16 Jul LEGAL ACTION TO PREVENT THE PROPOSED ALTERATION TO THE CONSTITUTION.
i am happy to give you some guidelines given by my lecturer. Document Preview: Instructions: 1. Address each of the questions, clearly indicating which question your answer relates to. 2. Maximum 1,500 words in total. 3. Marks will be awarded or deducted for quality of presentation, e.g. format, structure and referencing. 4. Students are expected to use legal referencing system – see additional reading on blackboard for a copy of Melbourne University Law Review Association Inc., Australian Guide to Legal Citation (2010, 3 ed). Question 1 Cotton Limited holds 89.5% of the shares in Satin Co Limited. The remaining shares are held by Silk and several other small investors. The Board of Satin wants the company to become a wholly owned subsidiary of Cotton Limited as they expect this will result in both taxation benefits and a saving on accounting fees and administration charges of about $230,000. Cotton Limited offers to buy the shares held by Silk and other minority members but they refuse. Arrangements are made to hold a members meeting to pass a resolution changing the constitution of Satin by inserting a new clause 53 any member entitled to 80% or more of the issued shares may compulsorily acquire all the remaining shares. Silk and other minority members receive written notice of the company meeting together with a proxy form and a valuation certificate stating the shares were worth $2.50 each. Although the offer is fair Silk does not want to sell her shares and wants to start legal action to prevent the proposed alteration to the constitution. Discuss whether she may succeed in her action. Would your answer be different if the real reason for compulsorily acquiring the shares from Silk was that she discovered operating a business in competition with Satin Co and was using information gained as a member to take away some of Satins business? Question 2 Polyester is a director of Style Pty. Limited involved in making womens clothing. Has she breached any duties under the Corporation Act in the following situations? Situation 1. She arranges… Attachments: Assignment-T-….pdf
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