Law - Incorporation - China - Contract Law - Assessment Answer

Without any formality of the type covered by s 127. For example, a checkout operator in a supermarket enters into contracts on behalf of the corporation they are employed by, because selling groceries lies within the implied authority of a checkout operator.

A Co does not have to have a common seal - s123 makes having a seal optional. If a Co has a common seal it must reflect the wording prescribed in s 123(1). Use of a seal not carrying the prescribed info is an offence - s 123(3).

When used, s 127(2) requires that the seal be attested by

2 directors or
1 director and the Co Sec or

where a Pty Co has only I director who is also Co Sec, that person
When a Co assents without using a seal, then s 127(1) requires signature by

2 directors or
1 director and the Co Sec or
where a Pty Co has only I director who is also Co Sec, that person

Section 127(3) states that a Co may execute a document as a deed in either of the ways stipulated in ss 127(1) or (2).
A person is entitled under s 129(6) to assume that a doc has been executed under seal if the seal appears to have been affixed under s 127(2) and to have been witnessed as required by that section.

Similarly under s 129(5) a person can assume that a document has been assented to without seal if's 127(1) appears to have been complied with.

Note that the s 128(3) assumptions can be made even where a sealing or attestation are forgeries.

Exercise

Fred was appointed as a salesman by Silver Star Motors Ltd, which sells luxury cars. One of the conditions of his appointment was that he could not give discounts of more than 5% on cars without the approval of his regional Sales Manager. One Friday, towards the end of the financial year, Fred was approached by Tom, who is the Vehicle Purchasing Manager for Hyatt Hotels Australia Pty Ltd. Tom has been given the job of buying a new fleet of cars to take hotel guests to and from the airport. He says that he is willing to purchase six Mercedes Benz 450SE cars. Fred is desperate to make his sales quota for the year and says he can give Tom a 15% discount. Tom says that he will get back to Fred later that day.

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