.........................................8Q2. Analyse and explain the importance of Section 128(4) in relation to the company capacityto make contracts.........................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONCorporation law is also called business law or enterprise law and in same cases companylaw. It refers to laws governing rights, relations, companies, organizations and businesses. Inother words, it regulates activities of corporations. The provisions are for formation, funding,governance and winding up of companies (McQueen, 2016). The report describes application ofthis laws to various aspects of a company and its provisions along with cases studies and theirrulings. PART A1. Explain the concept of the separate legal entity of a company from its owner. A company is an artificial person having a separate legal identity from its members. Anentity can own properties, enter into contracts and sue or be sued in its own name. Personalproperties of owners can not be registered in the name of their company. 2. Can the directors of a public company remove one of their colleagues from the board ofdirectors? What is the process for removal of a director in a public company? A public company can not remove a director without the approval of shareholders andafter forming an agreement. A director can be removed by a resolution passed with majority ofvotes by members (shareholders). Further, notice of moving such resolution mus be served atleast two months prior the meeting (Bottomley, 2016). 3. Briefly describe TWO powers that are given to shareholders in general meeting by theCorporations Act. The two powers that are given to shareholders in general meeting are as follows: Power to vote on all the resolutions put before them.Power to appoint proxy where a shareholder is unable to attend meeting in person.4. What is meant by the expression ‘agency by ratification’? What is the effect of ratification? Agency by ratification refers to circumstances under which a person or companyinaccurately claims to be an agent for another person or entity and do acts in that capacity, whichis recognized by principle in later phase. On ratification the validity of acts done by agents getremoved and assume to have been carried without authority (Bently and Sherman, 2014).
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