RMIT Corporations W1Q1

What does the "I" stand for in the IRAC Formula?

• identify

• integrity

• issue

• input

ASIC stands for:

• australian shares and incorporations commission

• australian securities and investments commission

• australian shareholders and investment commission

• australian software and internet commission

Which Act is the principal legislation regulating companies in Australia?

• The ASIC Act 2001 (Cth)

• Corporations Act 2010 (Vic)

• Corporations Act 2001 (Cth)

• Corporations Act 1989

Which are the 2 main sources of law in Australia?

• common law and case law

• case law and legislation

• legislation and law of Parliament

• case law and equity law

The separate entity principle enables a company to enter into contracts and institute or defend legal proceedings.

• true

• false

Which case set the precedent that a company is a separate legal entity (from its directors and officers)

• Industrial Equity v Blackburn

• Salomon v A Salomon & Co Pty Ltd

• Walker v Wimbourne

The Walker case established the law of:

• shareholders do not own the company property

• a group of companies cannot be regarded as one entity

• a person may act in different capacities such as a manager and employee

The case of Re Darby; Ex Parte Broughan, the court lifted the corporate veil for the reason of:

• hiding assets as a result of potential divorce proceedings

• husband moving personal assets into various companies for tax reasons

• a fraud