JSB171 Lecture Notes - Lecture 1: Public Auction, Swan Brewery, Proxy Voting
Document Summary
Any association or body of more than 20 persons with the object of making a gain for itself or any of its members must incorporate: s115(1) Company can own property, sue & be sued in its own right. Limited liability for shareholders & investors (in most cases) Definition one who undertakes to form a company with reference to a given project & to set it going, & who takes the necessary steps to accomplish that purpose : twycross v grant per. Example sole trader who incorporates their business: saloman v saloman. Expanded definition (tracey v mandalay pty ltd (rsc purchased land to build flats sold to. M=new company m advertised & attracted shareholders flats never built due to regulations m sued promoters to recover money paid by shareholders into new company & set aside contract of sale. Promoters = shareholders of rsc including those who took no active part but stood to profit (passive promoters))) includes : active promoters.
