Case Studies and Analysis

Background

1. Sam, Henry, Paul, and Allen are Trent University students. In their studies, the students

discovered the existence of Georgian Bay, which may be having treasure. They agree to

research about it, setting 100 hours each for the research. A specific geographic area is

chosen for the search. Since all of them have scuba diving skills, they proceed with the

research. After renting a boat and using their personal scuba gears, they venture in the

identified region. The partners are involved in the activities; all of them pay an equal

amount of boat rent in addition to other charges. They uphold the requirements for the

first four weeks. Sam and Henry engage in other commitments from the fifth to the eighth

weekend while Allen and Paul go on with the research. Allen goes on with the research

alone on the ninth week. For security purposes, a friend accompanies him. During the

period, they discover the treasure, which apparently has not been claimed by the

government. The treasure is estimated to be worth twenty million dollars.

(Adapted from https://www.globalcompose.com/)

1. Based on the situation that exists above, briefly state what are the requirements of the

members of a partnership. (2 marks)

2. With the consent of others, the two friends carried on. However, Allen did not inform or

involve the original parties when he was involving his friend on the last day.

A. What issues concerning rights and obligations need to be examined in light of

what has transpired? (4 marks)

B. To what extent, if any at all would a partnership deed provide any form of

assistance to remedy the division of the treasure found? (4 marks)

3. With the inclusion of visual aids, depict the following elements of the incorporation

process:

A. Registered versus statutory companies

B. Forms of registered companies

C. Public versus private companies (6 marks)

4. Consequence of the incorporation process:

A. Separate legal identity

B. Limited liability

C. Ownership of property

D. Contractual capacity

E. Perpetual succession

F. Transferable membership (12 marks)

5. What it means to Lift the Veil (5 marks)

6. Outline the Incorporation Process:

A. Content

B. Role

C. Alterations

D. Binding Force

E. Abolition of Ultra Vires

F. Constructive Notice Documents (12 marks)

7. Company Prospectus Requirements: (8 marks)

CASE STUDIES (7 MARKS)

(Total 60 marks)