ASSIGNMENT OF CORPORATE LAW

use IRA( issues, rules and application) format.

-In question 1 section 129 assumptions
Internal rules- are rules that governs the company. 2 things;
replace of a rules are found in corporation act.
constitution.
issues= Whether A can purchase this company car by signing the cheque on his own?
-check if A can sign the cheque himself alone or if there is any restrictions……answer is yes.
External rules-that govern the dealings between the company and the third party. example is ‘Turquand’s case’- is the foundation for external rules.

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use IRA( issues, rules and application) format.
-In question 1 section 129 assumptions
Internal rules- are rules that governs the company. 2 things;
replace of a rules are found in corporation act.
constitution.
issues= Whether A can purchase this company car by signing the cheque on his own?
-check if A can sign the cheque himself alone or if there is any restrictions……answer is yes.
External rules-that govern the dealings between the company and the third party. example is ‘Turquand’s case’- is the foundation for external rules.
-s128(1) Assumptions are binding on company which is not able to assert they are incorrect.
Customary Authority of Officers
-s129(2) and (3) officer/agent of company to contracts with outsiders if he exercises the powers CUSTOMARILY exercised by officers/agent.
-limitations to statutory assumptions s128(4).
– a persons entitlement to make any of the assumptions set out in s129 is lost if the person
a) knew
b) suspected that the assumption was incorrect.
c) includes wilful blindness.
Question number 2
Advice E.
Issues; Can E step in to manage the company?
RRs198(A)- the business of company is to be managed by or under the direction of the directors.
mention about ultravires(employment contract-gone out of authority)
Note-Foot note is the must. It is very important for getting good marks

 

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