logo

The decision of the court: ASIC V SOUST [2010] FCA 68 Question & Answer

9 Pages2408 Words340 Views
   

Added on  2021-05-30

About This Document

CORPORATION LAW 1 CORPORATION LAW ASIC V SOUST [2010] FCA 68 Question & Answer Name of the student: Name of the university: Author note Introduction: 2 Discussion: 2 Brief facts: 2 Duties breached by the directors: 3 Decision of the court: 4 Impact of the decision: 6 Reference: 8 Introduction: Australia is a business country and it has been observed that the economy of this country is majorly based on the corporate works. In this report, a brief discussion on ASIC V SO

The decision of the court: ASIC V SOUST [2010] FCA 68 Question & Answer

   Added on 2021-05-30

ShareRelated Documents
Running head: CORPORATION LAWASIC V SOUST [2010] FCA 68 Question & AnswerName of the student:Name of the university:Author note
The decision of the court: ASIC V SOUST [2010] FCA 68 Question & Answer_1
1CORPORATION LAWTable of ContentsIntroduction:...............................................................................................................................2Discussion:.................................................................................................................................2Brief facts:..............................................................................................................................2Duties breached by the directors:...........................................................................................3Decision of the court:.............................................................................................................4Impact of the decision:...........................................................................................................6Reference:..................................................................................................................................8
The decision of the court: ASIC V SOUST [2010] FCA 68 Question & Answer_2
2CORPORATION LAWIntroduction:Australia is a business country and it has been observed that the economy of thiscountry is majorly based on the corporate works. Considering the wide working capacity ofthe corporate world, the government of Australia has taken many steps and certainlegislations have been implemented. The main Act regarding the corporative works isCorporation Act 2001. This Act provides many provisions that regulate the works, duty andliabilities of the Directors, shareholders and other stakeholders of the company. Further, thereare provisions that deal with the penalty sections where it has been observed that the directorscan face it if they held liable for breach of duties. An institution has been established to lookover the matter of directors regarding their daily works and all their negotiation and dealingswith the clients and the shareholders. The rules of the Act are mandatory for the directors andall the stakeholders. The directors are required to comply with all their duties in good faithand for the interest of the company. They have to meet all the requirements mentioned in theAct and they could face proceeding on failure. In this report, a brief discussion on ASIC VSOUST [2010] FCA 68 has been made to understand the scope of Corporation Act.Discussion:Brief facts: The case has been evolved with Dr. Martin Soust, MD and CEO of SelectVaccines Limited that deals with biotechnology. Further, he was the member of the Board ofDirectors and the Australian securities and Investments commission for breaching theprovisions of the Corporation Act 2001 has alleged him. the shares of the company was listedunder the Australian securities Exchange. However, Dr. Soust was the director of the MartinSoust & Co Pty Ltd. in 2007, it has been observed that an agreement is contracted in between
The decision of the court: ASIC V SOUST [2010] FCA 68 Question & Answer_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Corporation Law: Breach of Sections 182, 183 by Derrick
|5
|984
|452

Assignments and Cooperation Sample
|10
|2413
|67

Duties of a Director under Company Law and the 'Stepping Stone' Approach
|7
|1738
|282

(Solution) Corporate Law : Assignment
|11
|2803
|55

LAWS19032 Company & Association Law
|14
|4515
|36

Commercial and Corporate Law: Liability of Directors and Company for Negligent Acts and Crimes
|8
|1981
|224