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Answer: The 2001 Corporation Act regulations suggest that companies must act in good faith. In addition, it also states that each company must disclose its personal and material interests to the government. Furthermore, every company must use its position and other information correctly. Any action against these set laws might lead to dire consequences.
Answer: There are two principal sources of company law, Case or Common Law and Legislation Law. The judges make common-Law of the court. On the other hand, the legislation is made by the Parliament. Other than that, company law also includes contract and human rights laws.
Answer: The fundamental principle is that a corporation is a separate legal individual. And any action taken by the company will be accountable for its actions. The individuals involved with corporations will not be accused; rather, the company itself would have to answer.
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