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Timestamp: 2019-01-23 06:15:11
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Company Law - Term Paper
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Companies Ordinance Long title
Gazette Number Version Date L.N. 163 of 2013 03/03/2014
An Ordinance to reform and modernize Hong Kong company law, to restate part of the enactments relating to companies, to make other provision relating to companies, and to provide for incidental and connected matters. [Parts 1, 3, 4, 5, 6, 7, 8, 9, 10, 11, 13, 14, 15, 17, 18, 19 and 21 Part 2, except— section 27(3), (4), (5) and (6) in so far as it relates to a director or reserve director sections 47, 49, 50, 51 and 52 and Subdivision 2 of Division 7 Part 12, except— section 643(1)(a)(ii), (2)(b) and (3)(b) in so far as it relates to a correspondence address sections 643(5), 644, 645(5), 647(4) and (5), 651 and 657(2)(g) Part 16, except sections 791(4) and 802(4) and (5) Part 20, except section 908 Schedules 1, 3, 4, 5, 7, 9 and 10 Schedule 2, except section 3(1)(a)(iii) and (2) Schedule 6, except sections 3 and 4 Schedule 11, except section 115 (Enacting provision omitted—E.R. 1 of 2013) (Originally 28 of 2012) Part: 1 Preliminary L.N. 163 of 2013 03/03/2014
3 March 2014 L.N. 163 of 2013]
(*Format changes—E.R. 1 of 2013) ____________________________________________________________________________
Note: * The format of Part 1 has been updated to the current legislative styles.
Part: Division:
L.N. 163 of 2013 03/03/2014
Section: (1) (2)
This Ordinance may be cited as the Companies Ordinance. This Ordinance comes into operation on a day to be appointed by the Secretary for Financial Services and the Treasury by notice published in the Gazette. 1 2 Interpretation of this Ordinance: General L.N. 163 of 2013 03/03/2014
Cap 622 - Companies Ordinance
...Corporate social responsibility and minimum legal expectation Over the last few decades, the issues of corporate social responsibility have become the focus of society. Especially after many company scandals emerged (such as Enron and Libor scandals), the public are more curious about the CSR and the its legal expectation. Some countries have already set mandatory regulation about the CSR. For example, in Australia the Corporations Act 2001 stated that companies need to disclose environmental performance and another Act[1] requires certain companies to provide the information about greenhouse gas emissions. However, in the UK, the regulations mainly govern financial disclosures[2] and there are few regulations about the CSR of company. In the aspect of law, the Companies Act 2006 s.172[3] set some duties for the directors to promote the success of company which are in relation to legal expectation of the corporate social responsibility. The notion of CSR and the relationship between CSR and its legal expectation is the main of this essay. This essay will critically discuss the notion of corporate social responsibility and giving particular attention to minimum legal expectations. The structure is as follows: in the section 1, we are focus on the discussion in relation to many kinds of the definition of corporate social responsibility. In the section 2, we will discuss the notion of CSR through different theory perspectives and the minimum legal expectation. In the......
...Umunna represent the law in Singapore? To determine whether the decision in Island Export Finance Ltd (IEF Ltd) v Umunna represent the law in Singapore, the application of the common and statutory law will be used. Upon applying the right principles, the decision will represent Singapore law. Resignation to take up a corporate opportunity Singapore law states that the court held a director breached of his duty by taking up the opportunity if he resigns from a company to take up a corporate opportunity without the company’s permission where (i) the resignation was prompted or influenced by a desire to acquire the opportunity sought by the company or (ii) it was the director’s position with the company rather than a new initiative that led the director to the opportunity which the director later acquired. Intention for resignation A director will be held in breach of duty if his main intention of resignation is to take up the opportunity. Based on the facts, Umunna resigned due to his dissatisfaction with IEF. Hence, U was held not in breach of his fiduciary duty. This aligned with Singapore law as seen from Personal Automation Mart [PAM] v Tan Swe Sang where Tan resigns to take advantage of the contract sought by PAM and the court held that Tan had breached her fiduciary duties. Definition of corporate opportunity and source of information Singapore law defines a corporate opportunity as a business opportunity which the company is......
...The Companies Act 2006 ( CA2006) was implement on 1st of October 2009. The Act contains an extensive code of company for United Kingdom and altered most of the aspect of the law in relation to companies. Furthermore, plenty of provisions for public and private had been introduced. Moreover the long term of investment and shareholder engagement has been enhanced. Sole Trader is owned or run a private corporation by one person who can control over decision making. Moreover the owner entitled to receive an all the profits. The drawbacks are unlimited risk for example the owner is entitled to pay off the debenture and damage of his business. It also has finance limited to resources of an individual. Partnership is consists of two or more individual and equally liable for the debts incurred by the business. It can share expensive resources and risks together. Moreover, undertake heavy workload. There would be a problem if the partnership changes. Limited Liability Partnership is a general partner which was introduced by The Limited Libility Partnership Act 2000. It is a separate legal personality and hybrid. Do not need to apply Partnership law. Partners are not directly responsible for debts. Limited Liability Company is a separate legal entity personality with limited liability. Has potential to acess winder range of funding. The disadvantages are accounting arrangement made public. It may be an illusion for small company. Company limited by Shares have ability to increase...
...Law: For companies registered after 1 July 1998, there are two choices; do not register a corporate constitution and allow the replaceable rules to automatically apply; or create a specific corporate constitution which will automatically displace the replaceable rules in their entirety or in part (if so stated expressly) . If both the contract and constitution are dependent on each other, then even if the constitution is amended so as to permit dismissal of the director, he can still claim damages arising out of breach of the contract this is evident in the case Carrier Australasia Ltd v Hunt (1939) 61 CLR 534. Hunt sued Carrier for wrongful dismissal and the Supreme Court held that although the company had power to alter its articles it was liable for damages for breach of contract. The constitution does not create a legal relationship between the company and outsiders, and therefore cannot be enforced by an outsider against the company, evidence of this is shown in Eley v Positive Government Security Life Assurance Co (1875) 1 Ex D 20. The corporate constitution could only be enforced by a member if it affected their member status. As the constitution status as company solicitor did not affect him as a member of the company, he could not take action to enforce the constitution to allow him to continue as the company solicitor. Application: Even though a special resolution conforming to all the requirements of the Corporations Act 2001 was passed by shareholders......
...in Public Law: Challenges and Perspectives, Faculty of Law, Universiti Teknologi MARA (UiTM), 13th to 14 December 2011, Shah Alam, Malaysia. ABSTRACT In Newton v Birmingham Small Arms Co (1906), the English court made it clear that the rights of auditors cannot be abridged nor restricted by any regulations of the company. This is to ensure that the auditors’ rights are secured. The rights are unqualified and this will enable auditors to discharge their role and duties effectively. Additionally, the Companies Act 1965 (CA) gives substantive powers to enable auditors to carry out their duties effectively. This is because if their hands are tied, they will not be able to uncover any wrongdoings by the company’s management. In fact, any one who obstructs their duties, is in breach of the CA. Auditors have a right of access at all reasonable times to the accounting records and other records, including registers of the company. Moreover, the CA provides that auditors enjoy qualified privilege in certain circumstances. Thus, this study investigates imperative issues on the office of auditors concerning rights, powers and privilege. This is to strengthen the role and duties of auditors to bring about a more meaningful existence of auditors. In doing so, this study will explore the necessary reforms that should be made on the issues concerning the office of auditors. Auditors’ office and powers should not be taken lightly. Nevertheless, the provisions in ‘the Companies Act’,......
...1. Easy Groceries Pty Ltd: the Company Issue The issue here is Easy Groceries Pty Ltd is liable for the debts incurred as a separate legal entity to its directors and shareholders? Or will its directors be personally liable for its debts? Law Upon incorporation, a company becomes a separate legal entity from its directors and members (s119). It can sue and be sued, acquire assets and debts, and enter into contracts in its own name. Its existence can lasts a lifetime as well. The Doctrine of Separate Legal Entity also known as “corporate veil” entails that the Directors of a Company have no personal liability while its Shareholders are only liable up to the amount they paid for their shares. In Salomon v Salomon & Co Ltd Case, Mr. Salomon was the majority shareholder and a secured creditor of the company. Upon winding up, the liquidators argued that Mr. Salomon must not be considered as a secured creditor since he was in control of the company itself. But the Court’s decision recognized Mr. Salomon as a secured creditor since the company has a separate legal personality from the directors and shareholder upon its registration and it has nothing to do with Mr. Salomon being a secured creditor. Application Applying s119 corporations act, Easy Groceries Pty Ltd is a separate legal entity from its directors and shareholders, meaning that Easy Groceries Pty Ltd as a company itself is liable for the debts that occurred. Conclusion As an own legal......
...Company Law - By Avinash Balakrishna Written by Hanumant's Law Journal Saturday, 07 August 2010 23:49 - Last Updated Wednesday, 20 October 2010 16:39 Click here to read Notes on Company Law (Contributed by Avinash Balakrishna avi.b89@gmail.com ) 1. Explain the Advantages and Disadvantages of Incorporation of a Company. (L) 2. Distinction between Company and Partnership.(M) 3. When can Corporate Veil of a Company be Lifted?(L) 4. Write a Note on Pre-incorporation Contracts.(M) 5. Is company a citizen?(S) 6. Explain the Procedure for Registration of a Company.(S) 7. Write a Note on Certificate of Incorporation (sec 34 and 35)(S) 8. Explain the Clauses of Memorandum of Association OR Explain the Importance of Memorandum of Association.(L) 9. Explain the Procedure for Alteration of Memorandum of Association.(M) 10. Articles of Association.(L) 11. Difference between articles and memorandum.(S) 12. Alteration of articles (sec 31)(S) 13. Explain the Doctrine of Ultra-vires.(L) 14. Explain the Doctrine of Constructive Notice.(L) 15. Explain the Doctrine of Indoor Management OR Explain the Rule laid down in Royal British Bank v. Turquand.(L) 16. Prospectus(M) 17. Prospectus- Remedies for Misrepresentation(M) 18. Promoters.(M) 19. Directors- Powers, Duties and Position.(L) 20. 21. 22. 23. 24. Quorum (Section 174).(S) Kinds of Companies.(L) Government Company.(S) Conversion of a Private Company into a Public Company.(M) What are the Advantages of a Private Company?(M) 1/2 Company...
...Contents Task 1: Understanding the nature of a Company	3 1.1. Concept of corporate Personality	3 1.2. Lifting the veil	3 1.3. Advantages and disadvantages of incorporation	3 1.4. Promoters	4 1.5. Pre-incorporation contract	5 1.6. Requirements of registration of an incorporated business entity	5 1.7. Requirements for trading commencements	5 Task 2 Memorandum, Articles of Association, ultra Vires and their Effects and contents of Prospectus	6 2.1 Requirements for memorandum of association	6 2.2 Articles of Association	6 2.3 Evaluation of doctrine of ultra vires and its effects	6 2.4 Contents of a prospectus and listing particulars	7 Task 3 types of capital, laws relating to issue of shares and dividends, capital maintenance and insider dealings	8 3.1 Types of Share Capital	8 3.2 Law regarding Issue of shares, class rights and dividends	8 3.3. Capital maintenance	9 3.4. Insider dealings	10 Task 4: Understanding about shareholders, directors, charges and insolvency	10 4.1-The Role and powers of the directors:	10 4.2-Different Types of Meetings:	11 4.3-Law on Minority Protection:	11 4.4-Rights of Stakeholders and Debenture Holders:	12 4.5-Liquidation:	12 Bibliography	13 Task 1: Understanding the nature of a Company 1.1. Concept of corporate Personality Corporate personality means that “the company’s liabilities are the legal responsibility of the company and the members will not be liable for the company’s debts” (Talbot,......
...Company Law Assignment Tak Wing Ho Alvin Part A 1.The concept of corporate personality Corporate Personality refers to a legally established company, which itself is authorized by law "person", in addition to the company itself, it does not belong to any individual, group. In other word, the company is a legal entity separate from its members. The company was established by law, will be awarded on a legal independent personality, the company became an independent entity and its members are independent of personality, which is the basic content of corporate personality. Accordingly, an independent company with its own name, in recognition of its independent existence Subsidiary refers to a company certain amount of shares of another company controlled by or pursuant to the agreement is actually controlled by another company, dominated. A subsidiary of an independent legal entity, with all his property, his own company name, articles of association and the board of directors, in their own name to carry out business activities, are engaged in various civil activities, independent bear all the consequences and responsibilities arising from corporate actions, but major decisions involving the interests of the company or major personnel arrangements, still determined by the parent company. Although the subsidiaries controlled by the Evergreen Co. Ltd. , but legally independent subsidiary companies still have legal status. It has its own name...
...partner, so Mr. Salomon business into a limited company. Then according to the company law, set up a company to be at least 7 shareholders holding at further 1 share each. So, Mr. Salomon gave himself a shares, also gave him a share of his wife and five children. Mr. Salomon company 20007 shares, but he holds 20001 shares, and his family members each have a share. With the passage of time, Mr. Salomon's company faces the difficulty. In order to raise funds, and also the company, Mr. Salomon sold its own debt to Benedick. To raise the money but can't let company to prevent more problems, because the money is used for business. Creditors discovered the money just can be used to repay the debt creditors holding it, it's considered a secured creditor. This event will be brought to the court or the Supreme Court. They all think that creditors cannot recover their entire debt contract with the company, so not with Mr. Salomon. After a series of the appeals, it is considered by Salomon v Salomon & Co Ltd is a company, with separate legal personality qualification, so also can’t say Mr. Salomon owned by the company. The company and Mr. Salomon have two legal persons in the law. So it is has the right to enter into a contract. The principle in Salomon are a company must be an independent legal person, but from other members or shareholders. The principle of Salomon must also know the veil of incorporation of the company. If a company will formally merge, courts usually don’t see......
...Issue 1. Whether Anil, Ah Chong and Kombabawa have breached the duties of directors. 2. Whether Aaron has breached the duties of directors 3. Whether Duffy has breached the duties of directors. 4. Whether Frederick has breached the duties of directors Relevant Law Directors’ duties include statutory duties, common law duties, duties in equity and fiduciary duties. The court will probably examine all of them in determining whether the defendant has breached the duty of directors. Statutory duties Sections 180 to 1841 define the general duties of directors. Section 1802 states that directors should discharge their duties with care and diligence. Section 1813 states that the directors must discharge their duty in good faith in the best interest of the company, and for a proper purpose. Section 1824 states that directors should not improperly use their position to gain advantage for themselves or cause detriment to the corporation. Section 1835 states that the directors should not use the corporate information to gain advantage for themselves or cause detriment to the corporation. The obligations in ss. 180 to 183 are civil; however, if a director is reckless or intentionally dishonest when he/she breached ss. 180 to 183, he/she is liable for criminal charges6. Specific duties of directors include: directors should disclose material personal interest to other directors7. Section 1898 considers the director’s reliance on others to be reasonable......
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