BLAW20001 Lecture Notes - Lecture 7: Preferred Stock, Trading While Insolvent, Derivative Suit

• School: University of Melbourne
• Department: Business Law
• Course: BLAW20001
• Professor: Helen Anderson

Document Summary

Lecture 7 co(cid:374)se(cid:395)ue(cid:374)(cid:272)es of (cid:271)(cid:396)ea(cid:272)h of duty a(cid:374)d (cid:373)e(cid:373)(cid:271)e(cid:396)s" (cid:396)e(cid:373)edies. Asic"s e(cid:374)fo(cid:396)(cid:272)e(cid:373)e(cid:374)t po(cid:449)e(cid:396)s (1) investigating breaches of the ca (2) enforcing the ca. *penalty notices: contravention of a pres(cid:272)ri(cid:271)ed offe(cid:374)(cid:272)e (cid:894)does(cid:374)"t ha(cid:448)e its o(cid:449)(cid:374) pe(cid:374)alty eg. s: by a person/co. Asic give a penalty notice requiring them to pay a penalty within a specific time. Criminal penalty: a contravention of a statutory duty may be so serious that asic believes a more substantial penalty should be imposed. *breach the follow duties causes fine up to ,000/prison 5 year+/both (1) the duty to act with reasonable care and diligence s 180. No criminal breach (2) the duty to act in good faith in the best interest of the co and for proper purpose s. The co. civil remedies: co. "s civil remedies for breach of gl duties. Injunction gl r: order of the court requiring the dstop doing sth.