Banking Essay

For the term â€Å"the business of banking†, the statute definition is inadequately, even some statute laws can help with the understanding about â€Å"the business of banking† but the definitions they are provided still not adequate (Waldeck & Giardina). Moreover, it become more difficult for defining â€Å"the business of baking† today as the fact that over the years and bank services are more diversified (Waldeck & Giardina). The case law Australian Independent Distributors Ltd v Winter (1965) 122 CLR 443 the Adelaide Cooperative Society accepted the money deposits from their members and recorded it on the passbook (Tyree 2008). The court held that the society had not carrying on the â€Å"business of banking† due to the society lacked of the power to lend money – the one of the ‘essential characteristic’ (Tyree 2008). However, there was a later reinforced in the judgement for the case Commercial Banking Co of Sydney Ltd v RH Brown & Co[1] and the ‘High Court held that the main business of bank should be that of the lending of money (Waldeck & Giardina). The s 5(1) of the Banking Act 1959 (Cth) shows the precise definition of â€Å"the business of banking† and the part (b)(i) said ‘a business that is carried on by a corporation to which paragraph 51(xx) of the Constitution applies and that consists, to any extent, of both taking money on deposit (otherwise than s part-payment for identified goods or services) and making advance of money’ which the definition was adapted straightforwardly by the High Court in Commissioners of the State Savings Bank of Victoria v Permewan Wright & Co Ltd (1914) 19 CLR 457 (Tyree 2008). However, the Victorian Court for the case R v Jost [2002] VSCA 198] held the Act merely restated the previous definition that developed by the courts (Tyree 2008). Furthermore, whether the characteristics are considered as essential or as usual, there are some doubts for the institution authorised to carry on the business of banking under the Banking Act would be considered a bank for all purposes (Tyree 2008). In Commercial Banking Co v Hartigan (1952) 86 ILT 109, the organisation was held to be a bank even they failed the Kirkwood test due to they compliance with the Irish Central Bank Act 1942 and was licensed under the Act. However, in PP Consultants Pty Ltd v Fiance Sector Union [2000] HCA 59, the High Court found that the pharmacist acting as an ‘agency’ bank and not carrying on the business of banking and held that carry on the business of a banking agent (Tyree 2008). In conclusion, statute definition, Banking Act definition and some case law are interpreting the term â€Å"the business of banking† but no one could be identified adequately. Due to the fact that over years, the definition keeps improving and become more diversified which is the reason that difficult to identified and no definition could give the adequate definition. The MacMillan and Greenwood duties are imposed on customers. Briefly explain these duties and what if any other duties have been sought to be imposed on customers. In general, the MacMillan and Greenwood are two fundamental contractual obligations owed by customer and their name is comes from the name of the relevant case (Tyree 2008). The original case of MacMillan is London Joint Stock Bank Ltd v MacMillan and Arthur [1918] AC 777. In this case, the House of Lords had to decide whether the customer owed a duty of care to the bank in the drawing of cheques. In this case, the company sued the bank breach of contract because the mistake made by careless confidential clerk of the firm. The bank paid only 120 pounds whereas the 2 pounds original payment and the firm won the case at the end. However, House of Lords took the chance to clarify the contract between firm and bank, the bank held that the customer owed the bank a duty to exercise care in the drawing of cheques and that the alteration of the cheque was, in this situation, the result is customer has breach of that duties (Tyree 2008). The Greenwood duty which from the case Greenwood v Martin Bank Ltd [1933] AC 51 mention that the plaintiff’s wife had forged a series of cheques on his account. When he found the forgeries, he threaten notify the bank immediately. However, his wife explained she just uses those money to help her sister in legal action and in second time, he discovered that his wife still forged cheque from his account and he threatens to notify the bank. Then, his wife committed to suicide. He brought the action to prevent the bank from maintaining the debit to the account for the amount of the forged cheques, the court held that had been breach of duty by he failing to notify the bank about the forged event immediately. In conclusion, this case is notify bank of any forgeries on the account known to the customer (no require to seek out), there are also two extensions for any unauthorized transactions and withdrawals (Tyree 2008). Furthermore, some further duties have been sought to be imposed on customer in order to protecting the bank’s interests. The additional duties could be classified into three categories and those duties have been the subject of recent case law (Tyree 2008). â€Å"The passbook has been replaced by the bank statement which is sent at intervals to the customer and the current practice seems to favour the customer even more since there is no way for knowing whether the customer has even received the statement (Tyree 2008). † Kepitigalla was approved by the New Zealand Court of Appeal in National Bank of New Zealand Ltd v Walpole and Patterson Ltd [1975] 2 NZLR 7 and the Privy Council in Tai Hing Cotton Mill Ltd v Liu Chong Hing Bank Ltd [1986] AC 80 (Tyree 2008).

Belief Andrew Jackson in Democracy

Belief Andrew Jackson in Democracy Andrew Jackson’s belief in Democracy was that all branches and agencies of the government must listen to and follow the wishes of the people. He wanted to change the way the country had been run before he took charge. He didn’t think that the people were really getting there fair say on things. Andrew Jackson was very Democratic because he wanted the people to have more say and power in the government, he wanted to extend our boundaries so that people could move more out west, and he wanted the national bank to be run differently than it was. Andrew Jackson thought that our country wasn’t Democratic enough so when he campaigned he told the people that he will listen to them and do there will. He believed that the people in office before him did a terrible job of this. In the year 1816, the people chose presidential electors by a legislature, and by the year 1832, most of the presidential electors were chosen by the people except in one state only which was South Carolina. Then again in 1836, the presidential electors were chosen by the people in all but one state which was once again South Carolina. Then on December 8, 1829, in a letter to Congress Jackson said, â€Å"In a country where offices are created solely for the benefit of the people, no one man has any more right to (government jobs) than another†. This shows that he believes that any citizen of the country has a right to be in the government. The second reason that Andrew Jackson was Democratic was that he wanted to extend our country for the people. He wanted the Indians to move out west to what is now Oklahoma so more Americans could move off of the east coast and develop our country more. A lot of people today say that this was a terrible dictator thing to do, but really it wasn’t he told them that they could stay in the condition that they obeyed our laws. He also paid the Indians who decided to go to Oklahoma. Though Jackson was democratic by expanding voting rights, he made many controversial decisions that reflected self-interest and not the common man. Many of Jackson’s critics believed that he ignored the separation of powers and abused his powers as president (Doc 3). In response to Andrew Jackson’s Bank Veto Message, Daniel Webster explained that â€Å"(President Jackson’s message) extends the grasp of (the chief executive) over every power of the government†¦Ã¢â‚¬  (Doc 5). Jackson crushed the majority vote of Congress by the use of the presidential veto. He selfishly broadened his power as president and disregarded the majority’s desires. Because Jackson caused the fall of the National Bank, the United States struggled to manage money and loans and this consequently led to the Panic of 1837. In Andrew Jackson’s letter to Congress, he asks for their consideration of, â€Å"(a) law whic h limits appointments to four years,†. Jackson wanted to rotate government officials so that he could implement spoils system. This is why I think Andrew Jackson was democratic.

Problems faced by Grandiose Motors Essay Example | Topics and Well Written Essays - 2500 words

Problems faced by Grandiose Motors - Essay Example Being proactive in his approach, the CEO wants to make sure that the planning for inventory management is done in advance so that the company can remain efficient. A major factor, which Felix Fabulous has extracted out, which could cause problems to the company is the inventory management system of the spare parts which are used in after sales service, one of the most important reasons why customers prefer Grandiose Motors over its competitors. In order to maintain the reputation of the company as an excellent provider of after sales service, the CEO wants to make sure that the purchasing and inventory management of the service parts should remain as efficient as possible and the company must be able to provide all the necessary spare parts without delaying customer wait time and at the same time reduce the cost of inventory holding and other operations in order to provide customers with low priced after sales service car repairs.. That is why he wants the purchasing department to de vise strategies for improved purchasing and warehousing of spare parts and other materials. A car dealership is a business in which profitability depends on per square foot of floor space and as vehicles occupy a lot of space, it is important that any car dealership must allocate maximum space to accommodate the placement of vehicles. In order to do so, it must utilize a much lesser space for other operations such as keeping and warehousing inventory. In light of this, Grandiose Motors faces the following problems related to space availability and inventory management: All the parts had different levels of demand and different suppliers; hence the company had to deal with many suppliers at the same time. This prohibited the company to achieve cost cutting as they could not purchase bulk quantity from a single supplier at a discount.

Not sure yet Essay Example | Topics and Well Written Essays - 2250 words

Not sure yet - Essay Example The new â€Å"knowledge based† economy is defined by the World Bank (Report, 2003, p1) as that which relies â€Å"primarily on the use of ideas rather than physical abilities and on the application of technology rather than the transformation of raw materials or the exploitation of cheap labor†. This is a new determinant that propagates the idea of life-long learning. This change is bound to have an effect on the choice of an individual’s vocational education and training methods. We witness a contradiction and a replacement of the traditional view of life-long education of what Longworth (2003,p33) sees as being â€Å"about the development of the whole person† with that of its contemporary view of what Bagnall (2000) calls as ‘economic determinism’. This need has come about with the emphasis laid upon the currency in paid employment and an unavoidable need to sustain one’s employment and currency in the growing face of change. This paper shall argue that there is an imbalance in the view of lifelong learning and that the need for life-long learning changes with the change in time, industrial circumstances and that it also relevant to economic carve. But we shall argue that the traditional conception of lifelong learning as being a mode of personal fulfillment also holds an important role in setting the real purpose of life-long Education while this view is given less importance in today’s world. A balanced outlook between that individual and social obligation of life-long learning is desirable and this shall be the perspective of the paper while not forgetting that the use of these two perspectives as the purpose and end of the life-long education depends upon individual and circumstances. The change that has come about in the view in Lifelong learning however, shall be exemplified with the change in education system, policies and globalization

Quantitative and academic skills(economy) Essay - 1

Quantitative and academic skills(economy) - Essay Example It also means taking charge of what I do with the resources I could legitimately and ethically use to get things done and accepting mistakes when I commit them. If I achieve this, I can be more confident, learn to respect and manage myself in my studies, and develop self-esteem, because knowing who I am is important if I want to express myself and understand others better. Performance means knowing my profession well so I can succeed, and includes having a broad and open mind, ready to learn from personal experience and learning from others who know more like professors and tutors. One ethical rule is the policy on plagiarism which means â€Å"stealing†¦other people’s work and ideas and passing them off as (my) own† (Handbook, 2007, p. 6). I can use or paraphrase other people’s ideas, but I should acknowledge it following established academic rules of honesty and integrity. My main problem is to know which information I need and learning to choose the right information. There is too much information, in libraries, the Internet, and in the media, so I need to learn how to assess the reliability of my sources such as journals, databases, articles, and surveys. I need to spend more time reading good materials and data sources in English, understanding how the experts in the field analyse information and present it, and being involved in discussions in and out of the classroom. In my culture, we were trained to obey and believe those in authority, and to ask few questions in public. Here, I notice that people say what is in their minds, and I want to learn how to do this. Professors and tutors are open to questions and criticisms. My studies are my top priority right now, but if I do not continue building up my personal discipline because of poor self-management or I allow myself to be influenced by others, my path to success is in danger. I hope my professors and tutors correct me when they see I am not going along the right path. Developing all

Galileo's Stardom Essay Example | Topics and Well Written Essays - 750 words

Galileo's Stardom - Essay Example Hence, when the highly acclaimed Greek philosopher and scientist Aristotle proposed that Earth is the center of the universe, Catholic theologians readily validated as such perspective coincided with the relevant passages of the Holy Scripture. According to Aristotle, the heavens were made of 55 concentric crystalline spheres to which were attached celestial bodies orbiting the Earth at different measures of velocity. Aristotle further claimed herein that an outermost sphere existed being the domain of the ‘Prime Mover’ which brought its constant motion to be distributed among the inner spheres, including the sun. This notion was acceptable to the church on the grounds that it could be affirmed by certain passages in the Bible. As such, the biblical verses of the book of Genesis in the Old Testament, particularly Gen. 19:23 and Gen. 28:11, indicate in phrases â€Å"The sun had risen on the earth ...† and â€Å"... because the sun had set† (ESV), respectivel y, that the sun exhibits movement, as of rising and of setting. Then since the interpretation hereafter had been widely acknowledged in the literal sense of the text, the moving sun was thought of by the church to be the one rotating as all the rest of the cosmic spheres do about a core where the Earth’s spot was. ... xpressed inclination to his science and philosophy inasmuch as it seemed unlikely to question the inseparability between the church and its determination to keep the Aristotelian geocentric model. By the time that Renaissance or the Age of Enlightenment (14th – 17th c.) came and the enlightened thinkers prevailed to introduce reforms to the old system of thinking and living in several aspects, Galileo Galilei was born to challenge the traditional geocentric belief scheme. As one of the prominent figures who made ‘Scientific Revolution’ possible to soar to heights of radical vision and discoveries, Galileo studied astronomy, mathematics, physics, and natural philosophy that he found a great deal of significance in applying the scientific method. Through the inductive means of conducting his endeavor in astronomy which involved thorough use of math and physics for accurate computations, he managed to prove the Copernican findings that the sun is the center of the un iverse. The Roman Catholic Church, nevertheless, could not afford to permit the promotion of this concept since it had already perceived certainty in the gradual reconciliation of science and religion via the Earth- centered approach of Aristotle. It infuriated some theologians and church leaders to the point of severe opposition and accusation, charging the Italian astronomer of heresy upon examining Galileo’s heliocentric insights. His Copernican-based ideas appear contrary to the biblical statements concerning the movement of the sun or scriptural portions that reflected the Earth in fixed position while the Sun keeps not a single location, just as is depicted in Ecclesiastes 1:5 – â€Å"The sun rises and the sun sets, and hurries back to where it rises† (NIV). Galileo, however, responded by

MGM465-0801A-05 Business Strategy - Phase 2 Individual Project Essay

MGM465-0801A-05 Business Strategy - Phase 2 Individual Project - Essay Example Due to non-availability of statistics from authoritative sources, it is not possible to map the progressive fluctuations in purchase activities of new and existing commercial premises. However, there is a progressive rise in the successive years in construction cost for commercial buildings. The number of new commercial buildings constructed from 2005 onwards is not available. However, the construction costs for construction of new private non-residential buildings for 2005 and 2006 were $256,644 million and $295,715 million respectively. The factors responsible for home improvement were preference for larger and more luxurious living spaces, significant number of homeowners opting for remodeling of kitchen and bathrooms, and in many cases new homeowners opting for home improvement within first two years of purchase. The total remodeling expenditure in USA in 2005 amounted to $280 billion of which $188 billion was for Home repairs and improvement. (Financing Guidebook for Energy Efficiency Program Sponsors, December 2007). It is necessary to improve efficiency by shaking up the top-level management. There cannot be tolerance for stagnant and loss-making centers, divisions and departments. Improve efficiency by working out a policy of rewarding good performance. Managers who do not perform must shape up or ship