Question One Viti Co Pte Ltd ("Vitico') is a private company. Vitico conducts a retailing business. The company owns a number of retail stores throughout the island of Viti Levu. Vitico has two directors, A and B. Both are executive directors with many years of experience in the retail field. Neither is a shareholder of Vitico. Hold Co Pte Ltd ('Holdco') is a private company. Holdco owns either directly or by way of a nominee all of the issued shares of Vitico. Holdco has no other assets. Holdco has three directors; X,Y and Z. The same three individuals own all of the issued shares of Holdco in equal proportions. Vitico decides to expand its chain of retail stores in Viti Levu. The company does a deal to acquire several existing stores of a trade competitor. This is a cash sale. Bank agrees to provide Vitico with financing for the acquisition provided the financing is adequately secured. Specifically Bank requests; - Vitico grant Bank a mortgage over all of its assets; and - as additional security, Holdco grant Bank a mortgage over all of its assets. - Draw a diagram depicting the facts related above. - Do these two mortgages grant security over the same assets? - On the facts as they exist at present, which mortgage provides the greater security to the Bank? Explain your answers fully. Question Two Fiji law recognizes individuals, the State, statutory corporations and companies formed under the Fiji Cos Act as legal persons. It does not recognize dogs or trees or buildings as legal persons. Xanadu is a small country in the Himalaya Mountains. It is a country of animal lovers. The Xanadu legal system has for centuries recognized dogs as legal persons. In Xanadu individuals often give their pet dog a gold neck collar on the dog's birthday. Joe is a resident of Fiji. He takes a holiday in Xanadu and while walking in the mountains finds a gold neck collar. He brings the gold neck collar back to Fiji. Rusty is the name of a dog that lives in Xanadu. The gold neck collar found by Joe was in fact in Xanadu owned by Rusty. Rusty seeks your advice as to whether Rusty could here in Fiji sue Joe for the return of the gold neck collar. Advise Rusty.

1. Question One Viti Co Pte Ltd ("Vitico') is a private company. Vitico conducts a retailing
business. The company owns a number of retail stores throughout the island of Viti Levu. Vitico
has two directors, A and B. Both are executive directors with many years of experience in the
retail field. Neither is a shareholder of Vitico. Hold Co Pte Ltd ('Holdco') is a private company.
Holdco owns either directly or by way of a nominee all of the issued shares of Vitico. Holdco
has no other assets. Holdco has three directors; X,Y and Z. The same three individuals own all of
the issued shares of Holdco in equal proportions. Vitico decides to expand its chain of retail
stores in Viti Levu. The company does a deal to acquire several existing stores of a trade
competitor. This is a cash sale. Bank agrees to provide Vitico with financing for the acquisition
provided the financing is adequately secured. Specifically Bank requests; - Vitico grant Bank a
mortgage over all of its assets; and - as additional security, Holdco grant Bank a mortgage over
all of its assets. - Draw a diagram depicting the facts related above. - Do these two mortgages
grant security over the same assets? - On the facts as they exist at present, which mortgage
provides the greater security to the Bank? Explain your answers fully.
Question Two Fiji law recognizes individuals, the State, statutory corporations and companies
formed under the Fiji Cos Act as legal persons. It does not recognize dogs or trees or buildings as
legal persons. Xanadu is a small country in the Himalaya Mountains. It is a country of animal
lovers. The Xanadu legal system has for centuries recognized dogs as legal persons. In Xanadu
individuals often give their pet dog a gold neck collar on the dog's birthday. Joe is a resident of
Fiji. He takes a holiday in Xanadu and while walking in the mountains finds a gold neck collar.
He brings the gold neck collar back to Fiji. Rusty is the name of a dog that lives in Xanadu. The
gold neck collar found by Joe was in fact in Xanadu owned by Rusty. Rusty seeks your advice as
to whether Rusty could here in Fiji sue Joe for the return of the gold neck collar. Advise Rusty