Corporation Law Assiginment Q. Bob Beeech is a scallop fisherman and inolved in commercial… 1 answer below »

Corporation Law Assiginment

Q. Bob Beeech is a scallop fisherman and inolved in commercial fishing in the central water of Jevis Bat in New South Wales. The stick of scallops in this water is limited and subject pretective legislation to ensure regenration . Hence, the scallop fishing and marketing act providesfor a quota system. Under the quota system a person must apply for a quota which will permit him or her to catch 50 tones of scallops in a calender year. Further more scallop marketing authority will purchase any scallops produced up to the quota limit for each person.

The act also provides a number of offenses. It is an offense to sell scallops to any person othen scallops maeketing authority and it further provides that it is an offens to catch more then the quota limit. Each offense carries a fine up to $1000,000.

Bob has the physical capacity to catch more than 50 tones in a year and wishes to make more money from his business. His daughter alice tells him that by corporating a companyhe could double his catch.

Q2. New Nirvana Ltd is a company controlled by the members of the hard rock band, N/N. A number of wholly owned subsidiaries of New Nirvana Ltd are involved in setting up and running the band’s concerts. One of the subsidiary companies, Nuclear Blast Sounds Pty Ltd, is responsible for setting up the sound equipment at N/N concerts in Australia. At a recent N/N concert in Sydney, Nuclear Blast Sounds Pty Ltd negligently set the sound levels too high with the result that five audience members suffered permanent hearing loss. Unfortunately for those audience members, Nuclear Blast Sounds Pty Ltd had no negligence insurance and cannot pay the likely damages claims.

Advise the injured audience members whether they can make New Nirvana Ltd liable for Nuclear Blast Sounds Pty Ltd’s negligence.

Q.3,

Simon, Michael and Don set up a project management company called Millennium Pty Ltd. Don is a solicitor and the constitution of Millennium Pty Ltd nominates that Don will be the solicitor for any land purchases or sales made by the company. The articles also provide that any disputes which arise between the company and its members should be first referred to an arbitrator before there are any court proceedings.

After a number of years, Simon and Michael meet another solicitor who they think is more efficient than Don and they appoint him as solicitor for Millennium Pty Ltd.

Don brings legal action against Millennium Pty Ltd over the matter. Advise the company as to their legal position.

 

Looking for a Similar Assignment? Let us take care of your accounting classwork while you enjoy your free time! All papers are written from scratch and are 100% Original. Try us today! Active Discount Code FREE15