Posted: July 13th, 2022

Corporations Act 2001 Assignment | Homework For You

This means do not include characters such as * or / or ANY SPACES IN THE FILE NAME. Please ensure that you click on the submit button to upload your take home test. Failure to submit the take home test by the due date may result in a zero mark for that part of the assessment. Total Marks:?25 Marks comprising 25% of the final subject grade. QUESTION Ann and Bill decided to set up a business to sell electronic products on-line. They initially thought a partnership would be the best option. However, ultimately they registered a proprietary company called AB-Tron Pty Ltd. They registered the company on 1 July 2016.

The company’s business was financed through the issue of 400,000 $1 shares to Ann and 300,000 $1 shares to Bill, which have been fully paid up by both Ann and Bill. Ann and Bill also became the directors of the company. The business was very successful and required more capital. Hence, on 15 January 2017 Ann and Bill decided to convert AB-Tron Pty Ltd into a public company and changed the company’s name to ABY-Tron Ltd. The following clauses were inserted in ABY-Tron Ltd’s constitution: “The Replaceable Rules of the Corporations Act 2001 (Cth) shall apply to this company except for the following:

1. The company shall only operate the business as an on-line electronic store.

2. Yung shall be the company’s managing director.

Any contracts in excess of $500,000 entered into by Yung will require the approval of all directors.” Yung’s contract as a managing director has a non-competence (restrictive covenant) clause that prohibits Yung from competing with the business of ABY-Tron Ltd during his employment as managing director and for a period of three years after the termination of his appointment. On 16 April 2017, the directors of ABY-Tron Ltd decided to open an electronic store in the Joondalup Shopping Centre, as this would attract more customers to their high-end products. Being confident of the success of the new electronic store, Yung on behalf of ABY-Tron Ltd places an order of $600,000 worth of LCD television from CTC Ltd, a Taiwanese company without obtaining approval from the board of directors.

When the invoice from the CTC Ltd arrives for payment, Yung passes it to the board of directors for approval. Ann and Bill are most displeased with Yung for placing such a large order without board approval. They want to cancel the order on the basis that the company lacks capacity to make a contact with CTC Ltd as its business is restricted to an on-line electronic store. Yung is of the opinion that the LCD television order from the CTC Ltd will enhance the company’s business by attracting the customers to the store. REQUIRED: The questions will only be posted on the unit website by 5pm Friday 27 April (WST), together with the marking criteria.

Note: 1. Reference your answers to cases and the Corporations Act 2001 (Cth) where possible.

2. In answering some parts of the questions, a formal 4 step process may not be required. However, if application is required, please write the law before applying to solve the problem.

3. You do not need to consider whether the directors have breached their duties when answering this question.

4. You do not have to discuss or apply Contract Law.

GUIDELINES FOR TEST 2 Where the question requires you to use the 4 step process, the 4 steps are: – Step 1: Introduce the area of the law – Step 2: Discuss the applicable law to solve and quote relevant cases and the sections of the Corporations Act 2001 (Cth) where applicable. – Step3: Apply the law to the facts to resolve the problem. – Step 4: Come to a conclusion When writing your answers for Test 2, you cannot copy word for word from another source. You can paraphrase or summarize ideas or data obtained from another source, so long as you reference the source of your information using the AGLC footnote referencing style. More information can be found on this style from blackboard or the Curtin library web site:  A Bibliography is NOT required under the AGLC footnote referencing system.

Please note that plagiarism occurs when work of another person is presented as one’s own, without appropriate acknowledgement or referencing. Plagiarism is a serious offence. This unit is ascribed to Turnitin, an electronic plagiarism detection service. Students should be aware that their work will be required to be submitted to this service to check for unacknowledged use of others’ work. Please read Test 2 submission process carefully to determine how to submit your test through Turnitin.

The research for legal principles and cases can be restricted to that referred in the prescribed text book, lectures and case studies. You will not be awarded marks for referring to cases or legislation outside these sources. You should not exceed the word limit stated in the questions. The marks for each part should give an indication of the words that should be allocated for that part. You should check the rubric to ascertain how marks are allocated and the criteria that will be used to assess your level of achievement. Marks will be deducted for exceeding the word limit. Business Law Assignment: I need help writing a research paper.

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