BUS200 Law of Business Organisations and Management
Questions:
Register A No Liability Company
Note Section 117(1) And (2) And Form 201 Do Not Forget The Various Consents.
The Company'S Internal Management Rules Must Be The Replaceable Rules Note Sections 134 And 135 But The Company Must Also Have A Constitution Which Complies With Section 112(1) And (2) ( Nl Co.)
The Constitution Must Also Create A Class Redeemable Preference Shares Note Sections 254A(2) And (3)
Research The Maintenance Of Capital Doctrine
You Must Research The History Of The Doctrine ( Support Your Research With Case Analysis)-- Explain The Benefits Of The Doctrine And Finally Research And Explain The Exceptions To The Doctrine. Note Sections 256B, 257B, 260A And 259A
Answers:
1. Interpretation and Definition Clause
The constitution of this company states the same definitions and the definitions shall be applicable unless otherwise provided elsewhere:
Act means Corporation Act of the year 2001.
ASIC refers to the Australian Securities and Investment Commission (Appleb and Bourke 2014).
Company shall mean and include as per this Constitution the Homeland Pvt Ltd having ACN Number – 221 254 231
Constitution shall mean and include this constitution.
Director shall mean and include a person who shall be elected as a director complying with the rules of this agreement or it may also include any other person who may be appointed as a director.
Dividend stated any provisional or concluding dividend as per this constitution.
Member Present means, a person who shall be present at the company at the time of any meeting or by attorney or by proxy where such a member is a corporate body.
Preference Rate shall mean and includes the rate that shall be decided at the percentage rate. The rate shall be calculated by the Directors and shall be determined based in the certificate share. The preference rate may be variable or fixed.
Prescribed Rate shall mean and include the percentage of rate that is calculated by the Banker of the company from time to time based on the overdraft loans.
Seal shall mean and include the official seal or common seal of the company.
Securities shall mean and include the shares as per the meaning that is stated in the Corporation Act of 2001.
2. Replaceable Rules
The replaceable rules shall be applicable to all the rules except for the given preference shares.
As per the Sec 134 of the Corporation Act 2001defines the management of a company will always controlled as per the provisions of the government rules. As per this act, the rules are replaceable rules by a constitution or by both of them.
Sec 135 stated the replaceable rules of this act. Every company must register after 1 July1998. The companies who are registered before 1 July 1998, they must repeal the constitution after that day. For the proprietary companies these rules can be applied.
3. Types of Companies
As per the Sec – 112 (1) there are two types of companies can be registered under this cat. Proprietary companies who have limited and unlimited share capitals and public companies that have either limited by shares or limited by guarantees, unlimited share capitals, or the no liability companies.
According to the Sec – 112(2) the no liability companies can registered under this acts if they have share capitals and sole objects for mining purposes in the company’s constitution. They must not have any contractual rights under the constitution for the shareholders who have are fails to pay them.
4. Issue of Shares
As per the Sec 254A clause 1
The directors of the company can issue shares. It includes the bonus shares, preference shares where the redeemable shares are there and partly paid shares.
As per the Sec 254A clause 2
A company can issue preference shares only if the rights attached to the preference shares with respect for repayment the share capital and surplus assets, profit dividends and voting.
As per the Sec 254A clause 3
Redeemable preference shares are preference shares that are issued on the terms that they are liable to be redeemed.
Reference
Appleby, M. and Bourke, J., 2014. Promoting Law Student Mental Health Literacy and Wellbeing: A Case Study from The College of Law, Australia.Int'l J. Clinical Legal Educ., 20, p.461.
Cavusgil, S.T., Knight, G., Riesenberger, J.R., Rammal, H.G. and Rose, E.L., 2014. International business. Pearson Australia.
Clarke, E., Griggs, L.D., Cho, G., Hoyle, A. and McLaren, J., 2015. Commercial and Economic Law Australia.
Hanrahan, P.F., Ramsay, I. and Stapledon, G.P., 2013. Commercial applications of company law. COMMERCIAL APPLICATIONS OF COMPANY LAW, CCH Australia Ltd,.
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