FINSIA C3
Terms
- 2.1.6) Enforcement Remedies of ASIC
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- Criminal proceedings
- Civil proceedings
- Administrative actions
- Enforceable undertakings
- 2.2.3) Enforcement of Listing Rules
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- Delisting (ASX can do alone)
- s1101B: application to court for a contravention (restrained dealings, contracts void, orders)
- s793C: application to court for a contravention (direct compliance)
- 2.2.3) Important Listing Rules
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- 7.1: 15% placement rule
- 10.11/10.14: shareholder approval for issue to securities, directors & related parties
- 10.17: shareholder approval for increases to total directors' fees
- 11.1/11.2: shareholder approval to make
- 2.2.3) Minimum listing requirements -assets/profit test
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- $1m profit last 3 years, $400k net profit last 12m
- $2m NTA
- $10m market cap
- 2.2.3) Principles underlying ASX Lisitng Rules
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- listing and quotation principle
- market information principle
- regulatory principle
- trading and settlment principle
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3.2) Characteristics of an acceptance
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- Must be unequivocal
- May be inferred by conduct
- Mode of acceptance may be fixed by the offeror or implied by law
- Generally, acceptance must be communicated
- 3.2) Characteristics of an offer
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- firm, intention to be bound without further negotation/discussion, upon acceptance (as opposed to invitation to treat
- must be certain - clear terms
- must be communicated to the offeree
- can be made to one or more persons
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- 3.2) Characteristics of consideration
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- must be current
- must not be illusory
- must be sufficient (i.e. something of value)
- must move from the promise
- 3.2) Essential elements to a contract
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- Offer and acceptance
- Consideration
- Intent to create legal relations
- Capacity to contract
- Genuine consent
- Lawfulness of object
- 3.2) Types of actionable mistakes
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- common mistake
- mutual mistake
- unilateral mistake
- 3.6) Methods of discharge of contracts
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- performance
- agreement
- frustration (extreme force majeure)
- termination (contractual right or implied right)
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3.7) Remedies for breach of contract
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- Damages
- Injunction
- Specific Performance
- Recission
- Rectification