Part 2 Explain the reason and justification for Section 254M (1). In explaining the reason and justification for Section 254M (1), one need to understand the justification on requesting the shareholders to pay for their shares. In doing so we will be examining three important theory that governing this justifications which is the fraud theory, trust fund theory and the contract theory. The ‘holding out theory’ which also referred as the fraud theory. The fraud theory was first derived from the
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CASE STUDY of ‘The Moonlighter” 1. INTRODUCTION According to Lewis, business ethics is a topic that has received much attention in literature but due to its abstract nature, nearly all definitions available exist at highly theoretical levels (Lewis 1985, 377). Most people have the tendency to distrust corporations in the market and the larger the firm, the worse the problem of trust usually gets (Rushton 2002, 138). Highly visible business ethics issues influence the public’s attitudes toward
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daily operations of the hospital and its entities. He works directly with the board of directors to institute strategic planning for the hospital facility. In this position, a hospital president complies with government regulations set out for the hospital and its staff. This means being in accord with all regulatory agencies and accrediting bodies to the hospital. In an effort to complete this duty, the hospital president must monitor the organization’s service and delivery system
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EMPLOYMENT AGREEMENT THIS EMPLOYMENT AGREEMENT is made effective for all purposes and in all respect as of the 1st day of January, 2010. |By And Between: Shah Corporation Ltd., a company incorporated pursuant to the laws of Pakistan | |(hereinafter referred to as "the Employer") | |OF THE FIRST PART | |-- and --
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Class & Taste Pty Ltd operates a vineyard in Hunter Valley, NSW. Miriam, Ryan and Stephen are the company’s directors and shareholders. Ryan manages the company’s day to day operations. Stephen left school early and has no tertiary qualifications and manages the workshop. Miriam is an accountant and partner is a local accountancy firm. She is a non-executive director of Fast and Furious Pty Ltd and she does not take an active role in the management of operations of the company. Until recently the
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other liabilities and identify how they are measured. Definition in IFRS and CICA Handbook A liability is an obligation that arises from past transactions or events, which may result in a transfer of assets or provision of services. Liabilities have 3 essential characteristics: 1) They embody a duty of responsibility 2) The entity has little or no discretion to avoid the duty 3) The transaction or event that obliges the entity has occurred A liability relates to a transaction that
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Ethics and Corporate Responsibility in the Workplace and the World Wanda T. Diggs Professor William Stone Law, Ethics and Corporate Governance – LEG-500 March 4, 2014 Abstract Pharmaceutical companies are trusted to provide drugs that are fit for human use. Consumers rely on these drugs for their wellbeing. Drug costs are prohibitive for many in the United States and consumers want to be assured that the drugs they are prescribed accomplish their intended purposes. When pharmaceutical
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companies may use in their operations towards achieving the optimal governance framework. These structures and processes exist at a micro-level which include issues such as the composition of the board, procedures for recruiting new directors, remuneration of directors, the use of board committees, their mandates and their activities. 1.4 The significance of the Code is that it allows for a more constructive and flexible response to raise standards in corporate
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strategic and operational perspectives. 2. Duty of care: is a legal obligation which is imposed on an individual requiring that they adhere to a standard of reasonable care while performing any acts that could foreseeably harm others. It is the first element that must be established to proceed with an action in negligence. The claimant must able to show a duty of care imposed by law which the defendant has breached. In turn, breaching a duty may subject an individual to liability. Company
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known as: a. Credibility gap b. Expectations gap c. Audit gap d. Stewardship gap e. None of the above 5) Which of the following is not a trend described in Chapter 1 as having an impact on the ethics of business? a. Directors’ legal liability b. Management’s stated intention to protect reputation c. Auditors’ legal liability d. Management’s assertions to shareholders on the adequacy of internal controls e. Management’s stated intention to manage risk
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