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Report on Australian Corporate Law (2001)

   

Added on  2020-06-05

8 Pages1478 Words139 Views
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Law
Report on Australian Corporate Law (2001)_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1PART 1............................................................................................................................................1Registering a proprietary company..............................................................................................1PART 2............................................................................................................................................3Creating a constitution makinga class of Non- Voting shares and frafting (create) a notice ofmeeting as well as proxy form.....................................................................................................3CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
Report on Australian Corporate Law (2001)_2

INTRODUCTION Australian corporate law (2001) contains several rules and regulations that ensure smoothfunctioning of business operations. Company law of Australia is administered by single nationalregulatory authority such as ‘Australian Securities and Investment Commission’. In this, thepresent report will provide deeper insight about the laws and sections related to companyregistration. Besides this, it also entails the manner through which constitution of non-votingshares can be created. PART 1Registering a proprietary companyGiven situation presents that management of the company is to be governed viareplaceable rules. This aspect shows that provisions of Corporation Act 2001 are highlyapplicable on firm’s operations. As per law, proprietary companies are presented in the form ofPty Ltd. Moreover, privately owned companies are considered as proprietary firm. Further, whenshareholders are assigned with the liability in relation to making payment of company’s debt butwhen accountability of investors restricted to the amount invested then termed as limitedorganization. Hence, business entity who wants to register firm needs to comply with belowmentioned section:Section 117 Section 117 of is highly associated and deals with the aspects of company registration. Inaccordance with such section, for making registration proprietor has to make an application inASIC. Under the application of registration, concerned entity needs to mention company name,type, address, written consent of directors and secretary, working hours etc. According to section 117 (2), company limited by shares or an unlimited company,applying for registration, need to include some basic information about shares (Proprietarycompany registration, 2017). Hence, owner of proprietary company needs to include informationabout shares that each member has agreed to take up.
Report on Australian Corporate Law (2001)_3

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