creditors. Moreover, the reduction would in effect diminish the pool of funds available to the company to pay its creditors. The rule in Trevor v Whitworth has been incorporated into Ch 2J of the Corporations Act 2001.Certain provisions of the Corporations Law 2001 seek to enforce the rule Trevor v Whitworth. There are a few Sections of the Corporations Act 2001 that enforce the maintenance of capital principle (or the rule of Trevor v Whitworth). Section 254T of the Corporations Act 2001 stated that a dividend
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executives acknowledged the fact that the concentrate was adulterated. Even worse, they didn’t stop illegally selling the apple juice, even after third party inspections by the FDA and PAI. What they chose to do was to take advantages of loopholes in the law. In order to avoid seizure by FDA, phony juice were transferred from one warehouse to another, to foreign countries and overseas markets so that Beech-Nut was able to minimize its financial losses and get rid of legal sanctions. It’s not like flipping
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The Effects of the Sarbanes-Oxley Act There have been widespread reactions to corporate scandals which have become seemingly common in corporate America. Government reaction to these unethical corporate and accounting scandals has led to regulation and intervention. The Sarbanes-Oxley Act of 2002 is seen as a response to the lack of corporate governance present in many corporations. The Sarbanes-Oxley Act of 2002 is also known as the Public Company Accounting Reform and Investor Protection Act of
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degrees in European studies and law and a Masters degree in trade, corporate governance and European law; in highly recognisable UK universities. Currently I am undertaking a full time Masters degree in Business law in one of the best UK and world universities. I am an experienced researcher and I have worked on different research projects demanding law elements from UK and other jurisdictions. In addition I have more than a year's legal work experience providing the law firm's clients with high quality
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ACCTG 351B: Business Law (San Francisco, Fall 2013) INSTRUCTOR: KRISTIN L. ROSI Work: (415) 538-4387 FAX: (415) 904-5854 E-mail: krosi@ggu.edu In addition to working as an Adjunct Professor at Golden Gate University, I am employed as an Administrative Law Judge with the California Department of Insurance and as a Pro Tem Judge with the Alameda County Superior Court. Prior to becoming an ALJ, I was the Senior Regional Attorney at the California Public Employment Relations Board, where I authored
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As one in society, and the obligation to act in an ethical, law abiding manner on a daily basis is vital to the integrity of daily life. Many professions have their own code of ethics. Honest reporting is not exempt from such ethical and legal standards. One’s lively hood depends on decisions made in the business world. Ethics is something that is very important to have especially in the business world. Ethics is the unwritten laws or rules defined by human nature; ethics is something people
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Cynthia Mays Week 1 DQ HCS/341 * 1. What employment laws have the most effect on health care organizations? Why? * * The Equal Pay Act was passed; this law requires that male and female employees who do the same job for the same organization receive the same pay. The law is stating the average female employees earned only about 59 cents to the dollar by the average male worker. * * The Title VII of the Civil Rights Act of 1964 demonstrated open and unambiguous
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regulatory changes which affect financial practice and corporate governance; and compliance is mandatory for ALL organizations (Guide to Sarbanes-Oxley, 2006). SOX is actually Public Law 107-204 and it is divided into eleven different parts, each one addressing a different ethical issue or activity of corporate practice (Sarbanes-Oxley, 2002). SOX has other more formal names such as “the Investor Confidence Act, the Public Accounting and Corporate Accountability Act, Public Company Accounting Reform
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firm’s internal institution affect the corporate governance of an institution? The internal institutions of corporate governance are the shareholders, board of directors, executives and non executive and auditors. Shareholders shall monitor the status of the firm that they are in to and create rules on how it should be operated. Board of directors should be responsible for the governance of the corporation, setting policies for the accomplishment of the corporate objectives and provides independent
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option to pay a tax of 15 percent on gross income. Corporations that choose this option may not switch back for three years. B. Resident (Foreign) Corporation A resident foreign corporation is one organized, authorized, or existing under the laws of any foreign country, engaged in trade or business within the Philippines. C. Non-Resident Corporation The term applies to a foreign corporation not engaged in trade of business in the Philippines. 4. 3 Categories of income subject to tax
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