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ATL005 CommLaw2 : entities and business structures PDF

626 Pages·2017·2.109 MB·English
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Product Information Disclaimer No person should rely on the contents of this publication without first obtaining advice from a qualified professional person. This publication is sold on the terms and understanding that (1) the authors, consultants and editors are not responsible for the results of any actions taken on the basis of information in this publication, nor for any error in or omission from this publication; and (2) the publisher is not engaged in rendering legal, accounting, professional or other advice or services. The publisher, and the authors, consultants and editors, expressly disclaim all and any liability and responsibility to any person, whether a purchaser or reader of this publication or not, in respect of anything, and of the consequences of anything, done or omitted to be done by any such person in reliance, whether wholly or partially, upon the whole or any part of the contents of this publication. Without limiting the generality of the above, no author, consultant or editor shall have any responsibility for any act or omission of any other author, consultant or editor. About Wolters Kluwer, CCH Wolters Kluwer, CCH is a leading provider of accurate, authoritative and timely information services for professionals across the globe. We create value by combining information, deep expertise, and technology to provide our customers with solutions that contribute to the quality and effectiveness of their services. Professionals turn to us when they need actionable information to better serve their clients. With the integrity and accuracy of over 45 years’ experience in Australia and New Zealand, and over 175 years internationally, Wolters Kluwer is lifting the standard in software, knowledge, tools and education. Wolters Kluwer, CCH — When you have to be right. Enquiries are welcome on 1300 300 224. ISBN 978-1-925554-43-4 © 2017 CCH Australia Limited (unless otherwise indicated) Published by CCH Australia Limited First published April 2013 Australian Securities & Investments Commission (ASIC) regulatory guides © Australian Securities & Investments Commission. Reproduced with permission. CCH is not the copyright owner of the judgments published herein. All rights reserved. No part of this work covered by copyright may be reproduced or copied in any form or by any means (graphic, electronic or mechanical, including photocopying, recording, recording taping, or information retrieval systems) without the written permission of the publisher. Contents CommLaw2: Entities and Business Structures: Commentary Tax Institute CommLaw2 Module 1 [¶8-500] Sole proprietor [¶1-060] The referral of powers by the States to enable law making: s 3, 4 [¶8-910] Protection of business names [¶490] Functions and powers [¶35-110] Industrial relations legislation [¶35-060] Work Health and Safety Act [¶150-589] National consumer credit legislation [¶35-158] The APPs [¶8-510] Partnership [¶31-400] Requirement to incorporate: s 115 [¶3-340] Vicarious liability [¶26-938] Business affairs of a partnership: s 53AC [¶3-005] Promoters and pre-registration contracts [¶3-010] Ratifying pre-registration contracts [¶4-010] Procedure — Setting up a proprietary company [¶4-015] Procedure — Setting up a public company [¶4-020] Applying to register a company: s 117 [¶4-045] Selecting, reserving and registering the company name [¶37-300] Omission of “Limited” from name: s 150, 151 [¶35-000] Introduction — Internal management of companies: s 134 [¶9000-020] What is “corporate governance”? [¶32-010] What is the role of the board of directors? [¶32-810] Board of directors delegating to committees and management [¶42-020] Introduction — Directors’ & officers’ duties, responsibilities and obligations [¶42-240] Directors’ duty to exercise powers for a proper purpose [¶42-530] Director’s duty to disclose material personal interests: s 191 [¶197-100] Introduction — Continuous disclosure [¶50-100] Roadmap — Rights and remedies of members of a company and registered schemes [¶50-525] Examples of members’ rights [¶50-700] Statutory remedies open to members [¶53-120] Actions based on oppressive conduct or unfair prejudice: s 232 & 233 [¶54-275] Criteria for granting leave to bring, or intervene in proceedings on behalf of company: s 237 [¶74-050] Notice of share issue: s 254X [¶42-367] Breach of duty to maintain share capital [¶76-025] Rationale and motivations underlying share buy- backs [¶45-010] Roadmap — Related party transactions [¶152-040] Circumstances in which company may be wound up voluntarily: s 491 [¶132-520] Overview — privately appointed receiver [¶136-220] Object of administration: s 435A Tax Institute CommLaw2 Module 2 [¶8-530] Trust [¶21-340] Common intention and other constructive trusts [¶65-300] The nature of the member’s interest [¶162-730] Use of trust assets [¶8-590] Joint ventures [¶2-830] Operation of Cartels Act joint venture exception Tax Institute CommLaw2 Module 3 [¶35-050] Superannuation [¶277-320] Information for existing holders of superannuation products and RSA products: s 1017C [¶277-360] Trustees of superannuation entities — regulations may specify additional obligations to provide information: s 1017DA [¶274-750] Providing personal advice to retail clients: reasonable basis for advice requirement: repealed s 945A [¶2-950] Superannuation policies and other policies held under trust Tax Institute CommLaw2 Module 4 [¶1-100] Insolvency [¶1-140] Australian bankruptcy legislation [¶2-040] Briefing and advisory functions: is bankruptcy the best administration? [¶2-070] Bankruptcy by debtor’s petition (voluntary bankruptcy) [¶2-330] The Official Trustee in Bankruptcy [¶1-400] Functions common to bankruptcy and liquidation [¶10-600] The “relation back doctrine” [¶13-320] Specific examples of creditor control and rights to receive information [¶10-900] The administrative regime for recovery of income contributions [¶18-000] Meaning of “termination of bankruptcy” [¶18-040] General effect of discharge [¶19-500] Introduction to debt agreements [¶24-025] Effect of entering into controlling trusteeship [¶54-002] Purpose of administration [¶1-220] Receivership [¶32-300] Parties to liquidation and corporate insolvency [¶32-310] Liquidators [¶32-660] Comparing court liquidation with other corporate insolvency administrations The flight of the phoenix, 13 August 1996 CommLaw2: Entities and Business Structures: Cases Tax Institute CommLaw2 Module 1 HIH Casualty & General Insurance Ltd v Building Insurers’ Guarantee Corporation Woodgate v Davis Briggs v James Hardie & Co Pty Ltd & Ors CommLaw2: Entities and Business Structures: Releases Tax Institute CommLaw2 Module 1 — ASIC regulatory guides [¶10-041] Regulatory Guide 41: Limited Partnerships Fundraising (Previously Policy Statement 41) Tax Institute CommLaw2 Module 3 — ASIC regulatory guides [¶10-243] Regulatory Guide 243: Registration Of Self- Managed Superannuation Fund Auditors Wolters Kluwer, CCH Acknowledgments Wolters Kluwer, CCH wishes to thank the following who contributed to and supported this publication: Managing Director: Michelle Laforest Content Director: Scott Abrahams Head of Content — Books: Alicia Cohen Editor: Emma Gleeson Production Team Leader: Katherine Joy Aguado Subeditor: Joshua Albert Patlin Production Editor: Florie Mae Luz Content Coordinator: Hui Ling Lee Cover Designer: Eric Truong What is an eBook? An eBook is a book in digital format. Throughout history, books have been hand scribed texts, mass-printed with movable type, read aloud as audio books, photocopied, purchased, borrowed, annotated and indexed. And now books can be read online on a wide variety of devices anywhere, anytime! CCH eLending provides access to hundreds of eBooks in a variety of subject areas. You can access eBooks wherever and whenever you need them. To see the eBooks available via your specific library, you’ll need to be registered for online access. Once logged in, you’ll be able to browse the range of eBooks available using the search bar, browse books panel and search filters, in the same way as print titles. Reading eBooks eBooks are easy to read online using a computer or a mobile device such as an eBook reader, tablet or smart phone. CCH eLending includes the option of searching for keywords or phrases within the book, and some content has enhanced features such as hyperlinks and inbuilt dictionaries. To read an eBook online, usually all you need is: • a computer with an Internet connection • an up-to-date web browser. Browser Reading Reading eBooks via CCH eLending and your browser reader offers users a rich and immersive reading experience. There is no need for additional software, there are many ways to customize how eBooks are displayed, and your eBooks are available even after you’ve disconnected from the internet. To read an eBook you have selected through the browser reader, just follow these simple steps. 1. Borrow your desired eBook in the usual way 2. Click the ‘Read’ button 3. Begin reading through your web browser The browser reader offers a growing variety of features for users, including: • Highlighting sections of text • Adding notes to sections of text • Dictionary to look up the definitions of words • Thesaurus to look up synonyms of words • Links to Google search results for selected words • Bookmarks Why read through the browser reader? Here’s why we recommend reading eBooks through the browser reader. 1. No need for additional software The browser reader has been designed to not require an Adobe ID, which is needed when reading a downloaded book. In order to have an Adobe ID a user must be at least 13 years old, and Adobe has recently looked to validate this by implementing a change to the sign up process requiring users to enter their date of birth when signing up. No such steps are required with the browser reader. 2. Read your own way You’ll have almost full control over how your eBook is displayed when read using the browser reader. Don’t like the fonts or background colour used? Find the character or line spacing too tight? Just use the customisable settings to change them to your own preferences. Background colours, font sizes and styles, and spacing between lines and characters can all be changed to best suit readers. Once within the eBook click the right hand tab labelled “Settings” to change your view. Your settings will remain the same across all the eBooks you use. If you’ve been reluctant to read because of poor eyesight or reading

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