CLAW6002 Question 3.doc - CLAW6002 Corporate Structures in...

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CLAW6002 Corporate Structures in Practice Semester 1, 2017 Lecture Question 3 Lecture 4 (WEEK 4 commencing 27 March 2017) Directors, Officers and Members Shareholders can’t tell board members what to do Facts: Plato Pty Ltd was incorporated on 11 April 2001 and is a company involved in commercial property development. It has not adopted a constitution.- replaceable rules Harry, a member of Plato Pty Ltd, is a little short of funds at present and decides to see whether his sister, Penny, is interested in purchasing his shareholding of 5,000 ordinary shares in Plato Pty Ltd. As it happens, Penny is interested and pays the agreed purchase price of $10,000 to Harry who then forwards the signed transfer of shares to Plato Pty Ltd requesting registration of the transfer. However, the board of directors refuses to register the transfer and promptly notifies Penny to this effect but gives no reasons for its decision. Harry’s cousin, George, is the company secretary of
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