New User? Start here.
Error goes here
The Corporation act is the act of the Commonwealth of Australia. This act can also be called as corporation act. This act deals with the laws that s to be followed by every business organizations of Australia. This act contents the laws which mainly focused in company starting from the registration to its winding up and some other provisions. The main reason of forming of the said act is the famous decision made in the case of New South Wales v Commonwealth, (Laws, 2016).
Sec.198A of the Corporation Act contents the powers of the directors. No director has any individual power and cannot execute the same (Federal Register of Legislation, 2016). The Board of directors has the authority to exercise all such powers and can do all such works as the company is authorized to do. The directors are the agents of the company. An individual director can only execute his power only if the Board delegates any authority to that director. The main power of the directors is that they have the complete authority to control the business affair of the company and are responsible for the same. The directors collectively called the Board of directors have the power to fill up the vacancy of the board by appointing a director. The other powers are that the board can issue shares and debentures and can fixed the rate of per share, they can also make loan for the business purpose and can do any act to the limit of their authority for the business purpose. The main reason to incorporate this act in the statute is that this will help the internal management to work smoothly which will increase the business of the company.
Duty of the directors has been mentioned in the section 191 of the Corporation Act (ASIC, 2016).
The duties of the directors which they are expected to follow are:
They have to attend the meetings of the board regularly.
They should not go beyond their authority to perform any action.
They should disclose any material fact in which he is having any personal interest and also is related to the company affairs to other directors, provided he acts as a guarantor to the company or is related to his remuneration. If he fails in doing so, he will be liable of breach of trust and of negligence.
This section has been included in the act in order to maintain the trust amongst the directors which will impliedly save the assets of the company from being ruined because of some kind of personal interest, (Australian Institute of Company Directors, 2016).
This particular section of the act deals about the business of the AGM (Annual General Meeting). Annual general meeting is held to discuss about a specified matter (Mkysugar, 2016).
The notice of the AGM should be given to every members of the board which should specify the matter to be discussed. The AGM is to be held during the office hours. In the AGM, the annual report of the company by the auditors, financial report of the company for a particular year, director report, are to be discussed by the board. Any other relevant matter which is beneficiary for the company is also expected to be discussed. In the AGM of a listed company, there must be vote for the discussion over the remuneration report. This section helps to maintain transparency between the directors of the company with other officers which helps in smooth running of the business.
ASIC (2016) Insolvency for directors, [Online], Available: https://asic.gov.au/regulatory-resources/insolvency/insolvency-for-directors/.
Australian Institute of Company Directors (2016) Good Governance Principles and Guidance for NFP Organisations, [Online], Available: https://www.companydirectors.com.au/Director-Resource-Centre/Not-for-profit/Good-Governance-Principles-and-Guidance-for-NFP-Organisations.
Federal Register of Legislation (2016) Corporations Act 2001, [Online], Available: https://www.legislation.gov.au/Details/C2014C00519.
LAWS (2016) CORPORATIONS ACT 2001, [Online], Available: https://corporate.laws.com/corporations-act-2001.
Mkysugar (2016) Corporation Act 2001, [Online], Available: https://mkysugar.com.au/.
To View this & another 50000+ free samples. Please put
your valid email id.
Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.
Get Moneyinto Your Wallet
Total 3 pages, 1 USD Per Page
*The content must not be available online or in our existing Database to qualify as
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2018). Law Of Business Organization : Principles And Guidance. Retrieved from https://myassignmenthelp.com/free-samples/law-of-business-organization-principles-and-guidance.
"Law Of Business Organization : Principles And Guidance." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/law-of-business-organization-principles-and-guidance.
My Assignment Help (2018) Law Of Business Organization : Principles And Guidance [Online]. Available from: https://myassignmenthelp.com/free-samples/law-of-business-organization-principles-and-guidance[Accessed 18 September 2021].
My Assignment Help. 'Law Of Business Organization : Principles And Guidance' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/law-of-business-organization-principles-and-guidance> accessed 18 September 2021.
My Assignment Help. Law Of Business Organization : Principles And Guidance [Internet]. My Assignment Help. 2018 [cited 18 September 2021]. Available from: https://myassignmenthelp.com/free-samples/law-of-business-organization-principles-and-guidance.
The respective sample has been mail to your register email id
* $5 to be used on order value more than $50. Valid for
We have sent login details on your registered email.
MyAssignmenthelp.com has become one of the leading assignment help provider in New York City and Boston. We provide top class auditing assignment help. Not only auditing, but we also cover more than 100 subjects and our writers deal with all types of assignments with utmost expertise. To make writing process faster and accurate, we have segmented our assignment experts' teams as per their expertise on writing different types of assignments. We guaranteed that students who buy our assignment online get solutions worth their investment.
Caltex is seen to begin its operation in 1936 in form of California Texas Oil Company. This company has been further seen as a joint venture between Texas Company and standard oil, thereby gaining concession in Saudi Arabia. The company has been further seen with gained concessions in Saudi Arabia. It was further seen to be renamed in 1968. The parent company has been further seen to be based on the consideration of merger...
1. The self driving vehicles with artificial intelligence is the cutting edge technology that considerably changing the face of modern world. However, implementation of these modern technologies reflects significant impact for both the sides of the coin. Use of these automated vehicles has various ethical limitations. As identified in techrepublic.com report (2017), these automated vehicles are likely to kill a number of jobs around the ...
Stakeholders are a group or an individual who can influence or are influenced by the accomplishment of the firm’s goals and objects. So, the capability to comprehend and involve with stakeholders –both internal and external has become a crucial management ability (ILO, 2013). In this context, the theory of Hydo Laos Simulation guides the management in dealing with its stakeholders and captivating their assistan...
In most cases, writers tend to be compelled to write for different reasons. For instance, a writer could write so as to express his personal life experience, the impact existing in their lives and also lives of their readers. Others tend to write for education empowerment which benefits the writer and the reader in a personal and professional manner (Compagnon, 2014). In regards to literature writers write so as to portray a message, idea...
Answer to question number 1:
As any person needs to remember their personal experiences, the most effective way has been to put them in online. The various social media sites have been providing a crucial outlet to recall the memories sharing with others in the public forum. The approach to write about experiences in the open platform has been generally sustained through the social feedbacks subsequently (Gibbs et al. 2015). This has...
Are you confident that you will achieve the grade? Our best Expert will help you improve your grade
PM305 International Marketing
SOC 3116 Technologies, World And Societies
0302362 International Business
6HL007 Research For Health Project
TACC406 Accounting Theory And Applications
MGMT6004 Performance Management
INF701 Management Informatics
HISTORY 226 Ancient And Early Modern Japan
IMT6011 Introduction To Information Security
PRS305 Corporate Communications And PR
Just refer 5 friends to earn more than $2000.
After the successfull payment you will be redirected to the detail page where you can see download full answer button over blur text.You can also download from there.
Or you can also download from My Library section once you login.Click on the My Library icon
My Library page open there you can see all your purchased sample and you can download from there.
That's our welcome gift for first time visitors
It is too easy to create or access your own library, just enter your email and make your search
MyAssignmenthelp.com stores a huge
COLLECTION OF QUESTIONS AND SAMPLES, which you can refer to any time you want.
Every time you find something useful, you can save that using the bookmark tool. From the next time,
can access that from your personalized library.
With this feature, you get to create your own collection of documents. You get free
choose and bookmark any document you wish.
Accessing the collection of documents is absolutely easy. Once you bookmark a sample,
access its content with a few clicks on your mouse.
This personalized library allows you to get faster access to the necessary documents.
longer need to spend hours to locate the sample you need.
Finding a sample from a list of thousands is nothing less than spotting a needle in a
Personalizing your own library relieves you from that stress.
On APP - grab it while it lasts!
*Offer eligible for first 3 orders ordered through app!
ONLINE TO HELP YOU 24X7
OR GET MONEY BACK!
OUT OF 33845 REVIEWS
Received my assignment before my deadline request, paper was well written. Highly