Law of Business Organizations: ASIC Form 201 and the Royal Commission

This assignment provides an overview of key aspects of Australian business law. It begins by addressing the requirements for filling out ASIC Form 201 during the registration of an Australian No Liability company, emphasizing the specific criteria for companies engaged in mining activities. The assignment then delves into the concept of a Royal Commission, explaining its setup under the Royal Commissions Act 1902, its powers to investigate and enforce regulations, and provides specific details regarding the Banking Royal Commission, including its full name, establishment date, creator, commissioner, reporting deadlines, and terms of reference. The document is available on Desklib, a platform offering study tools and solved assignments for students.

LAW OF BUSINESS ORGANIZATIONS 1
LAW OF BUSINESS ORGANIZATIONS
By (Name)
Name of the Course
Professor
Name of University
City and State
Date

LAW OF BUSINESS ORGANIZATIONS 2
Introduction
The primary aim of this paper is to fill form 201 that is provided by the ASIC during
registration of as an Australian company. A No Liability company must be primarily and solely
engaged in mining activities and must not have the option of calling on the unpaid shares’ issue
price. It is believed that a company operating in the mining industry faces significant financial
risks, thus granting it this form of liability (Groenewegen and McFarlane 2014, pp. 21).
PART 2:
a. What is a Royal Commission, How it is set Up and Under Which Act
A royal commission is a formal independent public inquiry which is instigated by the
federal government or the state government. A royal commission is typically established when
there is an ongoing impropriety, gross administrative incompetence or illegal activity in any area
of Australian life. Natural disasters and accidents may also lead to establishment of royal
commissions at times (Groenewegen and McFarlane 2014, pp. 20).
A royal commission is set up under the Royal Commissions Act 1902. The royal
commission is initiated by the federal government through the Governor-General. According to
this act, it is declared and enacted that a Governor-general may issue commissions which are
directed to persons whom he or she sees fit, authorizing or requiring them to make an inquiry
into and report any specified matters which are related to order, peace, good commonwealth
government or any associated public purpose or commonwealth power (Victorian Bushfires
Royal Commission and Teague 2010, pp. 77).
Reference

LAW OF BUSINESS ORGANIZATIONS 3
Groenewegen, P. and McFarlane, B., 2014. A History of Australian Economic Thought
(Routledge Revivals). Routledge, pp. 20-25.
Victorian Bushfires Royal Commission and Teague, B., 2010. 2009 Victorian bushfires royal
commission. The Commission, pp. 77-78.
b. Powers of a Royal Commission
A royal commission has several powers which allow it to inquire into and report any
matter specified in the letters patent, as well as refer any suspected contraventions to various
regulators for purposes of enforcement. The following are the powers of the royal commission
(Groenewegen and McFarlane 2014, pp. 24).
i. Power to summon witnesses in order to give evidence and produce documents
under pain of penalties.
ii. Power to take evidence on affirmation or oath under pain of penalties.
iii. Power to issue authorization for a member of the commission to apply for a
search warrant.
iv. Power to require for necessary documentation.
v. Power to issue a person’s warrant of arrest
vi. Power to inspect, retain or take copies of documents which are presented to the
commission.
vii. Power to examine witnesses subject to penalties.
Reference

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Groenewegen, P. and McFarlane, B., 2014. A History of Australian Economic Thought
(Routledge Revivals). Routledge, pp. 20-25.
c. The Full (Correct) Name of the Banking Royal Commission
The full and correct name of the Banking Royal Commission is the Royal Commission
into Misconduct in the Banking, Superannuation and Financial Services Industry (Victorian
Bushfires Royal Commission, Teague, McLeod and Pascoe 2009, pp. 102).
Reference
Victorian Bushfires Royal Commission, Teague, B., McLeod, R. and Pascoe, S.M., 2009. 2009
Victorian Bushfires Royal Commission: Interim Report 2: Priorities for Building in Bushfire
Prone Areas. Government Printer, South Africa, pp. 102-103.
d. When Was The Banking Royal Commission Established
The Banking royal Commission was established on December 14, 2017 (Groenewegen
and McFarlane 2014, pp. 21).
Reference
Groenewegen, P. and McFarlane, B., 2014. A History of Australian Economic Thought
(Routledge Revivals). Routledge, pp. 20-25.
e. Who Created The Banking Royal Commission
The Banking Royal Commission was established by His Excellency Sir Peter Cosgrove
AK MC, the Governor-General of the Commonwealth of Australia on December 14, 2017. There
were letters patent which were issued by the Governor-General for formally appointing the

LAW OF BUSINESS ORGANIZATIONS 5
Royal commissioner and outlining the reference terms for this inquiry (Groenewegen and
McFarlane 2014, pp. 21).
Reference
Groenewegen, P. and McFarlane, B., 2014. A History of Australian Economic Thought
(Routledge Revivals). Routledge, pp. 20-25.
f. Who Is The Banking Royal Commission Commissioner
The commissioner for the Banking Royal Commission is the Honorable Kenneth
Madison Hayne AC QC, who was a former High Court Judge. He was appointed by the
Governor-General to inquire and report on the misconducts in the banking, superannuation and
financial services industry (Groenewegen and McFarlane 2014, pp. 26).
Reference
Groenewegen, P. and McFarlane, B., 2014. A History of Australian Economic Thought
(Routledge Revivals). Routledge, pp. 20-25.
g. When Must The Banking Royal Commission Report
The commissioner of the Banking Royal Commission, the Honorable Kenneth Madison
Hayne AC QC, is required to submit an interim report before or on September 30, 2018. The
final report will be provided on February 1, 2019 (Groenewegen and McFarlane 2014, pp. 21).
Reference
Groenewegen, P. and McFarlane, B., 2014. A History of Australian Economic Thought
(Routledge Revivals). Routledge, pp. 20-25.

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h. How Many Terms of Reference Have Been Given To the Banking Royal
Commission
The banking Royal Commission has been given a total of fifteen terms of reference. The
draft terms of references were released by the Prime Minister, Malcom Turnbull, on November
30, 2017. These terms of reference can be found in the letters patent. The Australian banking,
superannuation and financial services industry is one of the most stable and strongest industries.
This is because many Australians are active consumers of banking and superannuation, as well
as other financial services (Victorian Bushfires Royal Commission and Teague 2010, pp. 78).
Reference
Victorian Bushfires Royal Commission and Teague, B., 2010. 2009 Victorian bushfires royal
commission. The Commission, pp. 77-78.