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PLEASE READ THIS CAREFULLY!
– QUESTION 1
Susan and Rebecca have been experimenting for the past 10 years and have discovered certain minerals, when used in fabrics makes it wrinkle free. They are thinking of incorporating a company whereby they could mine the minerals and manufacture and market wrinkle free fabrics.
They have completed a marketing study and have discovered that the textile industry would be highly interested in this type of fabric for men’s and women’s clothing. Together they have $200,000 and will require a further $1.3 million to purchase equipment and set the company up. Susan and Rebecca are considering getting a loan from the bank for $300,000 and the remainder $1 million from issuing shares once the company has been registered.
Susan and Rebecca would like to keep the affairs of the company private and confidential. Susan would like to be the managing director and Rebecca would like to be the development and marketing director. They would also like to have a constitution with the following clauses:
• An objects clause stating that the company’s business is to be restricted to mining minerals and manufacture and sale of wrinkle free fabrics.
• Any contracts over $25,000 require the approval and signature of the managing director.
Susan and Rebecca have some legal issues that need to be addressed before they can set up the company with a constitution.
With REFERENCE to the COMMONWEALTH (CTH) CORPORATIONS ACT and case law Susan and Rebecca would like you to investigate the following legal issues:
1. The type and class of company that will best suit Susan and Rebecca.
2. The impact of managers entering into contracts over $25,000 without the approval and signature of the managing director.
3. Whether Susan and Rebecca can expand the business by making women’s clothing by using the wrinkle free fabrics.
REQUIRED:
With reference to the CORPORATIONS ACT 2001 (CTH) and case law, advise Susan and Rebecca of the outcome of your investigation of the above legal issues.
NOTE: THIS IS AN AUSTRALIAN LAW UNIT, SO PLEASE USING CORPORATIONS ACT 2001 (CTH) AS A REFERENCE.
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