Pictures and Profiles of Prehistoric Sharks

Myths About Spanish and the People Who Speak It

When many people, especially those in the United States, think of Spanish, they tend to think of mariachis, their favorite Mexican actor and Mexican immigrants. But the Spanish language and its people are far more diverse than the stereotypes suggest. Here we debunk 10 myths about Spanish and the people who speak it: More People Grow up Speaking English Than Speaking Spanish Because English has become a worldwide lingua franca for science, tourism, and business, its easy to forget that English is far surpassed by two other languages in terms of numbers of native speakers. Easily ranking No. 1 is Mandarin Chinese with 897 million native speakers, according to the Ethnologue database. Spanish comes in a distant second with 427 million, but thats well ahead of English with 339 million. One reason English seems more prominent is that its regularly spoken in 106 countries, compared with just 31 countries for Spanish. And English does rank ahead of Spanish when non-native speakers are counted as it is the worlds most common second language. Spanish Is the Language of Latin America The term Latin America traditionally is applied to any of the countries of the Americas where a Romance language is the dominant language. So the most populous country of Latin America — Brazil with more than 200 million residents — has Portuguese, not Spanish, as its official language. Even French-and Creole-speaking Haiti is considered part of Latin American, as is French Guiana. But countries such as Belize (formerly British Honduras, where English is the national language) and Suriname (Dutch) are not. Neither is French-speaking Canada. Even in countries where Spanish is the official language, other languages are common. Indigenous languages such as Quechua and Guarani are widely used in large swaths of South America, and the latter is co-official in Paraguay, where it is spoken even by many who arent of Amerindian heritage. Nearly two dozen languages are spoken in Guatemala, and in Mexico, about 6 percent of people dont speak Spanish as their first language. Native Spanish Speakers Talk Like Speedy Gonzales The Spanish of the cartoon character Speedy Gonzales is an exaggeration of Mexican Spanish, of course, but the truth is that a minority of Spanish speakers have a Mexican accent. The Spanish of Spain and Argentina, to take two examples, doesnt sound like Mexican Spanish—just as U.S. English speakers dont sound like their counterparts in Great Britain or South Africa. Although much of the regional variations in English tend to be with the vowels, in Spanish the variation is in the consonants: In the Caribbean, for example, speakers may tend to distinguish little between the r and the l. In Spain, most people pronounce the soft c with the tongue against the upper teeth rather than the front of the palate. There are substantial variations as well in the rhythm of speech from region to region. The Spanish R Is Difficult to Pronounce Yes, it does take practice to get the trilled r to come naturally, but millions learn it every year. But not all Rs are trilled: You can pronounce the common word pero close to correctly just by sounding out peddo, and mero sounds very much like meadow. In any case, its undoubtedly easier for native English speakers to pronounce the Spanish r than for native Spanish speakers to pronounce the English r. People Who Speak Spanish Are Spanish As a nationality, Spanish refers to people from Spain and only Spain. People who are from Mexico are, well, Mexican; people from Guatemala are Guatemalan; and so on. I wont try to settle here any controversy over how to use terms such as Hispanic and Latino. Suffice it to say that traditionally in Spanish, hispano is used to refer to someone from the Iberian Peninsula, while latino can refer to anyone from a country that speaks a Latin-derived language — and sometimes specifically to people from the Lazio region of Italy. Native Spanish Speakers Have Brown Skin, Brown Eyes and Black Hair In their totality, Spain and the Spanish-speaking countries of Latin America are every bit the melting pot of races and ethnicities that the United States is. The societies of Spanish-speaking Latin America descend not only from Spaniards and indigenous Amerindians but also from peoples of Africa, Asia, and non-Spanish Europe. Most of the Spanish-speaking countries of the Americas have a population that is majority mestizo (mixed race). Four countries (Argentina, Chile, Cuba, and Paraguay) are majority white. In Central America, many blacks, usually descendants of slaves, live along the Atlantic coast. Cuba, Venezuela, Colombia, and Nicaragua each have a black population of around 10 percent. Peru especially has a large population of Asian ancestry. About 1 million are of Chinese heritage, and thus the abundance of chifas, as Chinese restaurants are known there. One of the former presidents of Peru, Alberto Fujimori, is of Japanese heritage. You Can Form Spanish Nouns Just by Adding O to the English Word This works sometimes: A car in much of Latin America is a carro, a telephone is a telà ©fono, an insect is an insecto, and a secret is a secreto. But try this often and most of the time youll just end up with gibberish. Besides, an a works sometimes too: A jar is a jarra, music is mà ºsica, a family is a familia, and a pirate is a pirata. And, please, dont say No problemo for No problem. Its No hay problema. People Who Speak Spanish Eat Tacos (or Maybe Paella) Yes, tacos are common in Mexico, although it should tell you something that Taco Bell markets itself as U.S.-style fast food in Mexico, not as a Mexican-style chain. And paella is indeed eaten in Spain, although even there its considered something of a regional dish. But these foods arent found everywhere that Spanish is spoken. The fact is every region of the Spanish-speaking world has its own culinary favorites, and not all have crossed international boundaries. Not even the names are the same: Ask for a tortilla in Mexico or Central America, and youre likely to get a sort of pancake or bread made from cornmeal, while in Spain youre likelier to receive an egg omelet, possibly prepared with potatoes and onions. Go to Costa Rica and ask for a casado, and youll get a simple if tasty four-course meal. Ask for the same in Chile, and theyll just wonder why youd want a married man. Spanish Will Take Over English in the United States While the number of native Spanish speakers in the United States is projected to increase to around 40 million by 2020 — up from 10 million in 1980 — studies consistently show that their children will grow up bilingual and that their grandchildren are likely to speak English exclusively. In other words, the level of Spanish speaking is tied more closely to current immigration rates than it is to use of Spanish by those born in the U.S. The descendants of Spanish speakers switch to English as they assimilate just as did those who came to America speaking German, Italian and Chinese. Spanish Is an Official Language in Just Spain and Latin America Of the African territories that were once part of the Spanish Empire, one independent country still uses Spanish. Thats Equatorial Guinea, which gained independence in 1968. One of the smallest countries in Africa, it has around 750,000 residents. About two-thirds of them speak Spanish, while French, Portuguese and indigenous languages also are used.

Baseball And The American Civil War - 999 Words

Baseball’s arrival in Latin America is arguably rooted as a by-product of America’s global colonialism and expansionism policy of Manifest Destiny (Iber et al., 2011). Latin America’s passion of baseball allegedly began at the end of the American Civil War and just before Cuba’s struggle for independence recognized as the Ten Years War from 1868 through 1878 (Arbena, 2011). According to Regalado (1987), this collective memory started when American sailors, who were stationed in Havana, persuaded a few local Cubans to take part in a game of baseball. Other scholars cite Cuban upper-class students such as Esteban Bellan, brothers Teodoro and Carlos de Zaldo, and Nemesio Guillo participated in baseball while going to college in the U.S., whom brought the sport to the island nation (Burgos, 2000). Most Cubans began to participate in baseball due to its alternative to traditional Spanish cultural sports, such as bullfighting. Baseball symbolized the democratic, progressive values of the U.S., became an element in the island’s independent movement from Spain (Arbena, 2011). Baseball quickly spread to other Latin Americans nations. In 1885, the U.S. Navy imported the sport to Panama. U.S. businessman Albert Adlesburg taught baseball to citizens of Nicaragua in 1887 (Elias, 2010). The sport was introduced in Puerto Rican society when U.S. Marines, during the Spanish-American War, taught citizens of the sport (Regalado, 1987). In 1891, Cuban brothers, Ignacio and Ubaldo Alomà ¡Show MoreRelatedBaseball And The American Civil War Essay2363 Words   |  10 PagesBaseball, a game played between two teams of nine on a field with a diamond-shaped series of four bases. A prestige and unique game that is played all over the world but most beloved in the United States, hence, why p eople refer to it as the national pastime due to its tradition and popularity. 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Robinson not only was the first African Amer ican baseball player, but he also had a hall of fame career, and eventually hadRead MoreJim Crow Laws For African Americans From Performing The Same Daily Activities1704 Words   |  7 PagesJim Crow laws prevented African-Americans from performing the same daily activities as whites did. Some of these activities included African-Americans not being able to use the same bathrooms, entrances, or water fountains as whites. Jim Crow laws had a large impact on baseball. African-Americans were not able to play in Major League Baseball. Because of this many all black baseball teams were formed. These teams eventually led to the formation of many negro baseball leagues throughout the United StatesRead MoreEssay on Baseball613 Words   |  3 PagesBaseball As I sat and watched the college world series this weekend I began to wonder about baseball and several questions came to mind: where did we get the game of baseball? Who should we give credit to for the formation of the game we see today? How has it withstood the tests of wartime? And what helped this game thrive to what it is today, the nation’s pastime? Baseball grew out of various ball and stick games that had been played throughout the United States during the first halfRead MoreEssay on A Brief History of America’s National Pastime1708 Words   |  7 PagesYankees were up two games to none on the Chicago Cubs. In the fifth inning, with the score tied four-four, many of the nearly 50,000 fans, and even players in the Chicago dugout, began taunting and heckling the batter. What happened next went down in baseball history as one of the most famous and controversial at-bats. The batter was none other than Babe Ruth, who, with two strikes and two balls, stepped out of the batters box and gestured toward the outfield as if to show where he was going to hit the

Internship Report on Ztbl - 20418 Words

Zarai Taraqiati Bank Ltd. Chapter 1 Introduction to Report CHAPTER 1 â€Å"INTRODUCTION TO REPORT† 1.1 BACKGROUND OF STUDY The Zarai Taraqiati Bank Limited is the premier financial institution geared towards the development of agriculture sector by providing financial products and services to their customers. It is a common practice at universities during the completion of the masters and bachelors program to attain practical experience in different fields. Students are required to undergo an internship program of two months to fulfill the requirement for their degree completion. The selection of the firm is based on the choice of the student. The institute requires an internship report based on the theoretical and practical†¦show more content†¦To analyze the bank through different analysis such as Ratio SWOT analysis. ïÆ'Ëœ ïÆ'Ëœ ïÆ'Ëœ 1.3 SCOPE OF THE STUDY The scope of the conducting this study is given as under; It is a compulsory requirement for the award of Bachelor’s Degree in ïÆ'Ëœ Business Administration from the Kohat University of Science Technology. ïÆ'Ëœ This report is concerned with the performance, functions and objectives of the â€Å"Finance Accounts Division of the ZTBL† Head Office Islamabad. ïÆ'Ëœ ZTBL. ïÆ'Ëœ It can provide help to the management of the ZTBL in identifying their Strengths, Weaknesses, Opportunities and Threats. ïÆ'Ëœ It can also provide assistance for the students in seeking annual reports for the purpose to calculate and interpret financial ratios, in order to check the liquidity, leverage and profitability of the ZTBL. ïÆ'Ëœ Further more, students are able to analyze the human resources analyze the marketing of products and services schemes that the ZTBL provide his customers. It will help the students in making assignments and writing reports on the 1.4. IMPORTANCE OF STUDY Banks play a central and very important role in the economic life of a country, that’s why they are considered as the lifeblood of modern economy. Today no one can deny the importance of banking in the economy. They facilitate and expedite 3 Institute of Management Sciences, Kohat University of Science Technology Zarai Taraqiati Bank Ltd.

Tourism Planning for Regulations - Directives and Guidelines

Question: Discuss about theTourism Planning for Regulations, Directives and Guidelines. Answer: Introduction A blueprint that helps in providing focus and direction not only for a local tourism industry but also for the local businesses, community and the government may be referred to as a tourism plan. It may also be referred to as the mechanism that helps as a medium for the local communities to assist the accommodation of the various aspirations of a community. A tourism policy refers to the set of rules, regulations, directives, guidelines, and promotion or developmental strategies which provide the framework that is inclusive of all the individual and collective decisions that affect the development of tourism and the day-to-day activities within the particular destination (Robinson, Lck Smith, 2013). There are several governmental institutions and bodies that formulate the tourism plans and policies. Kaikoura is a small rural area situated on the eastern coast of the South Island of New Zealand (Berger, 2017). The place is well-known for its eco-tourism aspects. The main attraction of the place is the abundance of the marine life that find residence in the deep Hikurangi Trench situated nearby. The following report deals with the ways in which effective tourism planning may affect the local community in New Zealand. The report discusses the positive impacts of the booming eco-tourism industry in the area. It also sheds light on the negative impacts of the same and attempts at finding solutions for the reduction of these issues. Discussion The socio-cultural impact refers to the changes in the daily experiences of the residents of an area and the changes of their ways of life, values, artistic and intellectual products. The socio-cultural impacts of tourism generally refer to the effects faced by the host community on being linked directly or indirectly with the tourists that visit the place. The host community is also affected by the interaction of the host community with the tourism industry of the concerned region (Sharpley, 2014). The host communities are often found to be the weaker party while interacting with the service providers or the guests. Impacts are found to be long lasting and prominent in cases when changes are brought about by the tourism industry in the value system of the host community thereby threatening the indigenous identity of the host community. The tourism industry has some positive outcomes as well. The industry fosters pride in the cultural traditions and serve as supporting drive towards the establishment of peace (Kim, Uysal, Sirgy, 2013). The tourism industry helps in creating employment windows in the local communities and thus helps avoiding relocation to the urban areas (Stylidis et al, 2014; Spenceley, Meyer, 2012). The Kaikoura Peninsula stretches out into the sea in located at the southern part of the town. This results in the abundance of the marine life that can be accessed from the place. These marine life exists in the deep Hikurangi Trench. The town was primarily a center for the whaling industry and owes its very existence to the residence of these whales, the Hikurangi Trench. The word Kaikoura actually means the meal of the crayfish. The cray fish industry plays a huge role in maintaining the economy of the country. In the modern times, the area has transformed into a popular eco-tourism destination. The main attractions of the spot are swimming alongside or near the dolphins and whale watching (Media.newzealand.com, 2017). The tourists visit this place in order to watch the sperm whales, an activity which is possibly the most developed and the best in the world at the peninsula. There is yet another attraction that the tourists visit the place for. There is a readily observed and larg e colony of the southern fur seals found at the eastern edge of the Kaikoura town. During low tides, the rocky base is revealed from beneath the waves of the ocean. This stretch can be easily explored on foot for a considerable stretch. The Kaikoura Peninsula is one of those places of the world that are reasonably accessible by the bird watchers as well. In this part of the country are found several sea birds such as the petrels, shearwaters and the albatrosses. The Huttons shearwater is also found nesting in the high mountains of Kaikoura (Whalewatch.co.nz, 2017). The place is well-known for a branch of the Southern Alps, the Seaward Kaikoura mountains. The mountain range are very close to the sea at this place thereby creating several walking tracks through and over the mountains. The most common of them is the Mt. Fyffe track. The track winds its way up to the Mt. Fyffe that provides a panoramic view of the peninsula of Kaikoura from atop. The mountain is named after the first family that had settled down in the district of Kaikoura. The cottage that the Fyffe family used as their residence is maintained till date by Heritage, New Zealand, a Crown entity that aims to protect the ancestral sites and heritage build ings of New Zealand. The house is famous for its structure. The supporting foundations of the house are constructed with whalebones. Resting on a peninsular of land between tall mountain ranges and the Pacific Ocean, Kaikoura is an amazing attraction spot for tourism. The deep sea trench that extends inside by 500 meters, attracts rich marine life, including whales and dolphins. A town like Kaikoura, has extensive chances of profit in areas like tourism. Tourism in mountainous ranges, swimming with dolphins and such whale-watching activities have helped this town get its economic side up and balanced after the economic decline observed in 1980s. There were quite a few reasons in favour of Kaikoura deciding for tourism for instance: The threat of a reduction in visitor involvement and therefore income. Concern for the local environment was another reason directing towards tourism. A local road accident resulted in spilling harmful chemical into the sea, thus threatening the biodiversity there (Spiller Bhowmick, 2014). Accumulation of waste was nearing the landfill limits. Tourism encourages interaction with people from various cultures. This helps in opening up prospective areas of trade and business opportunities. Such involvement is seen in the case of Kaikoura Tourism Strategy, the District Council worked in hand with the representatives of the local community and Lincoln University to guide the tourism direction there. This benefitted the local community as they shared employment in the related areas of such tourism. Councillors, tourism operators, Maori members as well as fishing industry representatives all converged together in their effort to direct tourism efficiently in Kaikoura (Unep.org, 2017). This strategy worked by channelling in a diverse market base and developing land based eco-tourism activities. Secondly, instead of directly working on the tourism front, improvement from the tourism sector can also be achieved by regulating the environmental factors and improving the overall habitat of the place. Hence, as is evident, another plus point of tourism is furnished as the improvement of the environment of the local community. Thus as a result, the local community is benefitted. Waste management had begun to become an issue for the people of Kaikoura as tourism was gradually increasing. Landfills were reaching its capacity and waste dumping was becoming an issue. In order to mitigate the situation Innovative Waste Kaikoura (IWK), a non-profit joint undertaking between the District council and a community trust came in to action. They proposed the idea of recycling bio solid waste instead of just collecting and dumping it (McDevitt, Langer Leckie, 2013). This led to a 30 percent diversion of waste from landfills. Gradually this scored up to 65 per cent when aided by a few more effective measures such as investing into composting units, expanding recycling pick-ups, opening second-hand shops and introducing Waste Management Protocols which reduced waste accumulation and in turn saved money (United Nations Environment Programme. Division of Technology, 2005). This in turn aided the economic conditions and contributed towards growth of life standards of the loc al community of Kaikoura. The activity of tree planting has been incorporated as the Trees for Travellers project, where the community ensures planting of some estimated two million trees to combat the CO2 levels (Kaikoura.co.nz, 2017). Thereafter tourists buy those tress, to track their progress via the internet. This project also undertakes a social aim of rehabilitating young law offenders with tree planting and propagation jobs. This shows that the local community is not only benefitted economically via the trade of trees with the tourists, but also socially, as the troubled youth of the town finds suitable employment in a prestigious work contributing to the wellness of the society. Overall energy consumption was reduced with the introduction of a small business energy project that was started with the support of District Council. This came into function as a result of managing tourism resources and thus minimizing energy usage to enhance economy of the state. This contributed towards the benefit of loca l community as well. Although resident sperm whales are the main attraction here, other such whales include the humpback, minke, blue, fin, sei, killer, beaked and pilot whales. The humpback travels via Kaikoura on its annual journal to Antarctic waters for food. Hence biodiversity preservation and proper land and coastal management are of primary importance to sustain tourism. Various projects have been undertaken to ensure proper strengthening of biodiversity which includes native ways of the Maori, as well as preventing overfishing, and proper management of waterways, wetlands and other habitats. Introduction of Conservation working holidays, identification of national as well as international importance of local biodiversity and assistance for protection of such sperm whales via measures like rate reliefs, construction of reserves and private contracts along with other aforementioned projects like Trees for Travellers; all of these contributed to the conservation of natural habitat and biodiversity t hus ensuring the flow and growth of tourism in the town. As a result of proper maintenance of the local flora and fauna the overall quality of the local ecosystem flourished thus enriching the local community. Kaikoura had to establish the fact that it was fulfilling the required standards with respect to various management processes including various topics like energy usage; greenhouse gas emissions, quality of air and water, biodiversity levels etc. At the 2013 census, most developed employment industries in the Kaikoura District were accommodation and food services, agriculture, forestry and fishing and retail trade (Stats.govt.nz, 2017). The wellbeing of the local community was also such a topic to be measured via close examination of the local residents. Kaikouras final certification as a Green Globe destination in 2004, gave it the necessary exposure as a tourist spot internationally thus boosting its overall economic as well as socio-cultural conditions. This also helped in creating awareness and commitment to sustainability management amongst the entire community and the entire world at large. Thus tourism, in a way, helped achieve the local community goodwill on the national as w ell as international front. Kaikoura has exhibited a sequential approach to make tourism sustainable by relying on commitment from both the local authority as well as the local community. At a national level the importance of such activities has been recognised thus uplifting the social strata of the Kaikoura people. Presently the government is providing proper support and funding work on sustainability with bands of individual tourism business ventures as well as local communities. The region is also being looked upon for drafting a charter with regional business corporations committing to its principles. Marine animals inclusive of the endemic species like the Hectors dolphin and the New Zealand sea lion as well as the endangered species like the bottlenose dolphin are found to be the main attraction of tourist operations. According to a study done to investigate the effects of commercial tourism and the water vehicles used for recreational purposes on the common dolphins in their natural habitat in the ocean, the behavior of the dolphins is found to be altered on a major level. The behavior of the dolphins during foraging was found to have undergone huge noticeable changes (Messiner et al, 2015; Lundquist, 2012). The dolphins were found spending less time in foraging during the interactions with the vessels. The creatures even took longer times to return once their foraging was disrupted by the recreational vessels. There is seen a potential disruption in the feeding aspects of the dolphins as well. The recreational vessels are mostly run on oil and chemicals. The leakage of such ma terial may prove harmful to the ecosystem of the Kaikoura peninsula. Thus these vessels used for recreation and commercial tourism should be kept in check so as to maintain the fauna of the peninsula. The commercialization of the activity of whale watching may hamper the mortality of the whales due to collisions between the mammal and the vessels (Parsons, 2012). Conclusion In conclusion to the above report it may be said that the tourism industry affects the socio-cultural conditions of a region in both positive and negative manners. Tourism affects the local culture and may even turn them into commodities thus resulting in reconstructed ethnicity. The sites and objects that may be considered sacred by the host community may not be respected in the same manner by the tourists who visit the place. The craftsmen are seen to be catering to the demands of the tourists for the souvenirs thereby contributing to cultural erosion. Hence, as is evident from the aforementioned facts with respect to Kaikoura, tourism in general provides a lot of benefits to the indigenous people and the local community at large. Economic development is seen, as well as improvement on the socio-cultural front can also be observed which, although is supported by the cumulative efforts of quite a few governing bodies, but is essentially the outcome of tourism interests. References Berger, H. V. (2017). Characterising landscape and sea level dynamics to predict shoreline responses over the next 100+ years in a high energy tectonic setting, Kaikoura, New Zealand. Kaikoura.co.nz. (2017).Environment - Kaikoura, New Zealand.Kaikoura, New Zealand. Retrieved 19 October 2017, from https://www.kaikoura.co.nz/environment/ Kim, K., Uysal, M., Sirgy, M. J. (2013). How does tourism in a community impact the quality of life of community residents?.Tourism Management,36, 527-540. Lundquist, D. J. (2012).Behaviour and movement patterns of dusky dolphins (Lagenorhynchus obscurus) off Kaikoura, New Zealand: Effects of tourism(Doctoral dissertation, University of Otago). McDevitt, J. E., Langer, E. R., Leckie, A. C. (2013). Community Engagement and Environmental Life Cycle Assessment of Kaik?uras Biosolid Reuse Options.Sustainability,5(1), 242-255. Media.newzealand.com. (2017).NZ eco-tourism: Whale Watch Kaikoura.TNZ Media. Retrieved 19 October 2017, from https://media.newzealand.com/en/story-ideas/nz-eco-tourism-whale-watch-kaikoura/ Meissner, A. M., Christiansen, F., Martinez, E., Pawley, M. D., Orams, M. B., Stockin, K. A. (2015). Behavioural effects of tourism on oceanic common dolphins, Delphinus sp., in New Zealand: The effects of markov analysis variations and current tour operator compliance with regulations.PloS one,10(1), e0116962. Parsons, E. C. M. (2012). The negative impacts of whale-watching.Journal of Marine Biology,2012. Robinson, P., Lck, M., Smith, S. (2013). Tourism policy and planning.Tourism, 391-416. Sharpley, R. (2014). Host perceptions of tourism: A review of the research.Tourism Management,42, 37-49. Spenceley, A., Meyer, D. (2012). Tourism and poverty reduction: Theory and practice in less economically developed countries.Journal of Sustainable Tourism,20(3), 297-317. Spiller, C., Bhowmick, S. (2014). Whale Watch KaikouraNew Zealand.Global Entrepreneurship: Case Studies of Entrepreneurial Firms Operating Around the World, 141. Stats.govt.nz. (2017).2013 Census QuickStats about work and unpaid activities.Stats.govt.nz. Retrieved 19 October 2017, from https://www.stats.govt.nz/Census/2013-census/profile-and-summary-reports/quickstats-work-unpaid/work_and_labour_force_status.aspx Stylidis, D., Biran, A., Sit, J., Szivas, E. M. (2014). Residents' support for tourism development: The role of residents' place image and perceived tourism impacts.Tourism Management,45, 260-274. Unep.org. (2017).UN Environment Knowledge Repository.Unep.org. Retrieved 19 October 2017, from https://www.unep.org/publications/ United Nations Environment Programme. Division of Technology. (2005).Making tourism more sustainable: a guide for policy makers. World Tourism Organization Publications. Whalewatch.co.nz. (2017).Whale Watch Kaikoura - New Zealand Tourist Attraction.Whale Watch. Retrieved 19 October 2017, from https://www.whalewatch.co.nz/

Law of Business in an Organisation

Question: Describe the law of business in an organisation. Answer: Propriety Limited Company A Propriety Company is a company, which is not a public company and is privately held by individuals. It may be either a limited company or an unlimited company. Propriety Limited Company is a propriety company in which the shareholders have a limited liability. The shareholders liability to pay off the debts of the Company extends to the amount of unpaid amount on the shares held by them (Business.vic.gov.au 2016). Procedure for registration of a Propriety Limited Company The Australian Securities and Investments Commission (ASIC) is the authority, which registers Companies in Australia. An application form has to be lodged with the ASIC for registration of a Propriety Limited Company (Asic.gov.au 2016). Section 117 of the Corporation Act, 2001 lays down the guidelines and instructions for lodging an application form with the ASIC (Legislation.gov.au 2016). According to Section 117, the details, which need to be provided for a Propriety limited Company in the application form, are as follows: a) Type of Company; b) Proposed name of the Company; c) The details (name address) of persons who consent to be member of the Company; d) The details (name, address, birth date, place of birth) of persons who consent to become a director of the Company; e) The details (name, address, birth date, place of birth) of persons who consent to become a company secretary of the Company; f) Address of proposed registered office of the Company; g) Address of proposed principal business of the Company; h) The details of shares (the class of shares and the number of shares, which the members consent to take up, provided the consent must be in writing); i) The details of the amount to be paid by the members per share including the information whether full amount of the shares shall be paid on registration or not; j) Whether, on registration, the shares are to be beneficially held by the members or not; k) Whether, on registration, the Company will have an ultimate holding company or not; l) The name of the State of Territory where the company is proposed to be registered. Registration of a Propriety Limited Company- Sample form APPLICANTS DETAILS First name: Andrew Surname: James Telephone: +61 2 8461 2327 Fax: +61 2 8461 2327 Email Address: Street Address: 109 Railway Street Suburb/City: Sydney State: NSW Post Code: 2216 DETAILS OF COMPANY Type of Company: Propriety company Limited by shares Proposed Name of Company: NEUTRELA Propriety Limited State or Territory in which the Company is to be registered: NSW Is the company a special purpose company: No Registered office: 86 Pitt Street Suburb/City: Sydney State: NSW Post Code:2000 Has the premise been occupied by the Company: Yes Principle place of business of the Company: as above DIRECTORS Director 1 First name: Stephen Surname: Stone Address of Residence Street: 321 Pitt Street Suburb/City: Sydney State: NSW Post Code: 2000 Date of Birth: 20/07/1968 Place of Birth Suburb/City: Sydney State: NSW DIRECTOR 2 First Name: John Surname: Doe Address of Residence Street: 131 Macquarie St Suburb/City: Sydney State: New South Wales Post Code: 2000 Date of Birth: 13/04/1973 Place of Birth Suburb/City: Sydney State: NSW SECRETARY First name: Mark Surname: Gomes Address of Residence: Street: 36 Market Street Suburb/City: Sydney State: NSW Post Code: 2000 Date of Birth: 16/02/1987 Place of Birth Suburb/City: Sydney State: NSW SHAREHOLDERS Shareholder 1 Full name: Andrew James Address: 109 Railway Street Suburb/City: Sydney State: NSW Post Code: 2216 Class Code of Shares Number of shares to be taken up Amount to be paid each share Total amount paid on the shares Amount unpaid each share Total amount unpaid on the shares Paid Fully (Y/N) Held Beneficially (Y/N) H 3780 $2.29 $8656.20 0 0 Y Y Shareholder 2 Full name: Mark Rawls Address: 231 Elizabeth Street Suburb/City: Sydney State: NSW Post Code: 2000 Class Code of Shares Number of shares to be taken up Amount to be paid per share Total amount paid on the shares Amount unpaid per share Total amount unpaid on the shares Paid Fully (Y/N) Held Beneficially (Y/N) H 2340 $2.29 $5358.6 0 0 Y Y Format of Consents Consent to become a Director To: NEUTRELA Propriety Limited I consent to act as a Director of this Company. In compliance with Section 201D of the Corporation Act, 2001, I hereby provide my entire details, which are as follows: First name: Stephen Surname: Stone Address of residence Street: 321 Pitt St. Suburb/City: Sydney State: NSW Post Code: 2000 Date of Birth: 20.07.1968 Place of Birth Suburb/City: Sydney State: NSW Date: 20/05/2016 Signature: Consent to become Company Secretary To: NEUTRELA Propriety Limited I do give my consent hereby to act as the Company Secretary and I hereby provide my personal details, which are as follows: First name: Mark Surname: Gomes Address of Residence: Street: 36 Market Street Suburb/City: Sydney State: NSW Post Code: 2000 Date of Birth: 16/02/1987 Place of Birth Suburb/City: Sydney State: NSW Date: 20/05/2016 Signature: Consent to become a member To: Ambition Propriety Limited I, Andrew James, do hereby give my consent to become member of the NEUTRELA Propriety Limited. The class and number of shares, which I agree to purchase, are as follows: Class of shares: H Number of Shares: 3780 I also agree to pay, in full, the total amount of the shares at $2.29 per share. Date: 20/05/2016 Signature: Register of Share Section 168 mandates a company to maintain a share register and Section 169 lays down the details to be included in the share register. (Alrc.gov.au 2016). The following details are to be incorporated in the share register: The name and address of the shareholders; The date of entry of the name of the shareholders in the register; The date of allotment of shares to the shareholders; The number of shares allotted to such shareholders; The classes of shares allotted to such shareholders; Details of paid amount on such shares; Whether full payment has been made on such shares; Details of unpaid amount on such shares. All these information have to be provided in the share register and any changes in any of this information have to be duly updated from time to time. Sample form of a share register Neutrela Propriety Limited Members Register Date of Entry Full Name Address Date of Transaction Transaction Type Class of shares Number of Shares Amount paid per share Amount unpaid per share Cessation of membership 20/05/2016 Andrew James 109 Railway Street, Sydney, New South Wales, 2216 20/05/2016 Allotment H 3780 shares acquired $2.29 0 20/05/2016 Mark Rawls 231 Elizabeth Street, Sydney, New South Wales, 2000 20/05/2016 Allotment H 2340 shares acquired $2.29 0 Internal management of Company According to Section 134, a company is governed by its constitution or by the replaceable rules, which apply to it, or by both. Section 135 lays down the list of companies to which the replaceable rules apply (Legislation.gov.au 2016). The constitution and replaceable rules lay down provisions for the internal procedures to be followed by a Company. The Constitution and replaceable rules are kind of contract and they bind the members with the Company, the directors and company secretaries with the Company, and they also bind the members with each other. These rules apply to carry out the internal management of the company (Rolfe 2013). Provisions for a class of redeemable preference shares in the Constitution- Sample form The constitution of NEUTRELA Propriety Limited lays down the following provisions with respect to H class redeemable preference shares: The holders of this class of shares shall not be allowed to attend any meeting of the Company. They shall also not be entitled to vote in any meeting of the Company. The Company may return the amount paid up by the holder of redeemable preference shareholders and may redeem all such shares or may redeem part of those shares from time to time. The Company before doing such act shall give a notice, 7 days before, to the last known address of such shareholder, and on the expiry of 7 days of delivery such notice, the shares shall be considered to have been redeemed; The Company shall give priority to this class of shareholders, with respect to returning the amount paid up by the shareholders, in case of winding up of the Company; The H class redeemable preference shareholders are not allowed to participate in the division of excess profits/assets of the Company; This class of shareholders are entitled to such non-cumulative dividend as are deemed fit by the Director and have no right to any cumulative dividend. Justification for incorporation of Section 124 in the Corporation Act, 2001 A company is a separate legal body and it has been endowed with certain powers and capacities under Section 124 of the corporation Act, 2001. (Alrc.gov.au 2016). It may exercise all such powers as is necessary for carrying out its operations. It has a distinct existence of its own and it has full control and access to its properties and assets. It has legal capacity in the sense that all acts done by a Company will be considered to be valid and binding. The acts done by a Company cannot merely be considered to invalid in the sense that the acts were not done in the best interest of the Company. This provision has mainly been incorporated to protect the interest of the third parties dealing with the Company. Third parties dealing with the Company are entitled to full protection, all transactions entered into between the Company and the third parties will be considered valid and binding. Thus, section 124 ensures to build up a legal relationship between a Company and a third party and none of the dealings between a bona fide third party and a Company shall be considered invalid so long as the Company is not acting contrary to any law made by a State or a Territory. Section 124, in a way, has also displaced the doctrine of ultra vires; it gives legal recognition to all acts done by the Company. Justification for incorporation of Section 129 in the Corporation Act, 2001 The Constitution of a Company sets out the rules and procedures, which it has to follow. These are internal procedures, which a company ought to follow in its transactions with an outsider. An outsider, dealing with a company may or may not have the knowledge whether all the internal procedures of the company have been followed or not. If a person enters into a transaction with a Company in good faith and with a bona fide belief that the Company has followed all internal procedures and afterwards it is found that there was irregularity in the internal procedures for which the dealing becomes invalid, then he may suffer a loss or damage with respect to such dealing. Section 129 has therefore been designed to protect the interests of such outsiders who deal with the company with a bona fide intention and has no knowledge of the procedural irregularities of the Company. This rule is also known as the rule of indoor management. This rue was enunciated in the case of Royal British Bank vs. Turquand. In this case, the Company, Turquand had borrowed loan from the Bank in an irregular manner and thereafter failed to repay the loan amount. The Company contended since the loan was approved in an irregular manner, therefore it was not bound to repay the same. The Court rejected such contention. The principle laid down in this case is that an outsider or a third party is entitled to assume that the Company has duly complied with all the internal procedures and consequently all transactions entered into between the company and the third party shall be considered valid and binding (Stannard 2015). The same rule has been incorporated under Section 129 of the corporation Act, 2001. Justification for incorporation of Section 588(M) (3) in the Corporation Act, 2001 The Directors of a Company play a vital role in managing the affairs of the Company. All the valuable assets of the Company are entrusted to the Directors, they are completely aware of financial situation of the Company, and they need to take responsible steps at every stage of the Companys progress (Hussain et al. 2015). During insolvency period of a Company, the Directors are ought to act more carefully and have to take steps by taking into consideration the best interest of the creditors and shareholders. During this period, if a Director knowingly takes credit from a person and such person suffers a loss due to the insolvency of the Company; in that case the Directors cannot be allowed to get away with it (Keay 2015). Therefore, Section 588(M) (3) has been incorporated in the Corporation Act, 2001, which directs the Directors to return the amount lost or suffered by the Creditors who advanced loan during the insolvency period of a Company. This rule has been laid down to give effect to the concept of lifting of corporate veil. A company has a distinct legal personality and all the acts done by a Company are attributed to it. In case of a fraudulent act done by a Company, this veil has to be pierced in order to find out the main culprit (Lam 2015) Section 588(M) (3) demonstrates an instance of the application of this principle and imposes liability on the Directors who, during insolvency of a Company or at a time when the Company is about to get insolvent, knowingly takes loan from a creditor and causes loss to him. References Alrc.gov.au. (2016). Corporations Act 2001 (Cth) | ALRC. Anderson, H., 2014. 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