Banking and Finance Law Essay Example for Free

Banking and Finance Law Essay Joint account holders, case: Arden v Bank of New South Wales (1956) VLR 569 Combination of account, the bank’s right to combine accounts is dependant on the accounts being the same or closely similar. The right to combine accounts without express agreement: accounts must be held by customer in the same capacity, must not be an agreement or course of dealing with the customer which has negated the bank’s right to combine accounts, customer’s indebtedness must have been incurred to the bank as an banker and not in relation to other business carried on by the bank eg travel business. The main case of this rule is: Garnett v McKewan 1872. Knowing Receipt: Case: Thomson v Clydesdale Bank Ltd (1893) AC 282 APPLICATION Fantastic Landscapes is a customer of the Red Bank because it has accounts in this bank which are overdraft account with has a borrowing limit of $100000 accepted by Red Bank and another account has $20000 (Account No 2) Applying to the content of the contact, Fantastic Landscapes has signed an agreement form that is an express terms made between Red Bank and Fantastic Landscapes. The general terms and conditions included the following clause 12: upon receipt of each monthly overdraft account statement, the account holder shall read the statement and notify the bank of any errors contained in the statement within 15 days. Failure to notify the bank of any errors within that time will be treated as a breach of contract by the account holder entitling the bank to its remedies at law. Applying to the bank’s duty of confidentiality, the Red Bank recorded transactions between it and its customer (Fantastic Landscapes) and reported to its customer every 15 days as written in the general term. However, Red Bank did not complete its duty to question valid mandate because the cheques drawn by Minnie (one of the director of Fantastic Landscapes) within a period of 3 months are unusual drawn on Fantastic Landscapes’ overdraft account. When according to joint account holders, Ben actually is an innocent joint account holder, so he has a right to sue the Red Bank for the breach of contract. However, applying to the duty of customer in section duty to organize business, following cases: Lewes Sanitary Steam Laundry Co Ltd v Barclay Co Ltd (1906) 95 LT 444; and (6. 1) National Bank of New Zealand Ltd v Walpole and Patterson Ltd (1975) 2NZLR 7. The Red bank has an absolute advantage in this case because of the express term written in the contract Another director of Fantastic Landscapes, Ben has failed when sue Red Bank to recredit account which Minnie has stolen because he did not check overdraft account during 3 months, and in the contract with Red Bank has asked he to rea d and notify the bank of any errors contained in the statement within 15 days. Therefore, Ben or Fantastic Landscapes could not claim back $50000. When apply to combination of account, the Fantastic Landscapes has won in this lawsuit. The Red Bank has combined overdraft account and Account No 2 without any notice because they hear that this company has just lot a large landscaping contract and not working any more. Moreover, Red Bank has agreed Fantastic Landscapes to borrow maximum $100000, so they can not combine account without any notice to this company even though its overdraft account has reached to $100000. Therefore, Red Bank has to pay $10000 penalty fee for Fantastic Landscapes to the finance company. According to duty of the banker, the BLB (Big Lender Bank) does not have any duty to Fantastic Landscapes because in this case, its customer Minnie just is its client. Therefore, BLB do not have any duty to her company although she is a director in that company and she has committed fraud. Moreover, BLB do not care about how Minnie paid off her debt because Minnie did not withdraw money in the trust account. In addition, according to Thomson v Clydesdale Bank Ltd (1893) AC 282. BLB does not need to care about its customer detail particularly. Hence, the chances for Fantastic Landscapes win in this case in not to high than the case it won before when against Red Bank to reclaim $10000 penalty fee for finance company. CONCLUSION In conclusion, the Fantastic Landscapes has won in the case against Red Bank for compensation for $10000 penalty fee when they applied their case to combination of account. They won because Red Bank has committed the rule when combine two accounts without any notice to its customer. On the other hand, although the main fault belong to Minnie, the Fantastic Landscapes has failed in the case to recredit, its account when apply express term between it and the Red Bank. After all, the BLB do not have any duty to Fantastic Landscapes for compensation because when apply knowing receipt rule via Thomson case.

Essay --

Tara J. Yosso’s book Critical Race Counterstories along the Chicana/ Chicano Educational Pipeline uses a unique set of critical race counterstories focused on teachers and students in the Chicana / Chicano community. It reveals a great deficiency in appropriate U.S. education and investment but demonstrates the richness of the culture of minorities and interest in innovative approaches to education. This innovative work, in comparison to works published by many leading researchers, uses critical race theory to give stories along the educational pipeline from primary school to university. It is an absorptive work giving voices to the largest minority in the United States, presenting the latest demographic research on the status of Chicana / Chicano students’ education at the time of its publication in 2006. Within the first chapter, we are presented with the foundation for this research and the sad reality of Chicana/ Chicano education within the United States. In the U.S. the group with the lowest educational progress is the fastest growing racial / ethnic minority population – in o...

The Hero’s Journey

The Hero’s Journey In recent centuries, China has been subject to many foreign powers even on its own soil. In times of low national pride, martial art masters such as Ye Wen and Huo Yuanjia became national heroes, inspiring the Chinese people to prove their worth to visiting foreigners and preserve their sovereignty. Through a comparative study of heroic martial artists in the recent Chinese films Ip Man( ) and Jet Li’s Fearless ( ), this paper will explore how the stories that they tell relate to and critically reflect the â€Å"Hero’s Journey† narrative pattern identified by American Scholar Joseph Campbell.Campbell’s 2008 book The Hero With a Thousand Faces provides a theoretical frame for this paper. We will study how these martial artists’ personal stories inspire their community and the nation to overcome great hardship and how the filmic representation of their images represents the self-image of China as a nation. Drawing a parallel between these heroic images and China’s own journey toward self-reliance and national regeneration, this paper will argue that the narrative pattern of â€Å"A Hero’s Journey† could also project a meaningful reading of China’s own trajectory of social and economic growth as a nation.The first film that this paper studies, Jet Li’s Fearless takes place in the early 1900’s, half a century after the Opium Wars have resulted in China giving up territory to Western powers as well as diminished their rule over foreigners in Chinese cities. In this historical period, Western powers look down on the Chinese as the weak men of Asia. Likewise, despite his father being a martial arts master, Huo Yuanjia is not permitted by his father to practice wushu because of his asthma.After his father’s death, Yuanjia is able to practice wushu openly and begins to build his reputation as the â€Å"best of Tianjin. † Huo Yuanjia’s call to adven ture comes after tragedy strikes his family. Yuanjia is led by one of his disciples to believe that another martial artist, Master Qin, has beaten him without provocation. In the ensuing confusion, Yuanjia kills Master Qin and Master Qin’s nephew in turn kills Yuanjia’s wife and daughter. This personal tragedy can be contextualized in the historical period knows as the Boxer Rebellion.China’s reluctance to accept western ideals, specifically its rejection of Christianity, led to irrevocable conflict across the country in which many innocent people lose their lives. As portrayed by the film, one of China’s major weaknesses was its inability to adapt as the world around it modernizes and westernizes. A hero is not without mentors and ultimately must work to gain a treasure, which can then be used to transform the world. Huo Yuanjia is humbled by the tragedy that struck his life and learns to accept guidance from many around him.In a small mountain village h e is taught how to live in harmony with nature. Upon returning to Tianjin, he visits his old friend Nong Jinsun with a changed heart. Yuanjia knows that China’s image is in desperate need of refreshing and asks his friend to pay his way to challenge O’Brien, the US boxing champion, in Shanghai. Huo Yuanjia then undergoes many tests, finding allies and enemies along the way. He is invited to dinner and tea on occasion. The first invitation comes, again, from his friend Nong Jinsun.The two agree that China must realize the gravity of their situation and reunite to take back their sovereignty. Jinsun knows that Yuanjia can unify the country through martial arts and is so dedicated to the idea that he sells his successful restaurant in order to help open the Jingwu Sports Federation. Later, Yuanjia has tea with an arranged challenger, Anno Tanaka. Tanaka is prideful of his knowledge and taste for differentiating various grades of tea. In perhaps the deepest line of the fil m, Yuanjia explains to Tanaka that the tea does not judge itself, but people judge it, placing one above the other.In contrast, Yuanjia believes that the all tea is made equal by nature and the taste of the tea will reflect the attitude of the drinker. As for martial arts, there isn’t one superior style, but varying degrees of skill in each style. This explains China’s endangered situation at the time of the movie. The Chinese style of government and nationalism simply couldn’t withstand the pressure of outside forces. Finally, the hero Huo Yuanjia must  be severely tested in order to be purified by a last sacrifice.According to the film Fearless, Yuanjia’s sacrifice is literal. In a contest against four opponents, he is poisoned, even as he is near victory. China has its own internal conflict. Although the internal struggle was largely put on hold during the Second World War, the Chinese Communist and Nationalist Parties divided China one more time bef ore it could finally be united under Mao Zedong’s communist government. Tanaka declares Yuanjia the victor as he dies and becomes a hero behind which the Chinese can unite to fight the foreign influence.Resonating the theme of heroism and nationalism, the movie Ip Man is a great tribute to Ip Man, a great leader of China by example of his determination to achieve justice. This story takes place in Foshan, Guangdong region before and during the Japanese invasion of China in the 1930s. This invasion leaves a lot of Chinese people to be wrongly treated and also have an inappropriate and improper view of the actuality in strength that China has as a whole especially in numbers. What good can a high amount of people be if they aren’t all governed by the same organized and directive laws?The importance of effective and self-sufficient leadership is great and can be shown through the life of heroes like the martial artist Ip Man, a visionary leader of the Chinese people, who was able to bring hope, direction and most importantly greater unity to the local Chinese community Ip Man was a very important and influential master of Kong Fu in the history of China. Taking his heroic life and comparing it with the â€Å"Hero’s Journey† will allow readers to perceive what affects a Heroic figure had on a historical nation such as China.According to Joseph Campbell, there are various stages in the narrative pattern of â€Å"A Hero’s Journey. † The most important are: one, â€Å"The Ordinary World†; two, â€Å"The Call To Adventure†; three, â€Å"Refusal of The Call†; four, â€Å"Meeting with the mentor†; five, â€Å"Tests, Allies and Enemies†; six â€Å"The Ordeal†; seven, â€Å"The Road Back†; and lastly, eight, â€Å"Return With The Elixir†. In Ip Man, the first stage, â€Å"The Ordinary World†, is presented as the earlier life of Ip Man. He is extremely accomplished in t raditional Chinese martial arts and lives a quite life.As an ordinary person, he has no desire to become a master and teach others. Corresponding to Stage two, â€Å"The Call To Adventure,† Ip Man is brought to pass as the Japanese are introduced as invading China, which caused numerous Chinese to live in perilous conditions. Ip Man, as well, lost his home and many personal belongings. In a scene of the film, a Japanese General invites Chinese locals to challenge Japanese martial artists using their own styles of Kong Fu to judge which national martial arts are more powerful.The intersection between personal and national crisis is escalated in the third stage, corresponding to Campbell’s narrative pattern â€Å"Refusal of the Call†, when Ip Man chooses to fight against 10 Japanese fighters at once due to the very recent murder of his close friend. He triumphs at last, conquering his challengers. When he reviews this experience with his wife, he comments that his Kong Fu has no use in this current unfortunate situation for his country-men and friends since the whole nation is in a larger, much more dangerous and critical condition.Later a Chinese officer who later works as the interpreter for the Japanese brings the Japanese military to find Ip Man. This is when the fifth stage is visible, â€Å"Tests, Allies and Enemies†. Ip Man could see the apparent intentions that one Japanese officer had towards his wife. To save himself and his family from danger, Ip Man fights against all the soldiers and finally manages to flee. The story later progresses into stage six â€Å"The Ordeal†, when Ip Man dares to face the Japanese General in a fight to see whose Kong Fu can prevail.At this time Ip Man understands that whether he wins or loses, he is doomed to be unfairly killed. However, he knows that the dignity and glory of his nation rests on him and is dependent on his victory. Ip man then greatly triumphed in this match up, and the la rge crowd mostly consisting of Chinese locals cheered and chanted, â€Å"Ip Man, Ip Man†¦Ã¢â‚¬  but then out of nowhere a Japanese Colonel shot Ip Man, and seemed to have killed him, but luckily he lived on.Finally, corresponding to Stage seven, â€Å"The Road Back†, the film shows Ip Man willingly sacrificing himself to protect the workers in the cotton factory, when revealing his genuine care for them, his countrymen. Lastly, stage eight, â€Å"Return with the elixir† is that Ip Man finally establishes his belief that Chinese martial arts is founded in Confucian spirit, the essence of which is benevolence. This corresponds to the eighth stage in the Campbell narrative pattern, the return with the elixir, which to Ip Man, is this spirit of benevolence. This, the elixir is a treasure that the Hero brings back from his journey.It can be physical or an idea. In most wushu films, the elixir can best be compared to attaining a zen-like state where the hero gains int ernal peace and harmony with the world around him. To conclude, as a part of the Hero’s Journey, the hero must obtain some form of treasure or elixir. For Huo Yuanjia, the treasure was discovering the essence of wushu. Before his journey, Yuanjia was certainly a strong martial artist, but through his journey, he realized that the true power in martial arts is the ability to avert conflict and better oneself.For Ip Man, the true lesson that he obtained was that you must cherish your abilities using them for good and that even one person can accomplish great things as an example to others, causing many people to unite and become great. As a nation with dramatic changes in the recent decades, China has recently learned this lesson power in unity and good leadership as well. In 1971, The People’s Republic of China gained a permanent seat on the UN Security Council. Since then, China has worked peacefully to become a world power, with an average annual GDP growth rate of ne arly 10 percent in the last 20 years.And finally, Beijing had the honor of hosting the world’s athletes in the 2008 Summer Olympic Games. China has grown into a world power, and as any hero knows, with great power comes great responsibility. Through this process that is found through a hero’s journey, the audience are also invited to explore the importance of these heroes and their entire process of becoming real heroes and draw lessons from them. The same is true for China as a nation that may grow and progress by learning from the empowering examples of heroes on screen such as Ip Man and Huo Yuanjia. .

Essay about Anti-Miscegenation Statutes in the United States

Analyze and evaluate each case independently by providing the following (about two paragraphs per case): In 1948, Andrea Perez, a Mexican-American woman, and Sylvester Davis, an African-American man,filed a lawsuit against the Los Angeles County Clerk W.G. Sharp (Perez vs. Sharp, October 1, 1948).Earlier, they had sought a marriage license from the Los Angeles County Clerk’s Office but were denied such because Perez was racially classified as white and Davis as negro. â€Å"In this proceeding in mandamus, petitioners seek to compel the County Clerk of Los Angeles County to issue them a certificate of registry (Civ. Code,  § 69a) and a license to marry. (Civ. Code,  § 69.) In the application for a license, petitioner Andrea Perez states that she†¦show more content†¦For that reason, legislative classification or discrimination based on race alone has often been held to be a denial of equal protection. Yick Wo v. Hopkins, 118 U.S. 356 [6 S.Ct. 1064, 30 L.Ed. 220]; Yu Cong Eng v. Trinidad, 271 U.S. 500 [46 S.Ct. 619, 70 L.Ed. 1059]; hill v. Texas, 316 U.S. 400 [62 S.Ct. 1159, 86 L.Ed. 1559]. In 1958, two residents of Virginia, Mildred Jeter, a black woman, and Richard Loving, a white man, were married in the District of Columbia.. They got married in Washington D.C. because in their home state of Virginia the law still forbade interracial marriages, known in those days as miscegenation. After their marriage, they lived together in Caroline County, Virginia. The couple was then charged with violating the states anti-miscegenation statute, which banned inter-racial marriages. In 1959 they were found guilty of violating the law and both were sentenced one year in jail, although they were promised the sentence would be suspended if they left the state and did not return for 25 years. The Equal Protection Clause of the United States Constitution (Constitution) prohibits classifications drawn by any statute that constitutes arbitrary and invidious discrimination. The fact that VirginiaShow MoreRelatedThe Statutes Pave V. Alabama Loving V. Virginia Essay1364 Words   |   6 PagesAssignment 2: The Statutes- Pace v. Alabama Loving v. Virginia Ashlee R. Hall PAD 525: Constitution Administrative Law Dr. Lee January 29, 2012 Was there ever a period in history where interracial marriages and sex among people of different races was considered illegal? As absurd as this idea sounds, the answer is yes. Astonishingly, less than 40 years ago marrying someone of a different race was considered illegal. Black people could not be with white people- it justRead MoreLoving V. Virginia, Introduction, Facts, Legal Background1567 Words   |  7 PagesVirginia to marry, or to live as husband and wife. Prior to the 1967 case of Loving v. Virginia, many states had laws that banned the intermarriage of whites with black or other minorities. The United States has a long history of the existence of anti-miscegenation laws that forbid interracial marriage. The case presents the constitutional question whether a statutory scheme adopted by the State of Virginia to prevent marriages between persons solely on the basis of racial classifications violatesRead MoreCivil Liberties And Civil Rights1500 Words   |  6 Pageslook a t some of the historical context which would have found me jailed. Lastly, we will conclude by looking at the impact of the U.S. Supreme Court s landmark decision which has preserved my civil liberties as well as my civil rights. In the United States, civil rights and civil liberties are two concepts which have been interwoven into the fabric of our nation since its inception. Civil liberties can be defined as the rights and freedoms intrinsic to the human person. As such, civil liberties canRead MoreRichard Loving, A White Man And Mildred Jeter913 Words   |  4 Pagesviolating Virginia’s Anti-miscegenation Statue. That bans inter-racial marriages. The Loving’s were found guilty and sentenced to a year in jail but the judge offered to suspend their sentence if the Loving’s were to leave Virginia and not return for 25 years. ï‚› Racial integrity Act of 1924 prohibited interracial marriage and was passed by the General Assembly to protect â€Å"Whiteness† from negative effects of race-mixing. ï‚› What is the Question: ï‚› Did Virginia s anti-miscegenation law violate the EqualRead MoreHow The Virginia State Statue Of Anti Miscegenation And The Fourteenth Amendment Essay2353 Words   |  10 Pagesand marriage in the history of the United States, I decided to write a reflection on my thoughts views, fact findings and information regarding biracial marriages and segregation laws that were discriminatory in history. I read the short story about the Loving family and their pursuit to the Supreme Court in 1967, I thought of my own family history and realized that my paternal grandparents would’ve been prosecuted had they lived in Virginia or any other state that prohibited bi-racial marriagesRead MoreEssay on Loving v. Virginia (388 U.S. 1)2059 Words   |  9 Pagesguilty in violation of the states anti-miscegenation statute. Mr. and Mrs. Loving were residents of the small town of Central point, Virginia. They were family friends who had dated each other since he was seventeen and she a teenager. When they learned that marriage was illegal for them in Virginia, they simply drove over the Washington, D.C. for the ceremony. They returned to Virginia and were arrested the following month for violating the anti-miscegenation statute, which was declared in the RacialRead MoreThe Supreme Court and Civil Rights Essay991 Words   |  4 Pagesand procedural guarantees in criminal and civil rights,† (Dawood). It was not until 1791, that the Bill of Rights was appended to the constitution, which helped clarify these rights to citizens. â€Å"Rights were eventually applied against actions of the state governments in a series of cases decide by the Supreme Court,† Dawood stated. In previous years (1790-1803), the Supreme Court had little say in decisions being made by government. As time went on the Supr eme Court took on more responsibility and startedRead MoreShould Same Sex Marriage Be Legal?2556 Words   |  11 PagesBlock F June 10, 2015 US History: Definition of a â€Å"Real Marriage† Can the US government define a marriage in 2015? In the United States, marriage is defined as â€Å"a formal union between a man and woman† [New York Times]. It is estimated that 229 million people currently are legally married in United States [Freedom to Marry]. But at the same time only thirty-six states including the District of Columbia is where same sex marriage is legal [Freedom to Marry]. Recent controversy about same sex marriageRead MoreThe Life Of Mildred Delores Jeter And Musiel Byrd Jeter1239 Words   |  5 Pagesthe 1960s when she and her husband, Richard Loving, successfully challenged Virginia s ban on interracial marriage. Mildred didn’t want to become an activist in the Civil Rights Movement, because all she wanted was to marry the man she loved in the state of Virginia where she was born. As a girl, Mildred was so skinny she was nicknamed String Bean, which was eventually shortened to Bean by her future husband, Richard Loving. Mildred was attending an all-black school when she first met Richard Lo vingRead MoreAmerican Government733 Words   |  3 PagesThe Supreme Court case Loving v. Virginia (1967) resulted in the striking down of state laws that prohibited whites and African Americans from marrying. Mildred Loving, one of the parties in the case, issued a statement on the fortieth-anniversary of her case in which she urged that same-sex couples be allowed to marry. Q. Are the two issues—laws prohibiting interracial marriage and laws prohibiting same-sex marriage—similar? Why or why not? I believe laws prohibiting interracial marriage and

Virtue Ethics And Care Ethics - 1938 Words

As various ethical theories continue to be debated, it can be difficult to determine which model provides the best criteria. However, two theories in particular—virtue ethics and care ethics, have continued to catch much attention since the mid-twentieth century. Although each of these theories are often associated with one another, they both contain their own distinct philosophies. As a result, it is important to clearly understand what each theory entails before concluding that one is derived from the other. Although virtue ethics and care ethics share similar beliefs and rejections, virtue ethics is clearly separate from care ethics. Virtue ethics, tracing its roots back to the Middle Ages, stresses the importance of an individual being virtuous, which comes from developing a virtuous personal character. It also allows for the possibility of many right choices, since virtuous people can make choices differently. Aristotle was the only person to come up with a â€Å"c lear-cut† virtue theory. He believed that people should be virtuous in order to achieve happiness, or eudaimonia. Additionally, Aristotle found that in order to become virtuous, a person must know the right thing, intend the right thing, and have their actions stem from their established character. He also came up with term â€Å"golden mean†, which seeks to achieve a balance in one’s virtues. For instance, Aristotle felt that one should find a balance of anger. When seeking a balance of anger, it isShow MoreRelatedThe Ethics Of Care, And Virtue Ethics955 Words   |  4 Pagesperfect moral philosophy, which is why I will be taking bits and parts from the five different one to make one which fits my life style and morals. The five I will be dissecting are, Utilitarianism, Social Contract Theory, Kant, The Ethics of Care, and Virtue Ethics. Utilitarianism is a theory which I can agree with, mostly. I would like to do what makes the majority of people happy, however, it might not always be the correct decision. An example would be people at a workplace each decide toRead MoreVirtue Ethics and Ethics of Care Essay2348 Words   |  10 PagesFried Pataters Mr. Hahn Phil 2310 10 May 2010 Virtue Ethics and Ethics of Care Aristotle and Rita Manning both have different theories when it comes to ethics. Aristotle uses virtue ethics to answer questions about morality whereas Manning uses what is called ethics of caring to do the same thing. Virtue ethics claims people’s actions aim towards the highest good of happiness. From happiness, moral virtue stems from reasons governing the desires of the soul. Manning on the other hand believesRead MoreUtilitarianism, Virtue And Care Ethics930 Words   |  4 PagesThe three ethical theories I will discuss from Chapter 1 include: utilitarianism, virtue and care ethics. First, the utilitarianism is moral standard and a theory of action by humans that are morally right in action. Utilitarianism is an action that is morally right if its consequences are more favorable. One way for businesses’, as our reading suggests (Fieser Moseley, 2012), is make a list of all the good and bad for any particular act. If the good outweighs the bad then that act ion shouldRead MoreConsequentialism, Non- Consequentialism, Virtue Ethics and Care Ethics1742 Words   |  7 PagesIntroduction This essay will provide a theoretical understanding of the four ethical frameworks: Consequentialism, Non- Consequentialism, Virtue Ethics and Care Ethics. When applied to a situation these frameworks help teachers to resolve and justify their decision making. The objective is to apply the four frameworks to the scenario Helping Molly, to establish the most ethical course of action. Finally, a recommended course of action will be justification. 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Ethical systems provide a foundation, in a variety of areas, for individuals in determining, morals, and actions within their lives (Pollock, 2015). Individuals may fit various characteristicsRead MoreThe Moral Life Written By Louis P. Pojman And Lewis Vaughn983 Words   |  4 Pagesthis purpose, we have ethics that we use in our everyday lives. According to the book The Moral Life written by Louis P. Pojman and Lewis Vaughn, ethics is defined as the study of morality using the methods of philosophy, and morality concerns beliefs about right and wrong actions and good and bad persons or characters (pg.1, 2014). There will be times when our personal ethics and believes will be challenged by others who have different views and believes than ourselves. Ethics is used when a problemRead MoreAristotle : Aristotle And The Moral Values Of Aristotle1725 Words   |  7 Pages chemistry, ethics, metaphysics, history, logic, philosophy of science, rhetoric, philosophy of the mind, poetics, psychology, physics, zoology and political theory. Aristotle’s understanding of moral virtues is that it stands between the great divide of a set of characteristics being a state of excessiveness and a state of lacking there of a virtue; if not all virtues. For example, if a person displays courage, then that deems it a moral virtue according to humanities code of ethics. But when courageRead MoreEthical Theories Of Normative Ethics1259 Words   |  6 PagesOver the last couple of weeks in Philosophy 103, we learned five theories concerning normative ethics: utilitarianism, duty ethics, virtue ethics, care ethics, and natural law ethics. While learning about those theories, I often thought about how the arguments for some theories included interesting ideas that I personally agreed with, but the methods of reasoning were somewhat lacking. Contrastingly, I encountered theories with arguments that were not thought-provoking ideas at first, but I becameRead MoreHU4640 Project Part11650 Words   |  7 PagesIntroduction to Ethical Theories ITT Technical Institute, Hanover MD Mathew Leetch HU4640 Ethics July 22, 2015 An Introduction to Ethical Theories Abstract This paper is going to discuss Ethics and Ethical Theories. It will include an introduction to ethical theories, virtue ethics, and care ethics. There will be sections discussing absolutism versus relativism, consequentialism versus deontological ethics, and lastly, free will versus determinism. It will also include a discussion about the study

Article Review of David Aakers Secrets of Social Media...

Businessweek article review Aaker, David. (2012). Secrets of social media revealed in 1966. Businessweek. Retrieved: http://www.businessweek.com/managing/content/jun2011/ca20110617_657629.htm According to the article Secrets of social media revealed in 1966 by David Aaker in Businessweek, many of the current principles embodied in Internet marketing were known amongst savvy persuaders even before the current technological age. A 1966 study by Ernest Dichter revealed that word-of-mouth persuasion was one of the most important motivational factors in brand choice. Internet marketers clearly understand this, given the degree to which they try to use online review websites such as Yelp and bloggers to convince people to buy products. This is often seen as more effective in reaching a cynical audience base than standard types of advertising. Dichter found that there were four motivations for a person to communicate about brands. The first (about 33% of the cases) is because of product-involvement. The experience is so novel and pleasurable that it must be shared. The second (about 24%) is self-involvement. Sharing knowledge or opinions is a way to gain attention, show connoisseurship, feel like a pioneer, have inside information, seek confirmation of a persons own judgment, or assert superiority. The third (around 20%) is other-involvement. The speaker wants to reach out and help to express neighborliness, caring, and friendship. The fourth (around 20%) is

Supremacy of Shareholder Interest-Free-Samples-Myassignmenthelp.Com

Question: Assume you have been employed as a Corporate Governance Consultant by the Australian Institute of Company Directors (AICD). The AICD is concerned that many company directors hold the opinion that the companys board of directors has a responsibility to place the interests of shareholders above all other stakeholder interests. Your assignment is to prepare a report to be submitted to the AICD evaluating the evidence that the responsibility of a company director is to place shareholder interests above those of other stakeholders. Answer: Introduction One of the key characteristics of companies or corporations, as they are known in Australia, is the separate legal entity. As per this concept, the corporation has a separate status from its owners and from the ones who are responsible for running its operations (Wibberley, Chambers and Gioia, 2017). Based on this concept, the companies have been stated to have the two objectives of surviving and thriving. And it has also been stated that the shareholder value is not the sole objective of the company, as that is the result of the activities which are undertaken by the corporations. The shareholders trust the directors of the company and in turn, they are treated as just the audience of the board. Ad hence, being the audience, they are called the stakeholders, putting them in the category of other stakeholders like the bondholders, customers and NGOs. And ultimately, the directors have to chose between the different audiences and place them on a hierarchy of significance (Eccles and Y oumans, 2015). However, this report presents an altogether different view. Through this report, an attempt has been made to show that the interest of the shareholders is kept supreme by the board of directors of the company. This has been done through examples and evidence brought forward. Lastly, before drawing up the conclusion, some recommendations have been drawn which can guide the board to be more responsive towards the different stakeholder audience. Theories Proprietary theory is amongst the theories which give importance to the view of the shareholders supremacy. This theory has been evolved from the from the ownership of sole proprietor form, and has influenced the management practices and the corporation regulations. Under this theory, the shareholder is solely focused when the objectives of the organization are drawn. So, this theory is focused upon the interest of the owners, which are the shareholders who hold the shareholding in the company. Based on this theory, the profits are seen as distributable to the owners or continue to remain with the company so that the same can be used for increasing the wealth of the owner. And many of the elements of this theory can be seen in the contemporary corporate governance practices, particularly the OECD principles on corporate governance, which have been discussed later on. Another basic example of this is in the terminology used, where the dividends denote the distribution of profit, and t he interest which is paid to the creditors is deemed as the companys expense (Godfrey et al. 2017). Another theory which acts as a safeguard of the stakeholders, but is more or less concentrated upon shareholder interest is that of the company is the entity theory. Under the entity theory, the doctrine of separate legal entity is given supremacy. Hence, based on this concept, the owners of the company, which is the shareholders in this case due to them holding the shares in the company, have to be treated in a separate manner as the company. Further, the rights and liabilities of the owners of the company and that of the company are to be dealt with in a separate manner (Schneeman, 2009). This theory also upholds the value of accountability. Under the traditional view of this theory, it is assumed that the company operates for benefiting the ones who provide the funds for entity and based on this approach, the equity holders manage the funds. However, the new interpretation of this theory states that the entity is only concerned with its own survival and for this, good relationship is to be maintained with the equity holders as they provide the additional funds. So, unlike the stakeholder theory, the entity stands for the supremacy of the shareholder interest. OECD Principles When the OECD Principles regarding the corporate governance are looked at, even they seem to be biased towards the shareholder rights. These rights have been drawn so as to secure the ownership registration method, the relevant and material information being obtained from the company on regular and timely manner, conveying or transferring of shares, sharing of company profits, electing and removing the board members, and participating and voting in the general meetings. It has also been stated by the OECD that the shareholders should be given a right of participation and being informed on the fundamental corporate changes related decisions (OECD, 2015). Even the other statements made by OECD are concentrated upon the shareholder interests. This makes it very clear that not only the theories related to corporate governance are biased towards the supremacy of the shareholder interest over the interest of the other stakeholders the same is the case for the OECD Principles. Supremacy of Shareholder Interest Shareholders are those people, who invest their money in the company, and on the basis of this invested money, the company gets the capital to carry out its operations and further grow and diversify itself. This makes it obligatory for the board of directors, to keep the interest of the shareholders supreme. This can be evidenced at the different places, where time and again, the shareholders interest has been given supremacy. Some of these have been summarized below. Piercing Corporate Veil The concept of separate legal entity, in the nation, has been used simultaneously with the doctrine of piercing the corporate veil. This principle was born from the case of Salomon v Salomon Co [1897] AC 22 (Kershaw, 2012). This concept has continued to be unexpurgated from the Anglo-Australian corporate law for over a hundred years. The company acts in its own rights and it does not act as an alias for the controllers. Hence, the shareholders are not liable for the debts of the company, beyond what has been their initial capital investment. The shareholders are often denied the protection from the limited liability, in such cases where the court deems it necessary to pierce the corporate veil. The court can also pierce the corporate veil of the company when this is requested by the shareholders of the company. In the case of Pioneer Concrete Services Ltd v Yelnah Pty Ltd (1986) 5 NSWLR 254, it was stated that the separate legal status of the company would be set aside and the legal personality of the real controllers would be looked in cases, where the court deems fit (Ramsay and Noakes, 2001). The agency is one of the grounds in which the veil of the company is lifted. Agency has been, in this sense, often used interchangeably with the alter ego of the shareholders. And in such cases, in order to protect the other shareholders of the company, the veil is pierced to ascertain the degree of effective control where the company is deemed as the shareholders agent. In cases of unfairness also and for the interest of justice to prevail, in RMS Glazing Pty Ltd v The Proprietors of Strata Plan No 14442 (Unreported, Supreme Court of New South Wales, Cole J, 17 December 1993), the director was held liable for the losses regarding the contracts which he entered with the plaintiff. So, to uphold the interest of the other shareholders, even when some of the shareholders are involved in such actions, the court lifts the corporate veil, so that the rights of the other shareholders can be protected (Ramsay and Noakes, 2001). Class/ Collective Actions Even though the collective action proceedings can be brought in different jurisdictions in the nation, under the different legislations, they are general brought under the NSW, Victorian or the Federal Courts. Class actions give the rights to the shareholders of a company, to uniformly ring action against dispute which has been raised. In the Australian class action landscape, the shareholder class actions are not only growing but also are being dominating. The security holders form the major proportion of the people bringing the class actions at the present. The prominence of the product liability claims by the investors and shareholders have increased. Around 60% of the proceedings which had been filed under the Part IVA of the Federal Court of Australia Act 1976 (Cth), were brought through the shareholders and the investors (Newbold, Murphy and Watts, 2016). In the shareholder class actions, the causation remains a key issue. In the case brought before the court, i.e., the case of HIH Insurance Limited (in liquidation) Ors [2016] NSWSC 482, the actions were brought by the plaintiff shareholders, who had purchased the shares in publicly listed company at prices which were inflated, were allowed to recover the loss without having the need to show a direct link between the decision to purchase and the misleading and deceptive conduct of the company (Adams, 2009). Corporations Act Corporations Act, 2001 (Cth) is an act of commonwealth which is applicable in the whole of Australia. Under this act, the directors have been given the responsibility to govern the company on behalf of the shareholders. The wordings are emphasized upon shareholders, instead of stakeholders (Cassidy, 2006). As per section 198A(1) of this act, the business of the company has to be managed under the directions of, or by the director of the company (ICNL, 2017). Along with this, the duties of the directors have been contained in Part 2D.1 under Chapter 2D (Federal Register of Legislation, 2017). The emphasis of these duties is to run the affairs of the company in a diligent, faithful and proper manner, so that the rights of the shareholders are protected. Due to the interest of the director of the company, the shareholders have to be given the top priority and the best interest of the company has to be given the priority always (ASIC, 2017). The supremacy of upholding the rights of the shareholders can further be emphasized from the right which has been given to the shareholders to inspect the books of the company. This right has been given to the shareholders under section 247A of the Corporations Act (Australian Government, 2017). Under this case, the right is granted when the court is satisfied that the shareholder acts in good faith and for proper purpose, wants to inspect the books. The leading cases in which this right was upheld and the scope of this section was considered, were in the cases of Mesa Minerals Limited v Mighty River International Limited [2016] FCAFC 16, Acehill Investments Pty Ltd v Incitec Ltd No SCCIV-02-1419 [2002] SASC 344 and Hanks v Admiralty Resources NL [2011] FCA 891 (Mainprize, 2017). Section 1324 of the Corporations Act, 2001, which was erstwhile known as section 574 of the Corporations Law, gave the legal standing to the regulator, i.e., the Australian Securities and Investments Commission, along with to such individuals, whose interest were to be affected, to obtain a declaration from court or an injunction against the directors and the others, who contravened the statutory duties, which have been placed down under the act. Through this section, the court can award damages to the person who has brought the action, along with to such actions, where the relevant plaintiff may be associated (Australian Institute of Company Directors, 2005). The oppression of minority shareholders is something which is common to each and every act related to the governing of companies, in the different nations. In such cases, where the shareholders get the feeling that they are being oppressed, due to being in minority or that they are being dominated by the majority shareholders, or anyone else, they can bring the action to the court against the oppression of their rights. Through the Corporations Act, the Supreme Court of NSW, along with the other courts, have been given the discretion to make the order in such cases, where the conduct of the director is found to be contrary to the interest of the members of the company, unfairly prejudicial or oppressive. However, even when the law has provided this safeguard to the shareholders, often, the court refuses to wind up the company which is solvent, even with the presence of oppression of the minority shareholders by the board of directors. These issues have been considered and the prime example of this issue being solved was seen in the case of Hillam v Ample Source International Ltd (No. 2) (2012) FCAFC 73 (BRI Ferrier, 2015). In this case, it was held that that the minority shareholders of the company were oppressed owing to the demeanor of the board of director. Along with this, notwithstanding the solvency, it was deemed as the right decision to wind up the company up and to allow for the assets of the company to be distributed amongst the shareholders (Gibson Howlin Lawyers, 2012). Through the minority oppression section, in particular, section 232 of this act, the wide ranging powers grant the relief to the shareholders in case the affairs of the company are contrary to the interest of the shareholders in an entirety, or where there is an unfairly discriminatory, oppressive, or prejudicial, conduct against the shareholder(s) in any capacity. However, a key requirement here is that the unfairness had to be present and merely the discrimination and prejudice would not suffice (Australian Institute of Company Directors, 2013). Recommendations The discussion carried above has highlighted that the company directors can still undertake a lot of steps to show there responsiveness towards the diverse stakeholder audiences, including the shareholders of the company. There is a need for the directors to strictly take actions against such shareholders in a timely manner, so that the court does not fine the need to intervene and to lift the corporate veil. Moreover, in such cases, by effectively taking the steps, for instance, by blowing the whistle or by bringing the matter to the board of directors, such issues can be addressed at the proper time. The class actions are another aspect in which the enhanced role of the board can save the interest of the stakeholders. Before a class action is initiated and the matter is brought before the directors, they should effectively address the issues and even place the before the board of directors and the committees of the board. This would enable the matter to be resolved, without having to go through the litigation process, which is both timely and cost consuming process. Moreover, there is a strict need for adherence with the provisions of the Corporations Act, which act as guidance for the directors, towards safeguarding the interests of the stakeholders, primarily the shareholders. Conclusion From the point presented in the preceding parts of this report, it can be concluded that the shareholder interest is something, which is kept supreme by the directors of the company. This is primarily due to the governing act, i.e., the Corporations Act, 2001, which makes it obligatory for the directors to keep the interest of the shareholders of the company, as the top priority. The discussion initiated with the concept of separate legal entity which gives the companies, a separate status from its owners and the ones who run the business of the company. A related concept to this doctrine is the principle of corporate veil piercing, where in just cases, the court can pierce the corporate veil of the company, to hold the people who actually undertook a particularly unfair task, liable for their acts. The veil is pierced so that the interests of the directors can be upheld. The discussion also highlighted the manner in which the corporations act and the class actions help in keeping th e interest of the shareholders protected and hence, at supremacy level for the directors. Lastly, the recommendations presented here, act as guidance for the company directors to improve upon the interest of the stakeholders, which include the shareholders of the company. References Adams, M.A. (2009) Australian Corporate Governance: Lessons from HIH Insurance. [Online] Australasian Legal Information Institute. Available from: https://www.austlii.edu.au/au/journals/ALRS/2005/1.html#fnB8 [Accessed on: 29/07/17] ASIC. (2017) Directors' key responsibilities. [Online] ASIC. Available from: https://asic.gov.au/for-business/your-business/tools-and-resources-for-business-names-and-companies/asic-guide-for-small-business-directors/directors-key-responsibilities/ [Accessed on: 29/07/17] Australian Government. (2017) Corporations Act 2001. [Online] Australian Government. 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