HA3021: Corporations Law Individual Assignment - Case Study - Law Assignment Help

Assignment Task

Purpose of the assessment (with ULO Mapping)

The purpose of the Individual Assignment is to provide students with an opportunity to demonstrate their level of learning of the various key concepts taught in the unit and apply them in analysing and answering two case problems by citing the relevant legal rules and cases and applying these to the facts of the case. In this Individual Assignment, students are required to:

• Reflect critically on the legislation and the relevant case law relating to the different business structures, in particular corporations and partnerships, and apply legal principles to real case situations. (ULO 2)
• Analyse the incorporation process and explain the laws and regulations that govern the different forms of legal entities including the significance of the concept of separate legal entity. (ULO 3)
• Analyse the roles and duties of directors in the management of the company and the responsibilities of members in a company. (ULO 4)

Purpose:

The purpose of the Individual Assignment is to provide students with an opportunity to demonstrate their level of learning of the various key concepts taught in the unit and apply them in analysing and answering two case problems by citing the relevant legal rules and cases and applying these to the facts of the case. Instructions: Please read and re-read carefully to avoid mistakes.

Assignment Questions

Question 1

Milton Friedman, a famous economist, once said that the only social responsibility of the company was for it to make as much profits for its shareholders as possible, while following the basic rules which are set by the society, which are found in law and ethical customs. Many disagree with this statement and believe that a company is a privileged body which must conduct itself for the benefit of society, not just in the interests of shareholders. With reference to the theory of corporations, make a comment on the various roles that could be perceived for a company in Australia. ( maximum 400 words)

Question 2

Caleb, a company secretary, desperately wants to go to Fiji for a holiday. Caleb realises he needs to leave someone in charge of company administration who will also report appropriately to the directors. Caleb asks Nixon Vinson, the head of accounting within the company, to carry out his role as company secretary, which includes attending certain company meetings with the directors, particularly when negotiating serious contracts. When Caleb goes on holiday, Nixon assumes Caleb’s role. Nixon attends certain meetings where he is introduced as the company secretary, even though he has not been officially appointed. Nixon is requested to close a few deals by the directors, which he does, though he forgets certain instructions as to how the company’s customers should pay and. in particular, approves a loan by the company’s bank to a colleague, which he guarantees on behalf of the company. The directors find the various mistakes made by Nixon on certain contracts and want to cancel those contracts. The loan taken by Nixon’s colleague has not been paid, and is unlikely to be paid in the future. The company directors are refusing to honour any of the commitments made by the accountant. What are the rights of these particular outsiders when dealing with the company and the directors? Can they enforce these different contracts? (maximum 600 words)

Question 3

Read the case of ASIC v Citigroup Global Markets Australia Pty Ltd (No 4) [2007] FCA 963 On what grounds did the Federal Court of Australia find that various directors (and officers) had failed in their duty to the company? What were the consequences of officers (including directors) for failing to act appropriately? In particular, why was the ASIC v Citigroup case so significant? (500 words)

Question 4

Jerry Seinfeld is planning to register a new company and transfer his existing business into that company. Seinfeld plans to call his company ABC Pty Ltd, and he is currently negotiating with a lawyer on the format and constitution of this company. Seinfeld rents premises in preparation for the registration of the company and he orders stationery on which the new company’s name is printed. However, due to domestic circumstances, Seinfeld’s estranged wife has placed a claim over his business, so the transfer to a company cannot take place and Seinfeld abandons the plan to register a new company. Is Seinfeld responsible for the costs of the rented premises, the stationery, and the lawyer? Explain. (maximum 150 words)

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