How to prepare:
OPEN-book Exams
How to prepare:
Open-book exams are exams which you are permitted to bring in some texts/materials with you. This is to HELP you answer questions. It is NOT to provide new information for you.
You must be well-prepared. This means you must have studied each topic and know the material. That is why your lecturers reinforce such as relevant sections of the Acts, be it Corporations Act, ITAA36, ITAA97, etc. Remember, preparation commences in week 1!
You have study guides that have been prepared to assist you. These are very useful and many students have commented on their worth, forming part of the study material.
You have videos provided, by your lecturer and included in the study guides.
Each week, give yourself QUALITY study time. This means setting aside time, be it in the evenings and/or the weekends where you can fully focus on the unit. This can be on your own or with a study buddy, whatever is the most effective for you.
Take notes in class. You can then put them into a word doc. that night which also acts as a refresher plus they will be used as part of your study material.
Engage in class. Ask questions. If you are given tutorial questions to take home and attempt, then do it. This is for your benefit only and will help you understand the topic.
Tab the textbook. You will get a feel for what you need to tab in class. By doing this, it will enable you to locate quickly, be it during study time or in the final exam.
Finally, if you are still unsure as to how best approach, talk to your lecturer or to a T&L consultant. And dont leave it too late. No-one can help you if you seek help in week 7!
How to answer the exam
It is expected that just as is the case with Closed-book exams, you will know most of the topics being examined. Open-book allows for you to use text/notes to support your answer, NOT TO FIND THE ANSWER.
Read each question carefully so that you have a clear understanding as to what is being asked. Remember, generally it would be expected that you would support your answers with relevant sections of Acts and/or precedents (previous cases that form a basis for future decisions by the courts where cases are similar). You must be careful to ensure that sections and/or precedents are relevant so again, the amount of quality study preparation that you have undertaken will be very important.
What if you get stuck on a question? Dont spend time trying to find the answer. Move on to another question. Answer as many questions as you can before trying to attack a question you do not know.
And watch the time. Each question should be measured. If there are 60 marks and the exam is of 3 hours, then a 10-mark question, you should spend no more than 30 minutes.
Dont over-answer! This is a common trap that students fall into. Writing 6 pages for a 10-mark question because you know the answer will be a waste. You will be eating up valuable time that you should be spending on other questions. Answering a 10-mark question like this will risk not having sufficient time to complete the exam paper and may jeopardise your chances of passing.
You are provided with exam advice so make sure you read it through carefully. Apart from providing you with advice regarding the exam structure, there are lots of good tips.
Open-book exams are only harder if you are not prepared!
Good luck!
BBAL401
Company Law Term 3, 2022
Final Examination
(3 hours with 15 minutes reading time)
Student Number: _________________________________________
Seat Number: _________________________________________
Total MARKS available 50 (worth 50 % of total subject assessment)
PART POSSIBLE ACTUAL
A 10 B 15 C 25 TOTAL 50 SPECIAL INSTRUCTIONS TO STUDENTS:
This is an OPEN BOOK Exam. All material is permitted except electronic devices.
You are required to TURN OFF ALL MOBILE PHONES and place them in your bag. You are NOT allowed to have a mobile phone with you or on your person at any time during the examination.
Students should read the questions carefully.
This paper consists of three sections.
Answers to Sections A, B and C should be written in the Answer Booklet provided.
NO EXAMINATION QUESTION PAPER (OR PART THEREOF) IS ALLOWED TO LEAVE THE EXAMINATION ROOM - PLEASE RETURN IT TO THE EXAMINATION INVIGILATOR AT THE END OF THE EXAMINATION.
PLEASE NOTE: Copying directly from the textbook, slides, etc. is not acceptable. You should answer all questions demonstrating your understanding and comprehension.
Part A:
Ten (10) MCQs. Each MCQ carries only 1 mark, total Ten (10) marks.
You should answer all questions.
You should allocate Thirty (30) minutes to this section.
LO 2, 3, 5 and 6.
(Total 10 marks)
PART B:
Three (3) short answer questions- total Twenty (15) marks.
You should attempt ALL questions.
Remember to include any relevant sections of the Corporations Act and common law cases in your answers.
It is suggested that your answer to each question should be no longer than a short paragraph.
Time you should allocate is Fifteen (20) minutes per question, a total One (1) hour.
Explain to your client a concept from LO 6?
marks)
Explain to your client another concept from LO 10?
(4 marks)
Explain to your client a concept from LO 6?
(6 marks)
(Total 20 marks)
Part C:
A short case study worth 20 marks.
You should refer to relevant sections of Corporations Act 2001 and any relevant common law case.
You should allocate One (1) hour and Thirty (30) minutes to this section.
REQUIRED:
ASIC has asked for you to prepare a brief and advise them of the following-
Discuss the issues and apply the rules in LO 8-9.
(10 marks)
Explain the issues and apply the rules in LO 14
(15 marks)
(Total 25 marks)
END OF EXAM
Exam Practice questions week 6
Part A Revision-
Module/chapter 6
3:30-4:15 read and prepare answers
Feedback and class discussion 4:15-4:30
READ THE FOLLOWING CASE STUDY.
YOU MUST USE IRAC TO ANSWER THESE QUESTIONS.
YOU MUST SUPPORT YOUR ARGUMENTS WITH CASE LAW AND STATUTE LAW.
Jackie and Bruce are the directors of a company called Karate Australia Ltd which runs a number of schools teaching students the ancient art of Karate. Chuck is a shareholder of Karate Australia Ltd and has a number of issues concerning the way in which the karate business is being operated. Advise Chuck on the following:
Karate Australia Ltd has not called an AGM for two years. Does Karate Australia Ltd need to hold regular meetings?
Karate Australia Ltd is extremely profitable, but it has never paid a dividend as Jackie and Bruce are very conservative and think Karate Australia Ltd needs to retain the cash to have a buffer to protect itself just in case there is an economic slowdown. Can Chuck force Jackie and Bruce to declare a dividend?
Part B Revision-
Module/chapter 8-9
4:30-5:00 read and prepare answers
Feedback and class discussion 5-5:15
READ THE FOLLOWING CASE STUDY.
YOU MUST USE IRAC TO ANSWER THESE QUESTIONS.
YOU MUST SUPPORT YOUR ARGUMENTS WITH CASE LAW AND STATUTE LAW.
Stationary Pty Ltd is a company that sells high end stationary products. Unfortunately, sales have dropped recently. The company hires Rick Pen, a New York-based consultant, to advise it on how to increase sales. Stationary Pty Ltd also names Rick to its board as a non-executive director. Rick does not make it to Australia very often and although the company arranges a dial-in number so that Rick can participate by teleconference, Rick forgets to call in to most of the companys board meetings, which take place in the middle of the night, New York time.
Rick is not that concerned, though as he says, Im only a marketing person. I dont know how to run companies. Anyway, the other directors and outside advisers will tell me whatever I need to know.
In the meantime, Stationary Pty Ltd issues its year-end financial statements. Neither Robert, a non-executive director who is an accountant by trade, nor the outside accountants or auditors realize that the financial statements neglected to disclose that Stationary Pty Ltd had just borrowed $50 million from Bad Bank. The error made Stationary Pty Ltds financial situation look significantly healthier than it in fact was.
Discuss the potential liability of Stationary Pty Ltds directors under section 180 of the Corporations Act, including any defences they may have.
Part C Revision
Module/chapter 10
5:15-5:45 read and answer the questions
5:45-6:00 class discussion
READ THE FOLLOWING QUESTIONS.
YOU DO NOT USE IRAC TO ANSWER THESE QUESTIONS.
YOU MUST SUPPORT YOUR ARGUMENTS WITH CASE LAW AND STATUTE LAW.
What is a company share?
Who determines whether new shares are to be issued by a company? What needs to be considered?
