1. Briefly describe 2 (two) replaceable rules relating to directors.

Make sure you refer to 2 (two) sections from theCorporations Act 2001 (Cth)to support your answer.

2. Explain the main legal principle from the case ofMacaura v Northern Assurance Co. Ltd [1925].

3. Explain the meaning of the term "limited liability".

Make sure you refer to any relevant case law and sections from theCorporations Act 2001 (Cth).

4. Mumbley Ltd is a small public company with 40 members. A member holding 4% of castable votes wishes to call a members' meeting.

Answer BOTH A and B:

A). Is this member eligible to request the Board to call the meeting? (1 mark)

B). Apart from the Board, who else may call a members' meeting? (4 marks)

Make sure you refer to the relevant section/s from theCorporations Act 2001 (Cth)