...DIPLOMA IN MANAGEMENT STUDIES Main Examination BUS015 Business Law Wednesday, 1st June 2011 2:15 pm – 5:15 pm ______________________________________________________________________ Time allowed: 3 hours ______________________________________________________________________ INSTRUCTIONS TO STUDENTS: 1. This examination contains FIVE (5) questions and comprises SIX (6) printed pages (including cover page). This examination paper contains 3 sections (A, B and C) with a total of 100 marks as follows: Section A: Section B: Section C: 3. 10 multiple-choice questions 2 questions 2 questions 2. Answer Question 1 on the Multiple-Choice Questions (MCQ) Answer Sheet provided separately using a black 2B pencil. Fill the MCQ Answer Sheet carefully. You will get a zero (0) score if your index number is filled incorrectly. Answer Questions 2 to 5 in the answer book provided. Fill the cover page carefully. You will get a zero (0) score if your index number is filled incorrectly. All answers must be clearly written. Begin each question on a fresh page. This is a closed book examination. No materials are allowed to be brought into the examination hall. 4. 5. 6. At the end of the examination Please ensure that you have written your examination number on each answer book used. Failure to do so will mean that your work cannot be identified. If you have used more than one answer book, please tie them together with the string provided. THE UNIVERSITY RESERVES THE RIGHT NOT TO MARK YOUR SCRIPT...
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...conditions When do the majority commit fraud on the minority in common law? ("An abuse of power whereby the majority secures an unfair gain at the expense of the minority") |Expropriation of company's property |Ratification of breach of directors' duty |Expropriation of members' property | | | | | |1. Wrong against the company [LH 554-555] |1. Wrong against the company [LH 555-557] |1. Wrong against minorty member [LH 557-558]| |2. Cases |2. Gen meeting has a wide power to ratify |2. General rule - expropriation must be | |Menier v Hooper's Telegraph Works: majority|directors who are in breach of duty REF: |justified REF: Gambotto v WCP Ltd altering | |SH's resolved to wind up company and |Bamford v Bamford |constitution to compulsority acquire shares | |transfer assets to another company they |3. What are the limits on...
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...Table of Contents Introduction 2 Case study- fact 3 Salomon v A. Salomon and Co. Ltd. (1897) AC 22 3 Effects in incorporation 4 1. Perpetual Succession 4 • The case of Re Noel Tedman Holdings Pty Ltd. (1967) QdR 561: 4 2. Business property 4 • In the case, Macaura v Northern Assurance Co. Ltd. (1925)AC619: 4 3. Limited liability 5 The veil of incorporation 5 Judicial lifting 6 1. Public interest 6 2. Fraud 6 3. Agency 7 4. Group enterprise 7 Statutory lifting 7 1. Membership numbers 7 2. Misdescription 8 Trading 8 1. Fraudulent 8 2. Wrongful 8 3. Taxation 8 4. Dividend payments 9 Conclusion 9 References: 10 Introduction An organization is a legal entity by itself. Under Companies Act 1965, it expresses that a incorporated organization is a corporate that has a separate legal entity or simulated lawful individual and exists freely. in other terms, an organization is existed independently from the individuals, officers, workers and the proprietor of the organisation. An organization is made when it is enrolled under the Companies Act. It appears from the date specified in the endorsement of joining. It might be noted in this association that Section 11 gives that a relationship of more than ten persons carrying on business in keeping money or an affiliation or more than twenty persons carrying on some other kind of business must be enlisted under the Companies Act and is regarded to be an illicit affiliation...
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...2. Introduction 1. Background of the Company [pic] Microsoft is one of the biggest software and IT companies in the world. The industry touches every region of Technology. Its current best-selling products are the Microsoft Windows operating system and the Microsoft Office suite of productivity software. They cover Operation System (Vista and Windows 7), Server and Tools Division (Windows server 2008, VB and SQL), Online Services Business division (MSN and the search engine Bing), Microsoft Business Division (Microsoft Office), and Entertainment Devices Division (smart phones, XBOX and MSN TV). Microsoft mission is to enable people and businesses throughout the world to realize their full potential. It develops software, hardware, service and solution to achieve this goal since it established at 1975 by Bill Gates and Paul Allen in Albuquerque. In 1980, Microsoft formed a partnership with IBM that allowed them to bundle Microsoft’s operating system with IBM computers, paying Microsoft a royalty for every sale. With a real big range of service IT service, we can say the client of Microsoft is unlimited, from OEM, business, and individuals. And the competition is all over from every division, such as Apple in PC Market and Google in Online Service Market. [pic] Yahoo! Was started at Stanford University in January 1994 by Jerry Yang and David Filo. Both of them were Electrical Engineering graduate students when they created a website named “Jerry and...
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...Introduction The welfare of a company depends on the shoulders of the directors and the directors are also responsible for the interests of the company as well as shareholders. Directors are basically fiduciary agents and they owe duties to the company, directors' are appointed by the company's shareholders to run the company's affairs for the benefits of the shareholders. Moreover, no company can get success without having the good and honest directors, so company success can only be achieved, if the directors of the company fulfil their duties and complete enforcement of the director's duties. Therefore directors play very significant role in any corporate governance system. Director's general duties are based on the certain common law rules and equitable principles. Lord Judge Bowen explains director's duties in these beautiful words that “directors are described sometimes as agents, sometimes as trustees and sometimes as managing partners. But each of this expression is to be used not as exhaustive of their powers and responsibilities, but indicating useful points of view from which they may for the moment and for the particular purpose be considered.” The Chapter 1 of this paper is amid to critically analyze that what are the duties and responsibilities of directors under Companies Act 2006. The duties of directors alone are of no importance if they cannot be fully enforced, the chapter 2 of this piece of work relates to the system of enforcement which provides the different...
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...ALBERT MAINGI MUSYOKA D61/63378/2010 DAC: 606 ADVANCED ACCOUNTING SEMINAR A TERM PAPER PRESENTED FOR THE PARTIAL FULFILMENT OF THE MASTER OF BUSINESS ADMINISTRATION UNIVERSITY OF NAIROBI JANUARY – APRIL 2012 Contents SUMMARY OF TERMS 3 ABSTRACT 4 STATEMENT OF THE PROBLEM 5 LITERATURE REVIEW 6 a. Introduction 6 b. The Need for an Audit 7 c. Risk of fraud 8 d. The Auditor-Investor ''Expectation Gap'' 9 e. Auditing Profession and Challenges 9 f. Public opinion 10 g. Family or Personal Relationship 10 h. Integrity 11 i. Inherent limitations of an audit. 11 j. Responsibility of Auditors to Third Parties – Case Law 12 k. International, Assurance Auditing, Standards Board (IAASB) 14 CORPORATE FRAUD CASES 16 CASE STUDY: 21 CONCLUSIONS………………………………………………………………………………24 REFERENCES……………………………………………………………………………..….25 SUMMARY OF TERMS ISA: International standards of Audit KPC: Kenya Pipeline Company IAASB: International Assurance Audit Board IFAC: International Federation of Accounting USD: United States Dollar KCB: Kenya Commercial Bank BCCI: Bank of Credit International SEC: Securities and Exchange Commission ABSTRACT The way in which auditors perform their duties and the auditing profession in general raises questions and puts the auditors on the spotlight from clients who rely on their reports. Questions on whether the public trust the way auditors perform their secondary duty of detecting errors and frauds, the reliability, completeness and...
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...their support this study pack would not have been a success. To them I say keep the god spirits for enhancing the college and making it a force top reckon with according to international standards. Would also like to thank the Trust Academy Secretaries and Typists of this book, particularly, SHELTER MAVHUNGA, MISI MAKUZWA, AMANDA MANDA and JESCA KAMUNGA for their commitment to duty. Again their handwork in the production of this copy is highly appreciated. Anyone who directly contributed to the success of this module I say, God bless you. However none of the above will be accountable for any errors of omission or commission which might appear in this study pack. M. MAVHUNGA 2 Dedication This study pack is dedicated to the targeted students who commit themselves to passing the interesting course of business law. Foreword Business Law is a very broad course and covers many aspects. It is a challenging course a proper approach is not advised to new students but an interesting and very simple course once one grasps the concepts. The objective of this module is to simplify Business Law to be understood by Ordinary Advanced Level students who may be taking any of the above courses. The field has been complicated by legal jargon used by some authors and leaving students complaining that such sources are not very digest. Not really attacking other textbooks, but only trying to reveal some experience gathered when dealing with students of these courses This study pack will assist...
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...H8032-Prelims.QXD 7/1/06 11:08 AM Page i CIMA’S Official Learning System CIMA Certificate in Business Accounting, 2006 Syllabus Certificate Level Fundamentals of Ethics, Corporate Governance and Business law David Sagar Larry Mead Philippa Foster Back H8032-Prelims.QXD 7/1/06 11:08 AM Page ii CIMA Publishing is an imprint of Elsevier Linacre House, Jordan Hill, Oxford OX2 8DP, UK 30 Corporate Drive, Suite 400, Burlington, MA 01803, USA First edition 2006 Copyright © 2006 Elsevier Ltd. All rights reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone (ϩ44) (0) 1865 843830; fax (ϩ44) (0) 1865 853333; e-mail: permissions@elsevier.com. Alternatively you can submit your request online by visiting the Elsevier web site at http://elsevier.com/locate/permissions, and selecting Obtaining Permission to use Elsevier material Notice No responsibility is assumed by the publisher for any injury and/or damage to persons or property as a matter of products liability, negligence or otherwise, or from any use or operation of any methods, products, instructions or ideas contained in the material herein. British Library Cataloguing in Publication...
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...wish to explore a topic further or test your understanding of past exam questions, please do not hesitate to consult with your tutor or lecturer. The purpose of this tutorial guide is also to allow students to develop the skills (both verbal and written) necessary to analyse problems which may arise in practice. The guide is designed to allow each student to reach the goal of being able to apply theory, knowledge and problem solving technique to fact situations that may arise in company law. It is essential that students learn to select the important issues in such fact situations and that they be able to advance, in discussion, a carefully analysed solution aimed at resolution of the factual situation based on both relevant legislation and case law. It is assumed that students will refer to the course outline and texts without specific direction. The references (if any) listed in the tutorial problems are by no means exhaustive. It is expected...
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...Bond Law Review Volume 15 Issue 1 Special Issue: Comparative Corporate Governance 7-1-2003 Article 13 Corporate Governance in Malaysia Kamini Singam Recommended Citation Singam, Kamini (2003) "Corporate Governance in Malaysia," Bond Law Review: Vol. 15: Iss. 1, Article 13. Available at: http://epublications.bond.edu.au/blr/vol15/iss1/13 This Article is brought to you by the Faculty of Law at ePublications@bond. It has been accepted for inclusion in Bond Law Review by an authorized administrator of ePublications@bond. For more information, please contact Bond University's Repository Coordinator. Corporate Governance in Malaysia Abstract This article examines the corporate governance system in Malaysia. A sound corporate governance system should help create an environment conducive to the efficient and sustainable growth in the Malaysian corporate sector. Since the Southeast Asian financial crisis in 1997 – 98 (‘financial crisis’), corporate governance has become a key policy issue confronting many Southeast Asian countries, including Malaysia. This article considers the distinctive problems of corporate governance in Malaysia, despite several steps for reform that have taken place since the financial crisis. There will be a brief discussion on the meaning of corporate governance and an overview of the present status of corporate governance in Malaysia, in particular after the financial crisis. Keywords corporate governance, Malaysia, Southeast Asian financial...
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