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Explain the reason and justification

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Explain the reason and justification

  1. 1. Contents PART – 2 ................................................................................................Error! Bookmark not defined. 2.1 Explain the reason andjustification for SECTION 254 M(1). .........................................................1 (2.2) explain the reason andjustification for SECTION 254 D (1).........................................................2 (2.3) explain the reason and purpose for SECTION 117(2) (d).............................................................2 PART – 2 2.1 Explain the reason and justification for SECTION 254 M (1). Sections 254 M (1) – This section explain that if the share of the company are not fully paid up by the shareholders of the company then shareholders are liable to pay the whole amount of the shares of the company. The amount is paid up by the shareholder it is according the terms and conditions on which the share are issue by the company to the shareholders. This section is not applied to the limited company. At the time of wounding up of the company the shareholders is also liable under section 5140- 529. This section contribute important role in the shareholders it as following: 1. When the shareholder purchases the share of the company they become the part of the company. 2. Shareholders get the future benefit from the company for they purchase the shares of the company. 3. Shareholder gets the voting right. 4. They have to pay the unpaid money after the specified period of time. 5. They are under the obligation when they receive the cal from the company that they have to pay the unpaid amount of the shares. 6. The value or the amount of the share has been increased. 7. Shareholders have to pay the timely payment of the shares. 8. After purchasing the shares of the company shareholders get some right in the company. 9. Shareholders become the part of the company.
  2. 2. (2.2) explain the reason and justification for SECTION 254 D (1). Section 254 D (1) states that before issuing the particular class of the share the proprietary company director make offer shares to the existing shareholders of the company. It is necessary that the number of shares which are offered to the existing shareholders of the company is equal to the shares which are already holding by the shareholders.  This is kind of privilege to the existing shareholder of the company.  It is right for the director to make offer of the shares to the shareholders of the company.  Director also gives the statement in which he mentioned all the conditions related to the offer of the shares to the existing shareholders of the company.  Number of shares is equal to the shares which are offered to the existing shareholders  The offer of share issue is made to the existing shareholder of the company  This gives preferential treatment to the existing shareholders of the company.  The shares which are issue by the director are of particular class.  The directors can make the issue of particular share without complying the subsection when he is authorise when company passed the resolution at the general meeting. (2.3) explain the reason and purpose for SECTION 117(2) (d). Section 117 (2) (d) states that if any person who want to become the director of the company and give their consent in written then they have to require to give the necessary detail of their family member. The important details are the birth place, date of birth of each family member of the person who wants to become the director of the company. The importance of this section is mainly for the company but somehow it also beneficial for the director.  From this company get the detail of the director family member.  It is benefited for the director in various matters.  The company informed the director family in any case director met with any accident.  The company providing the medical benefits to the director family member.  Company take the detail for checking the background of the director.  For giving the any advantage, profit or gain to the family member.  To protect the employee interest.
  3. 3.  The director committed any fraud then company can get the information about the director from the family member of the company.  To check whether the director is Australian citizen or not.  For providing benefit to the children of the director  To check how many members are depending upon the director.  The address which is given by the director is correct or not.  How many members are educated?

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