RESEARCH then EXPLAIN the REASON and JUSTIFICATION for the following sections of the Corp Act :- SECTION 124; SECTION 129(1) and SECTION 588M(3).
Your analysis of each section is worth.
WORD LIMIT -aprox 200 words per section.
SECTION 124 - LEGAL CAPACITY AND POWERS OF A COMPANY
124(1) A company has the legal capacity and powers of an individual both in and outside this jurisdiction. A company also has all the powers of a body corporate, including the power to:
(a) issue and cancel shares in the company;
(b) issue debentures (despite any rule of law or equity to the contrary, this power includes a power to issue debentures that are irredeemable, redeemable only if a contingency, however remote, occurs, or redeemable only at the end of a period, however long);
(c) grant options over unissued shares in the company;
(d) distribute any of the company's property among the members, in kind or /otherwise;
(e) grant a security interest in uncalled capital; co grant a circulating security interest over the company's property;
(g) arrange for the company to be registered or recognised as a body corporate in any place outside this jurisdiction;
(h) do anything that it is authorised to do by any other law (including a law of a foreign country).
A company limited by guarantee does not have the power to issue shares.
Note: For a company's power to issue bonus, partly-paid, preference and redeemable preference shares, see section 254A.
124(2) A company's legal capacity to do something is not affected by the fact that the company's interests are not, or would not be, served by doing it.
124(3) For the avoidance of doubt, this section does not:
(a) authorise a company to do an act that is prohibited by a law of a State or Territory; or
(b) give a company a right that a law of a State or Territory denies to the company.
SECTION 129 ASSUMPTIONS THAT CAN BE MADE UNDER SECTION 128
129(1) Constitution and replaceable rules complied with. A person may assume that the company's constitution (if any), and any provisions of this Act that apply to the company as replaceable rules, have been complied with.
588M(2) (Liquidator may recover from director] The company's liquidator may recover from the director, as a debt due to the company, an amount equal to the amount of the loss or damage.
A assignment which is about 500-600 words. I provide you the section num and section detail for the assignemnt.