Business Law Essay Example | Topics and Well Written Essays - 3250 words - 2

Business Law - Essay Example This paper shall consider different authorities on the subject matter in order to arrive at a scholarly appraisal of the subject matter. According to section 181 of the Corporations Act, â€Å"a director or other officer of a corporation must exercise their power and discharge their duties in good faith in the best interest of the corporation and for a proper use†. Violations of this provision make a director civilly and criminally liable. For directors who act dishonestly and recklessly, criminal liability may be forthcoming (Organisation for Economic Co-operation and Development, 1997). The directors’ duty is to avoid conflicts of duty and interest and therefore, he must not allow conflicts of interest to compromise his position in the company. Sections 191-195 of the Corporations Act set forth obligations for directors to not allow conflicts of interest to arise from his actions. Based on these provisions, directors are therefore called on to notify the board of directors when there are instances of personal interest which have a bearing on the company activities and affairs (Panoramic Resources, 200 8). Section 195 of the Corporations Law specifies that a director of a public company cannot be present during a voting or board meeting where the members are deliberating an issue where he is an essential person of interest. He may however be present if the other directors pass a resolution allowing him to be present and to vote; and if the ASIC orders a specific order on the issue (Corporations Law, 2001). The responsibilities in the section cover board meetings, and meetings of committees of the board. This is to be applied even if the committee would not have any bearing on the affairs of the company. Committees under advisory capacities are therefore part of the prohibition (Tomasic, et.al., 2002). In evaluating the terms under which

How did the New Deal changes the role of the federal Government Research Paper

How did the New Deal changes the role of the federal Government - Research Paper Example Congress passed several laws to aid businesses and farmers authorize public works schemes and allow huge spending to create employment opportunities for American citizens (Welch, 68). The New Deal presented the notion that government was accountable for the welfare of its citizens. Prior to the New Deal programs, American citizens were exposed to rise and fall in economic conditions; depended on financial aid from churches, families, local communities during difficult times; and had no pension plans from the government (Norton, 777). The New Deal established a framework of social security for the elderly, introduced unemployment compensation, passed a minimum wage, and offered financial aid to women and children who lacked support. The federal government also started regulating the stock market and banks and protecting employees’ rights to form unions and bargain collectively. The New Deal, though suspected by some, brought a remarkable change in the attitudes of citizens towa rd receiving assistance. Law Date Passed Goal Cause Effect Social Security Act 1935 Â  14th August 1935 All states had to create a plan for unemployment insurance. Employees and employers had to pay into a federal pension account. The act established the first federal old age pension that covered over 35 million citizens. National Labor Relations Act. 6th July 1935 To equalize bargaining power between workers without total freedom of association or authentic liberty of contract and employers who are structured in the commercial or other kinds of rights association. To reduce the causes of labor disputes weighing down or blocking interstate and distant commerce, and create a National Labor Relations Board among other purposes (Boston, 708). To promote collective bargaining between free trade unions, for the employees, and the employer. Unfair labor practices Election of bargaining representatives The act increased the powers of labor unions. It ensures fundamental rights of private sector workers to form trade unions, take part in collective bargaining for better conditions at work and better terms, and take group action including strike if required. The law established the National Labor Relations Board which performs elections which, if endorsed for representation, gives labor unions a requisite for the employer to employ collective bargaining with this union. Agricultural Adjustment Act May 12, 1933 To minimize crop surplus and as a result effectively increase the value of crops. A plunge in the agricultural economy in the early 1930s that greatly affected all famers. The law restricted agricultural production by issuing payments to farmers in form of subsidies to kill off surplus livestock and not to plant on sections of their land. Economy Act, 20th March 1933 To diminish the federal deficit in the United States. To balance the "regular" federal budget by slashing the salaries of government workers cutting veterans’ pensions by 15%. The salaries of federal workers were cut and the benefit payments to veterans reduced. The law did not affect the federal deficit or the economy much. It increased expenditure in other areas substantially that it reduced the cuts enforced by the Economy Act. The law gave the President restricted authority limited authority to restructure executive division agencies to attain competence. Emergency Banking Act 9th March 1933 To create a provision for a scheme of reopening banks under supervision of the Treasury supervision, and provide federal loans where