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Larry is instructed by his employer Huge Ltd, to register a company which is to sell educational assistance to commerce students. Larry is to become Managing Director of the new company. Before the new company (Lifesaver Pty Ltd) is registered, Larry signs a purchase agreement on behalf of the proposed company to buy educational equipment.
Lifesaver Pty Ltd is later registered and at its first directors' meeting the ratification of Larry's purchase is considered. The other directors consider the equipment Larry purchased is unsuitable and refuse to approve the transaction.
REQUIRED:
(a) How does corporate law classify the role undertaken by Larry leading up to the registration of Lifesaver Pty Ltd? What are the duties that such a person owes and to whom are they owed?
(b) What is the effect on Larry, and on Lifesaver Pty Ltd, if the directors decide not to ratify Larry's lease.
(c) Describe the sources from which a company of Lifesaver's type can raise funds. In your answer include any limitations that the Corporations Act imposes on proprietary company fundraising.
(d) What additional fundraising opportunities would be available if the company was "Lifesaver Ltd"?
An oil engine works on the ideal Diesel cycle. The overall compression ratio is 11:1 and constant pressure energy addition ceases at 10% of the stroke. Intake conditions are 96 kN/m2 and 18°C. The engine uses 0.05 m3 of air/s. If ? = 1.4, determine. ..
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Amber is a 35-year-old woman who immigrated to this country several years ago from Nigeria. She recently graduated from a prestigious law school and legally changed her name to Amber.
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Consider a civilization broadcasting a signal with a power of 2.0×10^4 watts. The Arecibo radio telescope, which is about 300 meters in diameter, could detect this signal if it is coming from as far away as 141 light-years.
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