Companies, Corporate Governance law (business organization)
Title: Companies, Corporate Governance law (business organization)
Category: /Law & Government
Details: Words: 1013 | Pages: 4 (approximately 235 words/page)
Companies, Corporate Governance law (business organization)
Category: /Law & Government
Details: Words: 1013 | Pages: 4 (approximately 235 words/page)
Replaceable Rules (RR)
* After 1/7/98 Co's no longer need to draw up constitution.
* S.141 lists the sections in the CL that are RR
* S.143: Company's constitution. Can be:
- Replaceable Rules (RR)
- Own constitution
- Mixture of above
The term replaceable rules allow a company to replace either all, or some of the rules, with appropriate rules in the company's own constitution.
Where the CA states a "replaceable rule for proprietary companies and mandatory rule
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number of directors as determined by the directors and in the absence of a determination is 2; the individuals attending as proxies or corporate representatives are to be counted towards a quorum. Finally, if the clause is valid by vote on, all the directors would be bind of this provision.
To sum up, the replaceable rules allow a company to replace either all, or some of the rules, with appropriate rules in the company's own constitution.