Answer: Where to the contrary is not expressly mentioned the application of the following definition has to be done in relation to this constitution. ØDividend- Provisional and concluding dividend ØCA- Corporation Act 2001 ØDirectors- Persons appointed and acting as directors Ø ASIC- Australian Securities and Investment Commission ØPresent members- Body corporate or individuals available during a meeting...Read More >>
Answer: Registration of non-liability companies The non-liability company refers to a company that is only entitled to mining projects in Australia. This company is required to have its own establishment with stipulations that it solely engages in mining as its main objective (Lipton 2007, p. 818). The shareholders in a non-liability company, as stated in Corporations Act 2001, are not obligated to the settlement of the value of owing s...Read More >>
Answer: Directing Mind and Will The phrase, ‘directing mind and will’ is a Company Law concept defined as according directors and other senior company officials who undertake management functions with the mental capacity to speak and act as the company (Grimes, et al., 2013). Generally, substantive law requires that the mental element of the defendant is identified in order to establish liability. However, the company, though...Read More >>
Answer: The Shareholders Liability of calls are discussed in Section 254M (1) of the Corporations Act, 2001. Under the condition that the calls are not fully paid up, it is duty of the shareholders to pay call on these partly paid shares and convert them into fully paid shares thereof. However, such conversions must be done according to the terms on the basis of which these shares were initially issued. (Austliieduau, 2015) Section 256B ...Read More >>
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