New Public Corporation Law and Contemp †Free Samples to Students

Question: Discuss about the New Public Corporation Law and Contemp. Answer: Introduction: According to Corporation Act there are company rules which the directors has to follow and it is the right of the shareholders to ask for the records of the company and his personal shares of the company (Goode, 2011). Fengis is both director and shareholder of the company, so before resigning from his post he can ask his shares and rights from the company from Qiyuan and Linda. There are three directors who are the members of the Darwin Property Developments Pty Ltd Company. Fengis can claim rights from Qiyuan and Linda as there are collective rights of director as per Corporation Act. The collective rights are: Right to elect a chairman: According to Regulation 76 (1) the director has right to appoint the chairman in a company. Right to refuse transfer shares: According to Section 111 transferring the shares can be done by the director to another company (Tricker, 2015). Right to recommend dividend: The rate of the dividend can be reduced by the director of the company. Right to appoint managing director: There is right of the director to appoint a managing director of the company. As a shareholder or director of the company derivative actions can be taken by Fengis on the other director of the company. As Fengis is the director of the company so as per misrepresentation act or fraudulence done with him he can sue both the directors to the court. As Linda and Qiyuan was getting large amount of money for DPD and they refused to give shares to Fengis when he needed economic service, so he felt cheated. This is the reason that he can sue them against the case of fraudulence with him. As a member and shareholder of the company Fengis has certain rights which he can claim. Under the Companies Act there are individual membership rights of Fengis. If any mismanagement and fraudulence is done then for Prevention of Mismanagement and oppression the member can file case against the directors of the company. Fengis can follow that rule. Directors liability stands in this case, so as per section 232 (2) and (3) of Corporation Law and section 229(1) of Companies Code, it is the duty of the director to honestly do his duties without any dishonesty and fraudulence. As Linda and Qiyuan breached the regulations, so under subsection (2) for deceiving the members and directors like Fengis $20,000 penalty or imprisonment for 5 years can be given to Linda and Qiyuan as they deceived Fengis (Sale, 2011). Here duty of diligence is breached by Linda and Qiyuan, so remedies can be taken by Fengis which may also help to solve his economic condition. For safeguarding the interest of the company as the directors were doing wrong, so derivative actions can be taken by Fengis. Mismanagement and oppression were done by the directors so as a minor Fengis was oppressed by other two directors by refusing him to give the shares when he needed the shares. For the prevention of mismanagement and oppression under Company Act derivative action can be taken by Fengis because he was deprived and cheated with fraudulence (Meier, 2014). The other directors gave him wrong information that if the shares are reduced or used then there will be the downfall in the company. Darwin Property Developments Pty Ltd has 6000 shares and each shareholder has 2000 shares, so as a shareholder Fengis can claim for his rights of 2000 shares. According to Schedule 4 of ASIC regulation of Corporation Act the members of the company has rights to get 5% shares in the company. According to Corporation Act there are some rights of the shareholders which can be claimed by Fengis from DPD. He can claim on the records of his shares in the company. The shareholder can works with the transfer of stock. Fengis has rights on the dividends of the company. He has rights on the assets of the company. As he is the shareholder, so he can claim for his rights from the company. According to Corporation Act any director or shareholders cannot be deprived from their rights from the company (Hanrahan, 2013). It is necessary that for fulfilling his economic needs Fengis should work on the strategies made for the company. It is necessary that corporations regulations should be followed by the staffs of the company and of directors are not obliged by the Law then in that case penalty has to given by the director to the innocent person who is rela ted to the major consequences. As Fengis has membership rights, directors rights and shareholders rights, so he may claim on several consequences as he was deprived from his rights of membership and shares dividend of Darwin Property Developments Pty Ltd, so on the terms of companys law he can sue both Linda and Qiyuan under the breach of Corporation Act. Punitive damages can be asked from them because of their misconduct and fraudulence. It is necessary several rules of Corporation Act should be fulfilled which may help in carrying forward the regulations of the company. As duty of director is breached by Qiyuan and Linda, so under section 180 (1) of Corporation Act it is necessary that reasonable degree has to be exercised by the directors of the company (Davies, 2010). It is necessary that different aspects of the companys regulations are needed to be fulfilled which may help in carrying forward the regulations of the company in assertive way. As a director and member he can also ask for his shares with dividen d from the company through which the subjective approaches of the company can be carried by the directors who are the culprits and has deceived Fengis from his rights. It is necessary that several structures of the company act should be followed through which actions can be taken against the directors which may help in changing or removing the directors from the company. Under the Corporation Act all the certain rules can be formulated with the necessary needs. If Fengis claims to get back his rights he may follow the regulations Schedule 4 of ASIC regulation of Corporation Act. He may also file case against Linda and Qiyuan under section 180 (1) for misrepresenting or cheating him for oppressive management and mismanagement. Fengis is deprived in every case, so it is necessary that several actions are needed to be proceeded by him as per Companys Law. It is necessary that he should prove the claim which has given on the basis of Corporation Act (Phlsson, 2015). There were hundred percent chances of his success because different charges can be taken by him under Corporation Act. There are different types of actions which can be asked on the penalty. It is confirmed that several structures of ASIC rules should be formulated through which Fengis may get justice under the Corporation Act (Cassim, 2011). It is the rules of the directors of the company to look after the rights of the staffs and directors of the company. It is necessary that several structural values of the organization should be followed. There are different structures through which the aspects of the corporation are needed to be followed. Breach of Directors duty can be done under the corporation law. There are several consequences which are needed to be fulfilled in the analysis of legal terms. According to Section 265A of Corporation Act, it is necessary that several structural consequences are needed to be followed (Hanks, 2011). It is necessary that if the directors duty is not fulfilled then, several conduct for the director of the company is needed. It is necessary that with the help of different stringent points the notice of the corporation subjective actions should be fulfilled. For the removal of director special resolutions are needed to be fulfilled which helps in carrying the objective. As the directors deprived Fengis in a wrong way by cheating him, so it is necessary that several consequences of the corporation act is needed to be fulfilled by him. These are the legal aspects which are needed to be fulfilled and this help in carrying forward the structure of the organization (Ferran, 2014). This helps in carrying forward the rights of the director. There are structural consequences of the corporation act which are needed to be formulated and by this way the structures of the justice on their shareholders and the members of the organization is formulated in a proper way. References Cassim, F. (2011).Contemporary Company Law. Juta and Company Ltd. Davies, P. L. (2010).Introduction to company law. Oxford University Press. Ferran, E., Ho, L. C. (2014).Principles of corporate finance law. Oxford University Press. Goode, R., Goode, R. M. (2011).Principles of corporate insolvency law. Sweet Maxwell. Hanks, J. J. (2011). Legal Capital and the Model Business Corporation Act: An Essay for Bayless Manning.Law and contemporary problems,74(1), 211-230. Hanrahan, P. F., Ramsay, I., Stapledon, G. P. (2013). Commercial applications of company law. Meier, D., Berge, H. K. O., Hasanbegovic, A., Altan, M. A., Najafiuchevler, B., Azman, S., ... Gheorghe, C. (2014, July). Development of an ASIC for the readout and control of near-infrared large array detectors. InSPIE Astronomical Telescopes+ Instrumentation(pp. 915421-915421). International Society for Optics and Photonics. Phlsson, P., Meier, D., Berge, H. K. O., ya, P., Steenari, D., Olsen, A., ... Azman, S. (2015, June). Preliminary validation results of an ASIC for the readout and control of near-infrared large array detectors. InSPIE Defense+ Security(pp. 94512J-94512J). International Society for Optics and Photonics. Sale, H. A. (2011). The New Public Corporation.Law Contemp. Probs.,74, 137. Tricker, R. B., Tricker, R. I. (2015).Corporate governance: Principles, policies, and practices. Oxford University Press.