Law - Role of ASIC - Relationship Between the Australian Constitution and the Development of Australian Company Law Assessment Answer

Law Assessment Answer

1. Why are exclusion clauses inserted into some contracts – use Practice Question 3 (3) as an example and explain why it is necessary to construe them strictly against the person seeking to rely on them.
2. How wide is the liability for bad advice and how important is the idea of reliance – illustrate this in relation to the development of the action in tort for negligent misstatement and the position of auditors

1. How does the Partnership Act assist in working out when a partnership will exist -use Practice Question 4 (3) as an example
2. How do partners become liable for the acts of their co-partners – use Polkinghorne v Holland and Practice Question 4 (5) to illustrate
3. What is the relationship between the Australian Constitution and the development of Australian company law and what factors do you think drove the nationalisation of company law over the last century
4. Explain the role of ASIC – what do you think may be limiting factors in ASIC exercising its functions as a corporate regulator?

1. What do you think are the advantages and disadvantages of the corporate veil? – use cases to support your conclusions.
2. Why do you think that public companies are subject to more Corporations Act regulation than proprietary companies – highlight the important characteristics of each to support your conclusions.
3. You and 2 of your friends have a small business making hand-made greeting cards (birthday cards, engagement cards etc). You want to register a company to run your business. Explain the choices you have and the necessary procedures.
4. Explain the facts, the decision and the relevance of Gambotto v WCP
5. Explain the assumptions set out in s 129. Why are they important to persons contracting with the company?
6. Explain how companies become liable under: (1) the organic (directing mind and will) principle and (2) the Criminal Code. What do you think are the important differences?

1. Explain the differences in the 4 types of disclosure documents set out in s 705. Why is regulation of fundraising important?
2. Why would a company issue different classes of shares – describe the main distinctions between classes and how the Corporations Act protects shareholders class rights from variation.
3. Your friend has just purchased $5000 worth of shares in a public listed company. They are hoping to receive dividends. Explain to them the law relevant to the payment of dividends.
4. Explain how companies can reduce their share capital – what are the benefits and what restrictions apply?

1. Distinguish between the roles of different types of directors. Do you agree with the proposition that “non-executives serve no real purpose.”
2. Examine the difference in the way directors may be removed from office by shareholders in proprietary and public companies. What do you think is the rationale (reason) behind this difference?
3. Compare the ways directors can be disqualified under the Corporations Act. How important is the power of disqualification and what do you think is the rationale behind the power of disqualification.
4. The percentage of women on the boards of listed public companies is less than 25% – what is your opinion of this statistic – Explain your answer having regard to issues relating to diversity of boards.

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