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Business law 1 through 4
Business law 1 through 4
Business law 1 through 4
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According to UK’s Companies Act 2006, a secretary is “an officer of the company: at the center of its decision making process, who shares legal responsibilities of running its day to day activities with the directors for certain specified tasks as contained in the CA 2006” (Idowu et al. 2013. Pp. 538). In other words, it means a company secretary is a corporate officer who holds that office within a corporate entity and works closely with members of the board of directors to ensure the effective and smooth running of the administrative mechanisms of the corporate entity based on the company’s country’s legislation (Idowu et al. 2013).
In Barnett, Hoares & Co v South London Tramway Cp (1887), Lord Esher MR stated that no person can assume that a company secretary has any authority to represent anything at all as he is just a servant (HRA, 2009). However, in Panorama Developments (Guilford) Ltd
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Then in the late 19th century, a formal role for the company secretary appeared as the directors need someone to organize meetings and keep the records required by the Companies Act (Tricker, 2012). The role of a secretary basically is typing a letter, taking dictation, arranging the appointments, and running errands for the employer, thus his status and role is limited (Dinnen, 2013). However, these days the company secretary plays an important role in the governance and administration of a company’s affairs, especially in the three main areas which are the board, the company, and the shareholders (ICSA, 2009). The importance of company secretary is mentioned in a lot of studies and reports, such as the UK Cadbury Report (1992) and the survey done by Tricker (2012). According to the survey, 94% of company secretaries of Hong Kong listed companies are carrying fundamental responsibility for company’s regulatory compliance and good corporate
Rosa Lee Cunningham is a 52-year old African American female. She is 5-foot-1-inch, 145 pounds. Rosa Lee is married however, is living separately from her husband. She has eight adult children, Bobby, Richard, Ronnie, Donna (Patty), Alvin, Eric, Donald (Ducky) and one child who name she did not disclose. She bore her eldest child at age fourteen and six different men fathered her children. At Rosa Lee’s recent hospital admission to Howard University Hospital emergency room blood test revealed she is still using heroin. Though Rosa Lee recently enrolled in a drug-treatment program it does not appear that she has any intention on ending her drug usage. When asked why she no longer uses heroin she stated she doesn’t always have the resources to support her addiction. Rosa Lee is unemployed and receiving very little in government assistance. She appears to
...zations need somebody outside the company, constantly asking good questions in order to avoid ethical situations. Another important duty for board members is to have understanding of director’s activities to avoid conflict of interest. The main area of concern is investigating reports of ethical misconduct by directors. These investigations can be serious affairs requiring thoroughness and tact. Even if initial incidents appear to be frivolous, investigations can uncover serious ethical lapses. The board can have external investigators under corporate governance program to investigate all reports and conduct of directors.
Bibliography: Turnbull, S. (1997). Corporate governance: its scope, concerns and theories. Corporate Governance: An International Review, 5 (4), pp. 180--205.
Scenario 2 – The first obvious fix would have been for everyone to agree to a few norms for the meeting. One being to use “I” statements instead of “you” statements. The teacher everyone was upset with might have responded a bit differently had she not felt attacked by the team. Another fix, although it was tried, was a mediator. Maybe if the mediator had been someone other than an administrator, for instance a counselor, the teacher would have been more open to listening to the team. Having an administrator present possibly made her feel as if her job was in jeopardy. Along with the use of I statements the mediator needed to ensure everyone had a chance to speak and actively listen. Active listening does not mean you agree with the
According to Corporation Act 2001 s124(1), it illustrates that ‘’A company has the legal capacity and powers of an individual both in and outside the jurisdiction” . As it were, company as a legal individual must be freely with all its capital contribution shall embrace liability for its legal actions and obligations of the company’s shareholders is limited to its investment to the company. This ‘separate legal entity’ principle was established in the case of Salomon v Salomon & Co Ltd [1987] as company was held to have conducted the business as a legal person and separate from its members. It demonstrated that the debt of company is belonged to the company but not to the shareholders. Shareholders have only right to participate in managing but not in sharing the company property. Besides ,the Macaura v Northern Assurance Co Ltd [1925] demonstrates that the distinction between the shareholders and company assets. It means that even Mr Macaura owned almost all the shares in the company, he had no insurable interest in the company’s asset. The other recent case is the Lee v Lee’s Air Farming Ltd [1961] which illustrates that the distinct legal entities between employee ad director allows Mr.Lee function in dual capacities. It resulted that the corporation can contract with the controlling member of the corporation.
The ethical dilemma in this case is one that Daniel Potter is faced with. Daniel is a staff
Implementation of organizational growth falls to the responsibility of upper management and they develop the strategic plan for the company to flourish in the projected economic market. Oversight of this senior team can hinder the organizational projected strategy into a viable organizational process that today’s global market places high demands that make it very difficult to attain these goals or plans and bring all effort to no avail of achieving projected growth and strategy of the organization. Essential that key employees do not lack the skill to delegate responsibility as well as expect results that promote organizational growth and adherence to the strategy set by senior
Corporate gorverance as a system are directed and controlld by companies. Initially, their board of directors should take responsible for the gorverance of companies, which include setting strategic aims of companies , guarantee an effective leadership, supervising the proformance of business management and reporting on it to shareholders. The board's action should comply with the law, regulations and shareholders. In addition, the shareholders also play an important role in gorverance and they have right to decide who can be employed as the companies' directors and auditors to provide good governance structure for them. Therefore, corporate goverance can be regarded as what the board of a company does and how it sets the values of the company.
Solomon, J (2013). Corporate Governance and Accountability. 4th ed. Sussex: John Wiley & Sons Ltd. p.7, p9, p10, p15, p58, p60, p253.
A registered company, as an artificial person is separate from its members and exists only by virtue of the Companies Act under which it is incorporated. When a business is incorporated, it becomes a separate legal entity and, therefore, can be sued and sue without affecting the shareholders personal assets. This was established in “Salomon v A Salomon Co.Ltd”. Separate legal personality is known as the veil of Incorporation. This protects the shareholder and places the responsibility of the company onto the directors. These duties are outlined in the Companies act 2014.
Currently, directors have no prima facie entitlement to be remunerated for their work (Hutton v West Cork Railway Co 1883), but Article 23 of the Companies (Model Articles) Regulations 2008 establishes that it is for directors to decide the lev...
In effect Salomon's principle as confirmed by Macaura v Northern Assurance Co. and Lee v Lee's Air Farming Ltd. helps form an image of a corporation as a 'depersonalised conception'[5], an object that is 'cleansed and emptied of its shareholders. '[6] Yet the concept of an incorporated company as a separate legal person causes some difficulties, for surely all 'legal personality is in a sense fiction'.[7] Questions soon arise ... ... middle of paper ... ...
The General Electric Company (GE) is organized with its chief executive officer, shareowner, and board of directors on the top of the pyramid, followed by their executive leaders and corporate staff. GE’s Board of Directors ensures the company serves the interests of shareowners and other key stakeholders with the highest standards of integrity and compliance. Serving equally as tough critics and wise counselors, they provide in-depth oversight of the major strategic issues of the company (General Electric Company, 2012). The authority officially vested in the board of directors is assigned to a chief executive officer (CEO), who occupies the top of the organizational pyramid (Bateman & Snell, 2011). There chai...
In company law, registered companies are complicated with the concepts of separate legal personality as the courts do not have a definite rule on when to lift the corporate veil. The concept of ‘Separate legal personality’ is created under the Companies Act 1862 and the significance of this concept is being recognized in the Companies Act 2006 nowadays. In order to avoid personal liability, it assures that individuals are sanctioned to incorporate companies to separate their business and personal affairs. The ‘separate legal personality’ principle was further reaffirmed in the courts through the decision of Salomon v Salomon & Co Ltd. , and it sets the rock in which our company law rests which stated that the legal entity distinct from its
The journal inspects to what degree and how current consistency reporting of Fortune Global 250 organizations fuses with corporate administration intentions. Numerous multinationals, especially in Europe and Japan, have begun to pay consideration on board supervision and organizing of supportability duties, consistency, morals, and outside confirmation. While particular divulgences are not yet regular, some striking practices can be found. Hidden predicaments and complexities for supervisors in managing responsibility to shareholders and partners, and the part of examiners, were demonstrated. It was concluded that corporate administration in this setting has unmistakably turned into a point on which organizations have begun to offer data, and subsequently, endeavor to build straightforwardness and responsibility.