an agent of a non-existent principle. - A promoter is not a trustee of the company in formation as it does not exist yet. - The English courts have held that he stands in a fiduciary relationship to the company he promotes. Erlanger v New Sombrero Phosphate Co. Ltd. Lord Cairns stated‚ “they stand in my opinion in a fiduciary position they have in their hands the molding and creation of a company” - Exceptions to the rule in Salomon v Salomon constitute what is called “lifting of the veil” of incorporation
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Using Social Justice Tools to Assess Economic Conditions of Newcomers in to Canada 1 Using Social Justice Tools to Assess Economic Conditions of Newcomers in to Canada Submitted by: Tejpal S. Gill University of Regina-Saskatchewan Polytechnic Saskatchewan Collaborative Bachelor of Science in Nursing Program Using Social Justice Tools to Assess Economic Conditions of Newcomers in to Canada 2 ABSTRACT This paper intends to give an insight into
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Misrepresentation Misrepresentation is a concept in contract law referring to a false statement of fact made by one party to another party‚ which has the effect of inducing that party into the contract. For example‚ under certain circumstances‚ false statements or promises made by a seller of goods regarding the quality or nature of the product that the seller has may constitute misrepresentation. A finding of misrepresentation allows for a remedy of rescission and sometimes damages depending on
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Assignment 2 Question 1 1. The maintenance of capital doctrine is developed to prohibit a company from reducing its share capital because a reduction in capital would reduce the pool of funds available to the company to pay its creditors. Section 254T provides that dividends are only payable out of profits. This provision ensures that capital is not return to shareholders in the form of dividend. The term “profit” is not defined in the Corporation Act. In Re Spanish Prospecting Co Ltd (1911)‚ it
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One of the most controversial issues that has been widely debated over the last two decades is the corporate social responsibility of organizations. Opinions about business’s social responsibilities lie mainly between two extremes. At the one extreme is the classical view that states business is an economic institution directed towards profit whose only responsibility to society is to provide goods and services and to return maximum benefits to shareholders (Robbins‚ Bergman‚ Stagg and Coulter‚ 2003:
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Iceland in 2008‚ in my opinion is not so much a state crime to be blamed on Mr. Haarde‚ but more of a white collar crime committed by individuals in the banking sector. White collar crime can be defined as: illegal and unethical acts that violate fiduciary responsibility of a public trust committed during the course of legitimate occupational activity‚ by persons of high or respectable social status for personal or organizational gain (Yeager‚ Lecture 1). This is evident in the fact that when the banking
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environment. An individual‚ business or organization must adapt and protect its vital information assets and critical digital infrastructure. Failure to do so is reckless and may be considered as an obvious lack of due diligence for people who have fiduciary and custodial responsibilities. Any event that causes damage to information resources‚ whether it is a computer virus‚ natural disaster or system failure could be devastating to an individual (i.e. identity theft)‚ company‚ its customers‚ suppliers
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management ’s responsibility to search out the best location to transact business? As outlined by Halbert & Ingulli (2009) A basic assumption of classic microeconomic theory is that the overriding goal of any business is to be profitable. As trustees (fiduciaries) of the shareholders‚ managers have a primary responsibility to try to improve the value of shareholder investment. In fact‚ under the law of corporations‚ managers are answerable to the owners of a company-its stockholders-if they fail to take
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successfully generate wealth‚ entrepreneurship and knowledge. What leadership traits‚ behaviors‚ and values does Todd McFarlane exhibit as a leader? According to the video Todd is described as being a neurotic artist and a leader who has the fiduciary responsibility (artistic-mined & business-minded) of running the company. Todd likes to think more of himself as being neurotic. Todd’s personality and values are key components of his character. Character can be defined as a person’s fundamental
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1. Look over the scope statement (PE Figure 5-1). If you were an employee at Petrie’s Electronics‚ would you want to work on this project? Why or why not? ANS:Yes‚ because the project seems great . It will benefit the company and be fun and easy. There is a great team to support it as well. 2. If you were part of the management team at Petrie’s Electronics‚ would you approve the project outlined in the scope statement in PE Figure 5-1? What changes‚ if any‚ need to be made to the document? ANS:Yes
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