Law100 Business Law | Registering Assessment Answers

What is a royal commission -  how is a royal commission set up - under what act is it set up.

What are the powers of a royal commission.

What is the full ( correct ) name of the banking royal commission.

When was the banking royal commission established

Who created the banking royal commission.

Who is the banking royal commission commissioner

When must the banking royal commission report

How many terms of reference have been given to the banking royal commission.

Answer:

Part 1

For registering a company in Australia, the applicant must lodge an application with Australian Securities & Investments Commission (ASIC) as per the section 117 of the Corporations Act 2001.  ASIC will give the company ACN, ABN or ARBN no and the process of registration depends on the type of company.  As per Section 112 (1) of the Act No liability company can be registered under ASIC.  Under Section 112 (2) of the Act, a company can be registered as a no liability company if;

• it has a share capital
• it’s one and only objects are the mining purposes
• it’s constitution allows no contractual right

As per the Section 147, the name is available unless it is identical or unacceptable. The minister may give written consent of the availability of the name. As per the Section 148, the company may use the available name or the expression ACN (Australian company number) and a no liability company must have No Liabilities at the end of its name. As per Section 149 approved abbreviation like NL (no liability) can be used. As per section 201 (A), the company must have minimum one director and he must reside in Australia and as per section 204 (A), Public company can have at least one secretary who is above 18 years of age and one of them must reside in Australia (Attorney-General’s Department, 2002).

Part 2

1.

Royal Commission also known as commission of inquiry is held in Australia at a federal level since the year 1902. Royal Commission is appointed by the Governor-General and operates under the Royal Commission Act 1902. It was passed by the Parliament of Australia in the year 1902 (Parliament of Australia, 2018).

2.

The Royal Commission has great powers to investigate and make inquiries in accordance and approved by Governor General. It can collect evidence from various sources, conduct formal hearings and give information of a suspected crime to law enforcement authorities. It has broad coercive powers and for its investigation it can summon witnesses and if a person fails to comply with the summons, the Royal Commission can fine or even imprison him.

3.

The correct name of the banking Royal Commission for inquiring in to banks and financial companies is known as “Banking Royal Commission and the Hayne Royal Commission”

4.

The Banking Royal Commission was established in 2017 to inquire into the misconduct, fraudulent practices of banks and report about the superannuation and financial service industry.

5.

Turnbull and his Treasurer, Scott Morrison announced the Banking Royal Commission on 30 November 2017. It was established by His Excellency General the Honorable Sir Peter Cosgrove AK MC (Retd)

6.

The Honorable Justice - Kenneth Madison Hayne AC QC is the commissioner of the Banking Royal Commission (Parliament of Australia, 2018)

7.

The Commissioner, the ‘Honorable Kenneth Madison Hayne AC QC’ has to submit an interim report by 30 September 2018 and has to give the final report by 1^st February 2019 (Royal Commission, 2018).

8.

The terms of reference for the inquiry in there in the Letters Patent which appoints the Royal Commission to make investigation and authorize it to inquire any kind of fraud, misconduct, behavior, malpractices, superannuation,  and financial service industry. The list of terms of reference is available on the website [email protected] (Royal Commission , 2018).

References

Attorney-General’s Department, 2002. Corporations Act 2001. Canberra: Office of Legislative Drafting and Publishing.

Parliament of Australia, 2018. Royal Commissions and Commissions of Inquiry. [Online] Available at: https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/Browse_by_Topic/law/royalcommissions [Accessed 12 September 2018].

Royal Commission , 2018. Royal Commission - Terms of Reference. [Online] Available at: https://financialservices.royalcommission.gov.au/Pages/Terms-of-reference.aspx [Accessed 13 September 2018].

Royal Commission, 2018. Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. [Online] Available at: https://financialservices.royalcommission.gov.au/Pages/default.aspx [Accessed 13 September 2018].