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The Corporations Act, 2001 - PDF

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Added on  2021-06-14

The Corporations Act, 2001 - PDF

   Added on 2021-06-14

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JUBILEE MINES NL V RILEY [2009] WASCA 62(Group Details: )
The Corporations Act, 2001 - PDF_1
INTRODUCTION The Corporations Act, 2001 (Cth) is the most important legislation for any company in Australia. This legislation covers nearly all the aspects of the companies and sets out basic guidelines on how the companies are to be managed. One of key aspects given under the quoted legislation is the director duties. These duties have been set out under Part 2D.1 of this legislation (Williams, Bingham and Shimeld, 2015).
The Corporations Act, 2001 - PDF_2
INTRODUCTIONThe director duties cover duty of good faith, use of position and use of information, amongst the other duties. Where these duties are not followed by the directors or the officers on whom these duties are levied, both civil and criminal liabilities can be raised for the breaching person, depending upon the particular section being contravened (Latimer, 2016).
The Corporations Act, 2001 - PDF_3
INTRODUCTIONThis legislation not only offers punishments but also puts forth defences where the spirit of quoted legislation is followed, along with the words of the law. This discussion is mainly focused on the application of director duties as had been found in the case of Jubilee Mines NL v Riley [2009] WASCA 62.
The Corporations Act, 2001 - PDF_4
BACKGROUND OF CASERiley was a shareholder and a director of Jubilee Company, which was basically a small listed gold exploration company (Duffy, 2012). Even though he had resigned from the post of director in 1993, he continued to be a shareholder of the company.
The Corporations Act, 2001 - PDF_5
BACKGROUND OF CASEDuring the mid part of 1994, presence of nickel was identified while drilling was being done on a Jubilee tenement. The managing director and geologist of the company made a decision that the company would carry out no further exploration at this particular tenement of company as the focus of the company was on the gold related activities only.
The Corporations Act, 2001 - PDF_6

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