Law & EthicsLaw & EthicsLucy McRobertsLiaison Day October 2010

Professional, Practical, Proven

• Section 1: Ethics (20%) • Section 2: Company Law

(40%)• Section 3: Introduction to

Law (40%)

Law & Ethics

• Exam:– Please note the manual represents the syllabus in

its entirety – All exam questions will use the 2010/2011

syllabus as source material– Students will be absolutely prohibited from

physically bringing extraneous material into the exam

Law & Ethics

• Exam Format:– Section 1: Ethics• One compulsory question (20 marks)

– Section 2: Company Law• Five questions – complete any FOUR (all 10 marks)

– Section 3: Introduction to Law• Five questions – complete any FOUR (all 10 marks)

Law & Ethics

• Section 1: Ethics– Obligations upon Directors• Fraudulent Trading, Wrongful Trading, Insider Trading

– Offences• Money Laundering

– Elements of the offence, reporting obligations, penalties/sanctions

Law & Ethics

• Section 1: Ethics– Corporate Governance• Main Provisions of the Stock Exchange Listing Rules

– Distinction between executive and non-executive directors – balance on the board

– Committee of NED’s to determine ED’s salaries– Contracts of 1 year duration– Distinction between CEO and Chairman of the Board– Audit Committee– Transparent accounting procedures

• List of sources

Law & Ethics

• Section 1: Ethics– ATI Code of Ethics

• Five fundamental principles• Three stages of the disciplinary process

– Complaints Committee» Composition, rights of a student/members, sanctions

– Disciplinary Tribunal» Composition, rights of a student/members, sanctions

– Appeals Tribunal» Composition, rights of a student/members, findings

• Compulsory question: Maybe problem based and mixture of topics

Law & Ethics

• Compulsory Ethics Question:

• 1. Learning one topic and not the other• 2. Not learning topics in sufficient detail• 3. Learning past paper answers only• 4. Insufficient revision• 5. Very good students obtained full marks

Common Exam Mistakes

• Section 2: Company Law– Types of business entities• Partnerships

– Characteristics, Creation, Duties, Liability, Retirement, Dissolution

• Limited companies– Characteristics, distinction, formation procedure (content of

constitutional documents + alteration), certificate of incorporation

– One Exam Question guaranteed

Law & Ethics

• Section 2: Company Law– Company Finance• Types of capital and classifications• Types of shares• Shares at a premium• Shares at a discount• Types of Debentures• Fixed and Floating Charges

– One Exam Question guaranteed

Law & Ethics

• Section 2: Company Law– Management of the Company• Directors

– Types, appointment, removal, qualifications/eligibility, duties –statutory

• Auditors– Appointment, removal, qualifications, rights and duties

– One or Two Exam Questions guaranteed

Law & Ethics

• Section 2: Company Law– Internal Management of the Company• Accounts/Returns

– Content of the Annual Return, ARD– Audit exemption

• Meetings– Types, procedures

• When asked (not guaranteed) – one exam question

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• Section 2: Company Law– Company Conclusion• Administration

– Role, powers duties, effect of appointment

• Liquidation– Qualifications, duties of the liquidator, priority of payments,

types of liquidation & procedures

– One Exam Question guaranteed

Law & Ethics

• Company Law Questions:

• 1. More to company finance than fixed and floating shares- debentures- learn the syllabus not past paper solutions

• 2. Liquidation and Administration are different• 3. Internal management question- very easy topic but poorly

answered• 4. One word answers/summary style boxes- solvent v insolvent-

be careful more detail may be required

Common Exam Mistakes

• Section 3: Introduction to Law– Sources of Law• Precedent• Distinction between civil and criminal law• Jurisdiction of the Courts• Primary and Secondary Legislation• Primary & Secondary sources of EU law• EU Institutions (ECJ)• One exam question guaranteed

Law & Ethics

• Section 3: Introduction to Law– Contract Law• Formation – offer, acceptance, consideration, intention

& capacity• Formalities – conditions, warranties, innominate terms,

exclusion clauses• Termination – discharge (inc. frustration) and remedies• One exam question guaranteed

Law & Ethics

• Section 3: Introduction to Law– Employment Law• Contracts of service/for services• Unfair dismissal• Constructive dismissal• Redundancy• One exam question only

Law & Ethics

• Section 3: Introduction to Law

• Agency Law–Types/classifications, creation, termination,

duties• Consumer Law–Sale of Goods Act, Consumer Protection

Regulations– One exam question on EITHER topic

Law & Ethics

• Section 3: Introduction to Law– Tort Law• Negligence: – Duty of Care– Standard of Care– Causation– Remoteness– Damages – Defences– Professional Negligence

– One exam question guaranteed

Law & Ethics

• Introduction to Law Section:

• 1. There is more to sources of law than the differences between civil and criminal?

• 2. Contract and Tort poorly answered• 3. Employment, Consumer and Agency well

answered• 4. Too much detail for marks awarded• 5. Totally irrelevant answers

Common Exam Mistakes

• Students must:• 1. Revise, revise, revise• 2. Answer questions carefully • 3. Look at the marking scale• 4. Pass rate is 50% remember

• Additionally, exam presentation:• 1. Write in dark coloured pen• 2. Separate answers• 3. Write clearly

Conclusion