COMPANY LAW – EXAM NOTES Incorporation and Its Effects S117 - All companies must register with ASIC S118 – All companies must have a Number S119 – Once the company is registered with ASIC‚ the company has a separate legal existence. Separate Legal Entity The separate legal entity notion is shown in Salomon v Salomon where a company shareholder is limited to the amount of share capital they have contributed and they can not be held personally liable for the dealings of the company. This notion of
Premium Corporation Stock
Q1. At the beginning‚ in this case‚ we may identify two issues needed to be discussed. The first one is whether Kwan or Lau&Kwan Co. would be liable for the debt incurred by Lau. The second issue is whether Lau&Kwan Co. has established a place of business in Hong Kong. In the light of s.7 of the Partnership Ordinance‚ “acts of every partner‚ who does any act for carrying on in the usual way business of the kind carried on by the firm‚ bind the firm and his partners‚ unless the partner
Premium Corporation
(10 points each) 1. The Blowout Company is a German corporation and manufacturer of the California Custom tire‚ a tire that is compatible with Harley Davidson motorcycles manufactured in the United States. Tofu Granola‚ a resident of Santa Cruz‚ California‚ purchased a pair of California Custom tires for his Harley. Granola purchased the tires from Goodstone Tires‚ Inc.‚ a California corporation‚ at its store in Half Moon Bay‚ California. The Blowout Company and Goodstone provided assistance
Premium United States Law Jurisdiction
The Company law is one of the most discussed subject areas over the past decades. In the United Kingdom is currently undergoing a major reform under the Company Law Review‚ which seeks mainly to modernise the legal framework in which companies operate. The Company law for nearly 150 years has served our economy well but significant parts are outmoded or have become redundant‚ and they are enshrined in law that is often unnecessarily complicated and inaccessible. Therefore‚ in July 2001 the Company
Premium Financial statements Law Company
City University of Hong Kong School of Law LW3902 The Law Relating to Companies Mid-Semester Coursework Assignment Semester B‚ 2012/2013 Instructions to Students: 1. The assignment is worth 50% of the overall mark for this course. The total word limit is 1‚500 words‚ excluding footnotes and bibliography. You must do a word count and indicate the number of words on the cover page. If a paper exceeds the allowable word limit‚ only the first 1‚500 words will be read and marked. 2. Your answers must
Premium Hong Kong Dim sum Tsim Sha Tsui
Question 1 James runs a single director proprietary company called Jamboos Pty Ltd a) Explain the rules that Jamboos must operate under and James’ powers under the Corporations Act. In Corporations Act‚ S198E‚ 201F and 202C contain certain provisions that govern the operation of single director companies. These provisions apply whether or not the single shareholder company has adopted a constitution which include: The director may appoint another director by recording the appointment and signing
Premium Corporation Company Stock
UNITED INTERNATIONAL COLLEGE COMPANY LAW 2014 WEEKLY ASSIGNMENT 5 ANSWER Introduction The instant case concerns meetings and resolutions. The central issues are: 1. Was the board meeting of December 31‚ 2013 validly held? 2. Was the resolution passed at that meeting a valid one? 3. What should Bud do to convene an extraordinary general meeting? Board Meeting of December 31‚ 2013 At the outset‚ it must be emphasized that the validity of a meeting hinges on a number of factors: 1. whether
Premium Service of process Shareholder Stock market
1. (A) : Agent: An agent stands in a fiduciary relationship with the principal. According to Doolan (1981)‚ an agent must not allow a situation to occur duty to the principal conflicts with personal interest and he/she must act in good faith also. As has been argued‚ Doolan (1981) states that an agent is authorized by the principal to perform certain acts‚ for and on behlaf of the principal. According to Doolan (1981)‚ an agent is never required to perform an illegal act. The agent is not liable
Premium Contract
under the law this contract was not valid. Steve the salesperson was completely liable under the law for entering a contract with an underage minor. As a car company representative there is protocol which must be used when entering into any contract and a major part of protocol is to ensure that both parties are of legal age at the time of sale. Another possibility that may be a remedy for this situation is for Car Company to take legal action against Jeff‟s legal guardians. Under the law any minor
Premium Law Contract Common law
Mount Crest University College Course: Company Law Intake 2 Weekend Assignment Naa Amerley Quaye (B12010042) QUES: Yentua Company Ltd. was incorporated on 10th June‚ 2010. Its objects are construction and civil engineering works. It now wants to obtain a certificate from the Registrar in order to start working. What information should it present to the Registrar before it can be issued with this certificate? There are legal rules governing the commencement
Premium Corporation Debt Stock