Company law (hong kong) Essay Example | Topics and Well Written Essays - 3000 words

Company law (hong kong) - Essay Example They are the mainspring of the company. Speaking about the importance of directors, Neville J. observed in Bath v. Standard Land Co. (1910) 2 chapter 408 that "Board of directors are the brain and the only brain of the company which is the body, and the company can and does act only through them". It is only "When the brain functions that the corporation is said to function2". They (Directors) must account for all the company's money and property over which they exercise control. They have to refund to the company any of its money or property which they have improperly paid away or transferred. However, directors are not trustees in the real sense of the word because they are not vested with the ownership of the company's property. It is only as regards some of their obligations to the company and certain powers that they are regarded as trustees of the company. Alexander v. Automatic Telephone Co. (1900). The directors of a company paid up nothing on their own shares. They however, made all the other shareholders pay 39.6d on each share. They did a breach of trust, and the directors were bound to pay to the company 35.6d on each of their shares. In Pi In Piercy v .S Mills & Co. Ltd (1920). The directors of the company had the power to issue the uninsured shares of the company. The company was in no need of further capital but the directors made a fresh issue to themselves and their supporters with a view to maintain control of the company. Held the allotment was invalid and void. In Peraval V. Wright, (1902). The directors of a company bought shares from a shareholder, while they were negotiating for the sale of the company to another of a very high price and they did not disclose this fact to the shareholder. The shareholder sued to have the sale set a side. Held the sale was binding as the directors were under no obligation to disclose negotiations to the shareholder. The law imposes these directors' duties upon them so that they are not allowed to "capitalise their strategic position in the company to serve their own interest 3". The Australian Uniform companies act has incorporated statutory provisions containing an explicit reference to the judiciary obligation of directors towards their companies. Section 24 of the Australian Companies Act states: i. A director shall at all times act honestly and use reasonable

Personal Negotiations Essay Example | Topics and Well Written Essays - 750 words

Personal Negotiations - Essay Example The passenger airbag light malfunctioned in my Suzuki Grand Vitara. I initially took the vehicle to my local dealer for diagnostic testing. They informed me it would cost $2,000 to repair the malfunctioning airbag light because the sensor was located within the seat, requiring the entire seat to be replaced. I went home and began to research what could have caused the light to malfunction, and discovered there were literally hundreds of complaints from other owners of the same model Suzuki Grand Vitara. I decided to contact Suzuki Headquarters to inquire if there was possibly a recall on the item. They informed me that there was no open recall for the faulty airbag light; however, there was a special warranty for certain Grand Vitaras that fall within a certain range of VIN numbers. Unfortunately, my vehicle’s VIN number did not fall within their specified range. I requested that they consider including my vehicle since it was the same year, make and model as the hundreds that were covered by their special warranty. Opposing Arguments Authorized personnel from Suzuki Headquarters initially indicated that it would not be possible for a recall on the item. I accessed a Suzuki forum on the internet, and located others who were facing the same situation that I was facing. After gathering information, I once again contacted Suzuki headquarters and asked to speak with someone who was authorized to make decisions regarding special warranty coverage. I informed her of what I had previously been told by the other employee at Suzuki, and I explained that I had located several others who were in the same situation. I asked them to consider expanding their special warranty to cover additional VIN numbers since it was evident from my research that numerous other VINs also had the faulty airbag light. I initially asked them to cover the entire amount I had been quoted from the dealership. They declined and stated that if they were able to cover it at all, it would not cover $2,000 in charges. I reminded them that their website states, â€Å"Suzuki engineers outstanding quality, durability and reliability into every car, truck and SUV we build† (American Suzuki Motor Corporation, 2012, p. 1) and that â€Å"Building long-lasting, quality cars that people enjoy is something Suzuki has prided itself on since Day 1† (American Suzuki Motor Corporation, 2012, p. 1). I directed them to the forum that I had discovered and recommended they review all the complaints on that website, and suggested they Google â€Å"Suzuki Grand Vitara faulty passenger airbag light† and review some of the 66,000+ results. They asked for a couple of days in order to review all the information I had given them. The next day, I received a call stating they had decided to extend the special warranty for my vehicle, but they would cover a maximum of $1,000. I was not satisfied with this coverage because it would leave me paying $1,000 for a part that they kne w was faulty from the beginning. I explained to them that I felt as though they were not taking the safety of my family seriously in this situation because the faulty light would cause the airbag not to deploy if the vehicle is in an accident. I again requested they cover the entire amount of the repair. They called me back approximately an hour later and informed me that they could cover $1,500 of the repair. I still felt this was an unfair offer since it had to be replaced through no fault of my own. I