BUSL251 Study Guide - Final Guide: Best Interests, Stock Certificate, Unsecured Debt
27 Jul 2018
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Salomon was entitled to priority under the debenture despite also being the owner of the company; limited company can be vehicle for large and small business regardless of public investors. Public companies: directors must consent to be appointed as directors in writing: s 201d; s 120 (on registration, companies that control other companies can be shadow directors: standard. Is in position to cast/control casting of > 50% of votes at a general meeting: s 46(a)(ii) or. A company can contract with its controlling participants e. g. employ them. A company"s property is not the property of its participants. Procedure for incorporation: lodge application form: s 117, shareholders, directors, and secretary, choose an address: s 121, new company comes into existence at the beginning of the day of registration: s 119. All companies must keep sufficient records to enable preparation of financial statements if required: s. Minutes: company must keep minute books: s 251a(1)
