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The Corporations Act 2001 considers it as obligatory in order to register a company in Australia that the application for registration is filed. Section 117 of the Corporations Act 2001 requires a person to lodge an application with Australian Securities & Investments Commission (ASIC). The process of registration of the company is based on the type of company. According to Section 112 (1) of the Act, No liability company can...
The Royal Commission is an ad-hoc body for public inquiry present in some of the monarchies of the world at present like the United Kingdom, Canada, Australia, New Zealand and Saudi Arabia (Boyle 2016). The Royal Commission is formed by the Head of the State on the Government’s advice, appointed formally by ‘Letters Patent’. It was created under the Royal Commissions Act 1902 (Financialservices.royalcommission.gov.au ...
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A Royal Commission is an ad-hoc body that performs public inquiries in Australia. Its powers are stronger than what Judges hold though they have restrictions imposed by terms of references. It is mainly established by the Australian Government, (Barry and You, 2017). It is mainly set up by the 1902 Royal Commissions Act.
The Royal Commission is mainly tasked with the power to gather information and help in investiga...
The remarkable Australian case Taylor v Johnson (1983) 151 CLR 422 talks about the provisions of unilateral mistake in a contract. It can be said that Unilateral mistake occurs in a party to the contract is mistaken about some term of the contract while the other party is not mistaken. It can be sad that the common law governs the remedies for unilateral mistakes. However equity will also be involved in conside...
The doctrine of capital maintenance states that company should take proper consideration for the issued share capital in the market from the shareholders. However, company must not repay this amount to shareholders until and unless special exceptional circumstance arises. The origin of doctrine of capital maintenance can be two fold. Firstly, it will start with protecting the interest of creditors and shareholders and an...
Cool Surf Stuff Manufacturers Pty Ltd (CSSM Pty Ltd) is the brainchild of Ann, Blake, Cathy and Daron who are talented entrepreneurs and sportspeople. When they register the new company with ASIC, they list themselves as the only directors and only shareholders. As the initial shareholders, they each receive one ordinary share, with each share entitling the holder to one vote in a general meeting of members.The company has a constitut...
In the process of working your way through answering this question, you should make sure you always state the source of the relevant legal rules (e.g. a section of legislation or a courtcase) and apply those legal rules to the facts. A possible structure for your assignment would be as follows:
First - consider whether there were any procedural irregularities in relation to the purported general meeting of members and, if so, whet...
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