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Corporation Act Law : Section 181

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Question:

Describe about the Corporation Act Law for Section 181.

 

Answer:

1. The duties as mentioned in the Section 181 of the Corporation Act, would be applied to TPCL. It is actually the duty of all the directors in the company to provide fair and just results. All these decisions are to be taken in a good faith and in the best interest of the corporation. Not only one of the directors, all the directors in the company should be following this section in order to make sure that the decisions of the company are taken in the best profitable aspect of the company. These decisions are to be taken for the proper purpose of the company. (Commonwealth Consolidated Acts)

Following are the principles, which are to be accepted by almost all the companies:

A director should be in a good faith and in the best interests of the company and the corporation

He should act with a proper purpose to achieve the goals and the objectives

In this scenario as well, the duty of all the directors is to make sure that they are following the above mentioned principles as per the sections in the corporation act. (Dermansky, 2009)

2. Peter had breached some of its director’s duty and this can be said because of the fact that, being a director of the company, he is not allowed to force upon the YG of the companies to make sure that he gets certain amount of securities in both the companies, which are being bought by BLPL. It greatly depends upon the directors of the company and also on the mutual agreement between all the directors in the general meeting of the company if they securities are to be given to the existing directors of the company in the newly acquired company. It depends upon the process adopted to acquire the company. Most of the times, the company acquires the other companies, in an all cash deal and sometimes in the form of shares. It is the sole discretion of the directors of the company as to how they would decide to make the payment for the companies which are to be acquired. (Lipton, 2010)

Not only this, Peter who is actually the director of BLPL, the subsidiary of TLPL, demanded certain amount of securities in the acquired companies, as a virtue of being the director of the company. Section 182 of the corporation act states that any director can not actually demand for shares in the other comany, which is being acquired by the parent company. It is the sole decision of the management of the company and hence, it can be said that the Peter had breached his own director’s duties by demanding certain securities in the acquired companies. (PWC, 2011)

3. Freda, who is being considered as the director of the company should have read the report as presented to her in the meeting of board of directors. Instead of actually accepting the proposal to expand the business in the landscape, she should have read the amount of money and time that would be invested by the company in order to execute its operational activities. (Government, 2010) Therefore, it was also expected that Freda, one of the three directors of BLPL should have read the report of expanding its business, to make the correct and effective decision. Freda, being one of the most important directors of the company, the other directors of the company should have at least advised her to make sure that she reads the report in order to make sure that the process of expansion to the landscape would be actually profitable or not. Given the amount of money, being invested by the company, the report should have been exclusively read by Freda to take the important decisions of expanding or not. (Schweizer Kobras, 2010)

 

Part B

Following are aspects, which can be stated in the E-mail.

Being one of the directors of Tiptruck Ltd, Alan would like to initiate the conversation for the supply of the materials to BLPL. The resolution as passed should, after proper analysis be passed by all the directors of the company. This analysis would include the decision as taken by all the people present in the meeting. Apart from this it should be observed that the directors of the company should not behaving any sort of an activity that would have involved any sort of a penalty factor. Hence, the corporation act of the country has to make sure that these principles are met by these directors of the company.

2. Alan is the duty of all the directors of the company to make sure that any proposal, which is being made by the meeting of all the board directors, should be actually scrutinized by making sure that the provisions of the companies are being met in the benefits of the company. Hence, the participation of all the directors are required for the efficient and effective results of the company.

 

References

Commonwealth Consolidated Acts. (n.d.). CORPORATIONS ACT 2001 - SECT 181. Retrieved September 11, 2016, from www.austlii.edu.au: https://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s181.html

Dermansky, P. (2009). Should Australia Replace Section 181. Retrieved September 11, 2016, from law.unimelb.edu.au: https://law.unimelb.edu.au/__data/assets/pdf_file/0003/1709832/60-Should_Austalia_replace_s181_of_the_Corporations_Act3.pdf

Government. (2010). Report to the Minister for Financial Services. Retrieved September 11, 2016, from www.camac.gov.au: https://www.camac.gov.au/camac/camac.nsf/byheadline/pdffinal+reports+2000/$file/ss181_189_corplawoct2000.pdf

Lipton. (2010). DIRECTORS’ DUTIES. Retrieved September 11, 2016, from www.uclaw.com.au: https://www.uclaw.com.au/pathways/directors-duties/

PWC. (2011). A guide to director's duty. Retrieved September 11, 2016, from www.spaceindustry.com.au: https://www.spaceindustry.com.au/Documents/GuideDirectors_PWC.pdf

Schweizer Kobras. (2010). Directors’ Duties and Obligations. Retrieved September 11, 2016, from www.schweizer.com.au: https://www.schweizer.com.au/articles/Directors_Duties_and_Obligations_(SK00154651).pdf

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