Study Period 1 2011
It is just possible to pay a limited quantity of questions in each seminar. The concerns are intended to indicate major rules where feasible, but in several weeks it is often necessary, as a result of limited space, to omit questions upon important issues.
In order to properly utilize this00 unit you should become experienced in working with the Corporations Action (CA). To commence that process please locate the next references:
(a)" AuditorsвЂќ in the index
(b) The definition of " economic recordsвЂќ under CA s9
(e) CALIFORNIA s135(2)
(f)CA ss 180(1), (2)
(h) Part 2E. 2
Relda Insurance Limited has received a software from Yendor Pty Ltd to take out an insurance plan covering the automobiles driven by the employees of Yendor Pty Ltd.
Using the CA and cases, clarify whether a firm has the legal capacity to: (i) own possessions (such because motor vehicles);
(ii) get into a contract (such as an insurance policy); (iii) make use of people.
High grade Plumbing Pty Ltd (Premium) required additional capital intended for expansion and borrowed two-hundred dollar, 000 from Eastpac Lender Ltd (Eastpac). After a time, an unforeseeable misfortune occurred creating Premium to suffer a big loss. That immediately encouraged Eastpac and stopped trading. Premium is unable to meet the payments due about its mortgage and features few possessions. Eastpac is definitely considering strategies to recover its money.
Could Eastpac Financial institution Ltd succeed in enforcing its declare against: (i) the owners,
(ii) the shareholders, or perhaps
of Premium Plumbing related Pty Limited?
[Quote sections and cases to compliment your opinion]
For several years Ali is the chief chemist with the Pop-a-Pill Drug Firm Ltd. His employment contract in term 33 requires that in the case of Ali giving his employment, he will not really work " in competition with the Pop-a-Pill Drug Firm Ltd for 1 yearвЂќ. Ali listed an Aussie company [Gee Chemical compounds Pty Ltd] then when he resigned from Pop-a-Pill he quickly became the managing overseer of Gee Chemicals.
Pop-a-Pill says Ali is breach of contract. Ali says that Gee Chemical compounds is in competition with Pop-a-Pill Drug, yet he individually is certainly not. Later, Gee Chemicals Pty Ltd is deemed selling medicines in break of the law. Ali statements that he could be only a staff and that it is the company that has broken what the law states, not this individual.
[A in depth discussion of contract law or perhaps criminal regulation is not necessary here]
Wizard Pty Ltd has no constitution.
Mr Henry Potter owns 1000 shares inside the company and attends a meeting of members. The chairperson of the appointment is Wendy Wizard. Holly challenges Wendy's right to become the chairperson of the members' meeting and claims which the members will be able to appoint anyone they selected. Wendy rejects Harry's assert.
Henry statements that the users will eliminate the directors although Wendy claims that the members do not have this kind of a electricity.
Determine that is correct on each of these concerns.
[Clue: Start by Evaluating s141 to ascertain the appropriate rule]
Investors of Rocks Ltd have been completely selling areas of their shareholdings, thus raising the total number of members. The business has no metabolism. The controlling director, Mick is disappointed about this craze as the price tag on maintaining the share enroll and sending materials to members is definitely increasing. He wishes to implement a rule to achieve the directors power to control the transfer of shares in order to restrict the number of members.
Advise Mick if they can successfully obtain his...