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Assessment Cover Sheet
| Student name | |
| Student SIS ID | |
| Date | |
| Qualification code and title |
Advanced Diploma of Accounting |
| Unit code and title | FNSTPB504 Apply Legal Principles in Corporations and Trust Law/Australian Commercial Law III |
| Business Unit/Work Group |
Financial Services |
| Assessment Task | |
| Unsupervised Assessment | |
| I agree that all assessment tasks submitted are my own original work | |
| Student signature: | Date: |
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| Business Unit/Work Group |
Financial Services | ||
| Qualification Code |
Qualification Title |
Diploma of Accounting Advanced Diploma of Accounting |
|
| Unit Code/s | FNSTPB504 | Unit Title/s | Apply Legal Principles in Corporations and Trust Law/Australian Commercial Law III |
| Assessment Task Title |
Unsupervised Assessment | ||
| Student Name | Student SIS ID |
||
| Assessor Name | Date |
| Student Guide for Written Assessment | |
| Overview of Assessment |
This unit describes the skills and knowledge required to research corporate governance reporting trends, examine corporate governance standards and practices, and review compliance to develop and implement processes and procedures for meeting corporate governance obligations. It applies to individuals who use and maintain current and specialised knowledge and analytical skills to provide advice on organisational processes to meet compliance and management requirements. Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements |
| Task/s to be assessed |
Unsupervised Assignment: Topics 1 to 7 |
| Time allowed | 2 Weeks |
| Location | This assessment will take place in the classroom or in a supervised, online learning environment |
| Decision making rules |
To receive a satisfactory outcome for this assessment you must answer all questions correctly |
| Assessment conditions |
Unsupervised assessment – outside of class time Students will be required to submit their answers as per the instructions of their lecturer |
| Resources required |
Text book and notes. No access to files on disk or computer |
| Results/Re assessment |
Students will be informed of their result by their Lecturer. The Lecturer will inform them if they need to be reassessed and when the reassessment will take place. |
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Question 1
Marcia is an entrepreneurial 17-year-old with a busy window cleaning business. She is studying for a
commerce degree. She wants to incorporate her business. She wants to become an employee of the
business so that she can be covered by workers’ compensation and superannuation. She completes the
registration documents for a proprietary company. She uses her own name as the sole
director/shareholder but falsifies her date of birth (showing she is 19 years old). ASIC subsequently
registers the company, having no knowledge of the fraud. If the fraud were discovered what could ASIC do
about the company?
Question 2
Is the recognition of single director/shareholder companies a backward step in regard to the undesirable
consequences of limited liability?
Question 3
What does “ultra vires” mean and has it been abolished?
Question 4
How may directors be removed or forced to vacate their office?
Question 5
When an employee sells a defective product that causes harm is the employer company or the employee
liable for the damage?
Question 6
Company A (which markets computer software) and company B (which runs a computer training college)
enter into an agreement to form a new company, company C. Company C is to provide onsite computer
training for retail businesses that use company A’s software. Shirley (a director of company A) and Laverne
(a director of company B) are authorised by the boards of directors of their respective companies to, as a
matter of urgency, take whatever steps are necessary to form company C and to secure training contracts
on its behalf.
Shirley and Laverne instruct solicitors to register a company. More quickly than they anticipate, they
manage to attract a large training job from company Y. Purportedly on behalf of company C, they execute a
contract with company Y. They have told the company Y representatives that company C is not yet
registered. The parties agree to include a clause that provides that if company C (or a company reasonably
identifiable with it) is not
Registered within two months of the date of the contract, then company Y can rescind the contract.
Consider these facts in the light of each of the following scenarios and questions.
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Assume company C is registered a month after the contract is executed. What steps must Shirley and
Laverne take to ensure that:
The contract with company Y is binding on company C; and
Neither of them is personally liable for the actions of company C under the contract.
Question 7
(a) Viroserve Ltd (Viroserve) has recently acquired 48% of Aztec Ltd (Aztec) following a partial takeover
bid. Viroserve would like to replace the existing directors of Aztec but the board refuses to call a meeting.
Advice Viroserve Ltd.
(b) Suppose a meeting is eventually called and resolutions put to dismiss the existing directors. On the
show of hands, Viroserve is outvoted. When Viroserve calls for a poll, however, the Chair refuses the
request and continues with the meeting. Discuss Viroserve’s rights in this matter.
Question 8
What is a business judgment rule? Why did the government introduce such a rule in the Corporations Act?
Question 9
“To act in good faith and in the bests interests of the company requires directors to act in a manner which
is consistent with the objectives of shareholders”. Do you agree with this statement? If not, why not?
Question 10
Should ratification by the members be allowed with all breaches of directors duties? Are there any
circumstances where ratification should not be permitted?
Question 11
Are directors of public companies able to delegate some of their functions to, and/or to rely on
information and advice from, senior executives?
Question 12
Why is a director required to act for a proper purpose? What is meant by the phrase “proper purpose”?
Question 13
Locate the current version of the Act in your jurisdiction dealing with partnerships and list:
(1) The name of the last piece of legislation that amended the Act;
(2) The number of the piece of legislation;
(3) The sections of the Act that were amended;
(4) The date of effect of the amendment(s);
(5) The date of the Gazette in which the amending legislation was gazetted.
Question 14
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Please detail the types of reporting systems maintained by your employer/business to alert you to changes
in legislation/accounting standards/government policy or procedures that may affect the advice you give
to clients or the records you maintain for clients.
Question 15
Please detail the most recent time you reviewed legislation that caused you to make changes in the way
you deal with clients. What caused you to become aware of the change? Did this require you to make the
same change for all your clients? If not, which type of client did it affect?
Question 16
Chart the passage of a Bill through the Federal Parliament to its gazettal as legislation.
Question 17
Which courts have jurisdiction to hear claims under the national Australian Consumer Law legislation?
What courts have jurisdiction to hear claims under State and/or Territory fair trading laws?
Question 18
What is the separation of powers doctrine and does it exist in its true form in the federal system of
government in Australia? If not, why not?
Question 19
What are the methods that a court can use to interpret legislation (common law and legislative)?
Question 20
What is the difference between a partnership and a joint venture?
Question 21
What is the difference in liability for the members of the committees for goods purchased by an
unincorporated association and an incorporated association?
Question 22
Describe the fundamental constitutional flaws in the Corporations Law Scheme which led to the need for
the referral of powers to the Commonwealth by the States. What other possible solutions might there be
for these problems?
Question 23
Outline briefly the procedure for registering a proprietary company and the ongoing requirements for a
small proprietary company. What additional obligations does a large proprietary company have?
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Question 24
Complete the following table about the possible sources of internal rules that different types of companies
can have.
Sources of internal rules
| Type of company | Registered post-1 July 1998 |
| Proprietary company (ie, Pty Ltd) | ·if no constitution adopted then replaceable rules apply;or ·adopt constitution that modifies replaceable rules (recombination);or ·adopt own constitution (replaceabe rules excluded). |
| Public company-limited by shares (unlisted) | |
| Public company-limited by guarantee seeking to be registered without including”Ltd”inits name (unlisted) |
|
| Public company-no liability(unlisted) | |
| Single director/shareholder proprietary company |
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Question 25
Describe the two ways in which a company may enter into a written contract?
Question 26
Describe the legal sources of the duty of care owed by directors.
Question 27
Explain the difference between a member’s derivative rights and personal rights.
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Assessment Outcome
Satisfactory: Not satisfactory:
Reassessment details (if applicable):
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Date of reassessment: _____________________________________
(Attach supplementary documentation used in re-assessment)
Reassessment outcome, if applicable:
Satisfactory: Not satisfactory:
Feedback to student:
_______________________________________________________________________________________
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_______________________________________________________________________________________
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_______________________________________________________________________________________
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