Definition – the law of Trust determines the relationship among trustee‚ trustor and beneficiaries over the property. Trustor means owner of the property‚ which enjoys extended bundle of rights over his property. Trustee is a person who manages the property. Beneficiary: A beneficiary is anyone who receives benefits from any assets the trust owns. We have two types of trust. First division of types: First is Inter Vivos - the management of the property during one’s lifetime. Mortis Causa –
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Introduction The case of “A Delima” is all about the family business which at first known as Delima Enterprise. The business growth very well so the enterprise then was being incorporated as Delima Enterprise Sdn Bhd. The directors are husband and wife‚ Encik Zayed and Puan Hashimah and they are also the main shareholders which involved in the company’s management. It 2006‚ the company got a contract worth RM750‚ 000. They are having shortage of fund and decided to make an application for loan.
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BACHELOR OF ACCOUNTANCY (HONS) AC220 INTEGRATED CASE STUDY (MAF 680) CASE 1: A DELIMA Table of Content No. Particular Page No. 1 Introduction : Company Background & Case Summary 3 2 Identified Issues In DESB 4 - 8 3 Questions & Answers 9-13 4 Recommendations 14 - 17 5 Conclusion 18 6 Reference 19 7 Appendix 20-26 INTRODUCTION Company Background Delima Enterprise was set up by Encik Zayed in 1981. It engaged in trading and supplying related products including
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as a shrewd business man‚ she agreed to share the profits generating form this new organization obviously. Thus‚ Alicia is a promoter. 2. Does Alicia breach the fiduciary duties? According to Gluckstein v Barnes‚ a promoter should be honest and disclose all the information to the independent board of directors to meet his fiduciary duty rather than personal interest. In this case‚ Alicia hid the fact of converting Pitt Street into a pedestrian mall. In other words‚ she did not fully disclose the
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provision of section 122(1) which is mention about at least 2 directors and both of them are the directors of the company. For their duties‚ according to the law they are two types of duties of director‚ duties of care‚ skill and diligence and fiduciary duties. In this case does not show both Encik Zayed and Puan Hashimah take an effort to know his right and obligations in the company it’s been prove by statement they are not very familiar with the company act. Encik Zayed shows his duty care by
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Golden Parachutes Often in a stack of current newspapers‚ the front page topics that will catch your attention are ethical issues behind upper management compensations; in this case‚ on March 30th 2009‚ the issue that surfaced was Rick Wagoner’s leave from GM and his retirement package and how his actual/ base compensation doubled in his last year from approximately $7M to $15M.(7) With the current economic crisis‚ many people outside the business society have become aware of the ridiculously
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However‚ Harris‚ Hargovan and Adams (2013) also stated that since objective evidences may also be needed in determining the breach of good faith‚ it is easier to bypass the subject test and prove that such conduct failed to act for a proper purpose. Fiduciary duty cases at general law on the proper purpose rule are considered when determining the scope of ‘proper purpose’ in CA s 181 (2). That is to say‚ the two-step process proposed in Howard Smith v Ampol Petroleum should be used under such circumstance
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2.0 INTRODUCTION In 1981‚ Delima Enterprise was founded by Encik Zayed in conducted trading and supplying related product including manpower supplies to oil and gas industries. In 2004‚ Delima Enterprise incorporated as Delima Enterprise Sdn Bhd. It has two principal shareholders and controlling director who is Encik Zayed and Puan Hashimah. Both of them are husband and wife. In 2006‚ the company submitted application to get a loan since the company gets several contract. The director of Delima
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company‚ the connection between her and Batco before and after the registration was solid. According to Aequilas v AEFC (2011) 19T ACLC 1006‚ the legal consequence of a person being identified as a promoter is that such person owes stringent fiduciary duties to the company and its shareholders. They are required to act in good faith and place the company’s benefits over their own (Harris‚ Hargovan and Adams 2011). More specifically‚ in Erlanger v New Sombero Phosphate Co (1878) 3 CA 1218‚ the
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would not be able to function and that they needed to file for bankruptcy. In order for the firm to open up for business‚ they would need a government bailout plus the banks that were bidding on them to take out there bad assets. Question 2 The fiduciary obligations and responsibilities of Lehman brothers board of directors is to make sure that the firm does not take certain risks to put them in a bad financial position. The board of directors should do anything that they can in order to make the
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