LAWS200 - Business Organizations - Law Assignment Help

Assignment Task

Q1
GRACE:
a. Public Company Limited by Guarantee
b. Section 112 (1) Corporations Act 2001

BISHOP & IMRAN
a. No Liability Company
b. Section 112 (2) Corporations Act, 2001

NANCY AND STEPHANIE
a. Proprietary Company Limited by Shares1
b. Section 112 (1) Corporations Act, 2001

Q2.
ADVISE Nancy and Stephanie
1. They have three options to adopt for their company’s corporate governance (s134).
a. Replaceable Rules (s135).
b. Develop their own Company Constitution (s136).
c. Replaceable Rules and the Company Constitution (s134).
2. Replaceable Rules are one-size-fits-all internal management rules in the Corporations Act 2001 (‘Act’), effective upon registration if the company has no constitution.

 Breaching these Rules does not breach the Act.
They should review the Replaceable Rules to see whether the Rules suit their needs. If adopted, they cannot be changed or removed unless the company has a constitution to reflect the changes/removal. These Rules do not apply If Nancy is a sole director and sole shareholder in the company.7 These Rules are subject to legislative changes, so Nancy should keep constantly updated. 

Constitution. Alternatively, Nancy and Stephanie can develop their own company constitution, allowing them to tailor accordingly the management and conduct of the company’s operations, e.g. rights and duties of people working in the company and having protective mechanisms against disputes. It can be amended anytime by passing a special resolution at the general meeting. The constitution can be adopted (a) before registration9 or (b) after registration.10 A copy must be kept and made available when required under law.

Combination of Replaceable Rules and Constitution: They can use both to govern their company. The constitution acting as a basic document with mention on specific Replaceable Rules that are operative. Or use the Replaceable Rules by referencing those specific Rules except those articulated in the constitution. Since the Rules are subject to legislative changes, adjustments to the constitution should be made.

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