Corporate Law – Exam – Nirvana
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79014 Sample 1The High Court decision in the case of NSW v The Commonwealth (1989):Allowed teh Commonwealth to take over all of Australian company law.Meant that the states and the Commonwealth shared company law.Meant that the states had full control of company law in AustaliaNone of the aboveThe Corporation Act 2001:Was passed in conjunction with the Australian Securities and Investment Commission Act.Gives a limited life to the states referral of powers to the commonwealth.Was designed to overcome the jurisdictional problems of Re WakimAll of the aboveA company is:A partnership of shareholdersAn artfically created legal personA government related bodyAll of the aboveStatutory corporations in AustraliaAre created specifically by the government passing legislationCannot now be created in Australia under the constitutionAre public companies with shareholders.Are private companies created by the government. Sample 2 5.On its formation on 20 April 2010, Acme Pty Ltd adopted the replaceable rules as its constitution. If the Corporations Act is amended:Acme Pty Ltd will be governed by the replaceable rules as they were on 20 April 2010.The replaceable rules in the amended Act will apply to Acme Pty Ltd as its constitution.Acme Pty Ltd will need to amend its constitution to reflect changes introduced by the new Act.None of the above.6.A company has an objects clause in its constitution and the company enters into a transaction that is not authorised by its objects clause then:The transaction is void and unenforceable against the company.The transaction might nonetheless be enforceable against the company.The directors are liable for contravening the Corporations Act.ASIC may de-register the company for a breach of the Act.7.The constitution of a company provides that it shall lease 150 Quay Street Haymarket for its company offices so long as Sam, one of the shareholders of the company, owns the premises. Which of the following statements is correct.
The company can be restrained from deleting this provision from its constitution.The company will be liable to pay damages for refusing to renew the lease whether or not John remains a shareholder.The company can at any time change its constitution and it will not be liable to pay damages for breach of contract if it refuses to renew the lease whilst Sam remains a shareholder.The company cannot be constrained from changing its constitution and once it does change, by using a simple majority vote, it will not be liable if it refuses to renew the lease.Tom is the company secretary of Mouse Manufacturing Ltd. The company’s constitution requires that all contracts for the purchase of real property must be formally approved by the Board. The constitution also provides that when approved, such contracts must be sealed with the common seal of the company, the affixing of the seal to be witnessed by one director and the company secretary. Tom finds an appropriate site for the company’s factory. So as to not lose the purchase he convinces Jerry, one of the directors to sign with him a contract for the purchase of the land. The common seal is affixed to the contract. The affixing of the seal is witnessed and signed by Jerry as Director and Tom as Secretary. In light of these facts, which of the following statements is correct.The company is not bound by this contract as it was entered into in breach of the company’s constitution.The company is bound by this contract as it was entered into in accordance with its constitution.The company is bound to perform its obligations under this contract as the third party is entitled to assume that the contract has been duly executed.Both (a) and (c) above.A major advantage of limited liability is:Shareholders of a company are not liable for its debts except for those personally guaranteed. Creditors can sue the government to recover the debts owed to them by an insolvent company.Directors, rather than shareholders, are liable for the debts of the company.The interests of creditors are restricted to the claims against the company, and cannot be converted into claims against directors or officers for those debts of the company.Sample 310.What type business would use the name Shanghai Limited?A public company.A partnershipA registered non-profit associationA proprietary11.The management of the corporation business of any company is traditionally exercised by:The directors with the approval and guidance from ASICThe directors subject to any powers conferred on the general meeting by either the Constitution Of the company or the Corporations Act.The directors without any restrictions form the general meeting or the Corporations Act.The company secretary and such employees as receive delegated powers form the directors.With of the following functions is not performed by ASIC:Investigating breaches of the Corporations Law.Inspecting company books and financial records.Registering companies and supplying information.d)Imposing fines and penalties under the Corporations Law.13.The Corporations Act requires which of the following TWO(2) business entities to prepare financial reports and director’s reports for each financial year:Public companies. Large proprietary companiessmall proprietary companiesTrusts.14.What does the Corporations Act require a company to have so that letters, correspondence and legal documents may be served upon it?
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By: Nirvana
Submitted: April 3, 2016
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