The Definition of a Trust trusts is a device in which rights (personal or proprietary) are held by one person on behalf of another some trusts are created by court. These are constructive trusts. person creating the trust: settlor person holding rights: trustee person for whom those rights are held: beneficiary Lord Coke’s Definition "a confidence reposed in some other‚ not issuing out of land but as a thing collateral thereto‚ annexed in privity to the estate of the land‚ and to the person
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History The concept of a corporate personality traces its roots to Roman Law and found its way to the American colonies through the British. After gaining independence‚ the states‚ not the federal government‚ assumed authority over corporations. Although corporations initially served only limited purposes‚ the Industrial Revolution spurred their development. The corporation became the ideal way to run a large enterprise‚ combining centralized control and direction with moderate investments by a
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COMPANY LAW CRN 38933 “When implemented‚ the (New Companies Bill) will be the most dramatic modernization and simplification of company law in the history of the state” Dr. T Courtney (Chairman CLGR) “ John Thompson Date: 17 July 2012 Submitted by: Adrienne Lonergan The Company Law Review Group (CLRG) was established in 2001 as a statutory body under the Company Law Enforcement Act 2001. The purpose of the CLRG was to review the entire body of Irish company legislation which encompasses
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3a) Explain the way(s) in which the historical development of the equitable jurisdiction informs our contemporary understandings of the relationship between law and equity. Historical development of equity Until 14th Century‚ if justice was not achieved‚ a litigant could appeal to the king in King’s council (Curia Regis). The council possessed royal power and could thereby make order to delegate the hearing of injustice function to the Chancellor. Starting from 15th Century all petitions went directly
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Donoghue v Stevenson (1932) AC 562 Facts: Mrs. Donoghue found a decomposing snail in the ginger beer and claimed to have suffered gastroenteritis and severe shock upon the sight of the snail. She sought to recover damages from Stevenson‚ claiming that the presence of snail was due to his negligence. Could Mrs. Donoghue bring an action in negligence against Stevenson? Stevenson argued that as they were not in a contractual relationship‚ hence there was no special relationship and therefore he
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ACCT560 Government and Not-for-Profit Accounting Spring 2014 Project #1 CAFR Due Wednesday‚ February 5‚ 2014 at 5:30pm EST Objective: To examine a Comprehensive Annual Financial Report (CAFR) for Montgomery County‚ Maryland (A neighboring county located near American University). Deliverable: Turn in a hardcopy of your answers by the due date (See the Required: section for more details). Late submissions are heavily penalized or may not be accepted. Required: You must work individually
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A fiduciary relationship allows the parties to avoid obligations without liability. ANSWER: F PAGE: 638 A corporate officer is not an agent for the corporation. ANSWER: F PAGE: 638 An officer of a corporation cannot possess the power to bind the corporation. ANSWER: F PAGE: 638 An agent is authorized to act on behalf of a principal in doing business with third parties. ANSWER: T PAGE: 638 An employee may act in the capacity of an agent. ANSWER: T PAGE: 638
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Sample Management Discussion and Analysis (MD&A) Note: This template is provided as a background for the MD&A. Districts have been preparing the MD&A for a number of years now‚ so for the most part you should start with your MD&A from LAST YEAR and update it. Therefore this document’s primary use is to remind you of what the MD&A is for and what points it should include. The purpose of the Management’s discussion and analysis (MD&A) is to introduce the basic financial statements and provide
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balances in commercial banks and other types of financial institutions such as credit unions and savings banks. Any accounts in financial institutions from which you can easily transmit debit-card and check payments without many restrictions Fiduciary monetary system- a system in which money is issued by the government and its value is based uniquely on public faith that the currency represents command over goods and services and will be accepted as payment for debts Money supply- the amount
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different from those who are involved in the day-to-day operations of the companies (managers and directors). This position thus put the managers and directors in a fiduciary relationship vis-a vis the actual owners of companies and providers of capital. The basic duty that managers and directors assume‚ having accepted this fiduciary relationship implies that managers and directors shall carry out their duties of management and direction of companies in the best interest of their principals with
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