AGENCY Reciprocal Duties of Agent and Principal (20-39) Community Counseling Service Need for non-competition clause in contract – but must be careful not to violate public policy What is the duty of a party to the firm when he is planning to leave but hasn’t yet left? You cannot seek out firm’s clients while you are still working there Hamburger Did not solicit clients’ business while he was still their employ Anderson Rule: categorical – fiduciary duty obliges the fiduciary to act in the
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company Course Content Lesson one: the company as a form of business organization Meaning of company Classification of companies Registration procedures Effect of registration Meaning of incorporation Practical consequences of registration Disadvantages of incorporation Lifting the corporate veil Lesson 2: memorandum of association Meaning and importance The purposes of memorandum The contents of memorandum The alteration of the memorandum Doctrine of ultra vires Lesson 3: articles
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Part A When a business forms‚ the owner or owners must decide how to classify it. The type of classification will ultimately determine the rules under which the business will operate. Six general types of business entities exist with multiple variations thereof. Each type of business entity has advantages and disadvantages and there is no one type of entity that’s better than another. Business owners must decide how their business should be classified based on their individual and unique needs
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Nathaniel Hawthorne‚ a critically acclaimed American writer of the 19th century‚ was born in Salem‚ Massachusetts in 1804. The novelist ’s book‚ The Scarlet Letter‚ is supposedly his best work‚ and universally considered a literary classic. Concerned with sin and consequences of dealing with it‚ Hawthorne ’s work relates to his own personal sense of shame about his ancestor ’s persecuting roles in the 17th century Salem Witch Trials. By indirectly dealing with his sense of guilt through fictional
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LGEAL PERSONALITY Foss v Harbottle (1843) 67 ER 189 is a leading English precedent in corporate law. In any action in which a wrong is alleged to have been done to a company‚ the proper claimant is the company itself. This is known as "the rule in Foss v Harbottle"‚ and the several important exceptions that have been developed are often described as "exceptions to the rule in Foss v Harbottle". Amongst these is the ’derivative action’‚ which allows a minority shareholder to bring a claim on behalf
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|BUSINESS ENTITY | | | | | | | | | | | |Sole Proprietorship |Partnership
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Business Structures (Part 2) Trusts‚ Associations and Companies: [Class 3] Read: Ch 3-4 Australian Corporate Law (4th ed‚ 2013) LEGT 2741 Anil Hargovan 1 What is a trust? • ..is an equitable obligation‚ binding a person (called trustee) to deal with property over which he/she has control (trust property) for the benefit of persons (called beneficiaries) of whom he/she may be one (but not sole)‚ and any one of whom may enforce the obligation. • Note: Trust is not itself a legal entity
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LIABILITY OF DIRECTORS A director plays a vital role in a corporate organization. They manage the business‚ design business policies and select the officers. Liability of the directors is a crucial aspect where a director is expected to be honest‚ vigilant and protect the shareholders trust in him. Shareholders own the corporation and elect the board of directors whose approval is required for major corporate actions. Liability comes into picture when directors or officers tend to cause financial
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Australian Legal Studies Student Tutorial Book Semester 2 2013 Australian Legal Studies Course Semester Two Tutorial Format 1 session of 1.5 hours duration per week There is one tutorial session each week and each session will focus on topics from the previous weeks lecture. For example‚ in week 2 the tutorial will discuss topics covered in the lecture for week 1. The topics for each weeks lecture and the reading you are expected to do for that lecture are set out in the “Outline
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CORPORATE ENVIRONMENT Unit 1 FORMATION OF COMPANY Promotion of Company – Promotion – Incorporation – Capital Subscription and Certificate of Commencement of Business. Memorandum of Association – Definition – Clauses. Articles of Association – Definition – Contents – Distinction between Memorandum of Association and Articles of Association – Alteration of Memorandum of Association and Articles of Association. Prospectus – Meaning – Contents – Statement in Lieu of Prospectus. INTRODUCTION
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