Beruflich Dokumente
Kultur Dokumente
Dividends
Execute documents
Negotiable instrument s
Chair of Director procedural control of company meetings a casting vote(s248G) signs the minutes(s249U)
Types of directors
Chair of Directors
Exercise procedural control at meetings (s248E) and signs the minutes (s249U)
Managing of Directors
appointed pursuant to s201J and may take all the board's powers under s198C
Excutive of Directors
Full-time employee Owe contractual, common law and statutory obligations to the company
Alternate of Directors
Appointed to act as a"fillin" for a director who for some reason at the time is unable to act as a director.
Nominee of Directors
Are often appointed to represent the interests of a particular class or classes of shareholders.
(3). Mr. Shift, Ms. Avid and Mr. Margin seek your advice on estab lishing a new company. You advise them not to bother with their own constitution, but instead to rely on the replaceable rules in th e Corporations Act. Advise who should be appointed as directors of their company in view of the following information: (a) Mr. Shift states that he does not want to be appointed a directo r or secretary. He suggests instead that his family company be app ointed as a director; and that the company not have a company se cretary; (b) Ms. Avid is currently unavailable for meetings as she has five months still to serve for her last conviction for falsifying compan y accounts; (c) Mr. Margin is 80 years old.
(4) Assume that Mr. Shifts family company subseque ntly goes into liquidation. In her report to ASIC, the li quidator states that the secured creditors have been re paid in full, but the unsecured creditors will not recei ve more than 20 cents in the dollar. The liquidator do es not find any evidence of wrongdoing on the part of Mr. Shift or any of his fellow directors. What (if any) ramifications does this have for Mr. Shi ft assuming that ASICs records show that Mr. Shift h as, over the last nine months, had a similar track recor d with two other small proprietary companies?
S533
The payment less than 50cents in the dollar to unsecur ed creditors is a matter which must be included in the liquidators report to ASIC
S206(1)
Show cause
S206F(2)
The fact to be taken into account by ASIC
S206F(3) S206F(4)
Shifty from managing any company for up to 5 years