SS Lecture 10 - 1 SS Lecture 10 Overview Intro to...

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Unformatted text preview: 1 SS Lecture 10 Overview ¡ Intro to members’ remedies ch 15 ¡ Oppression, unfair prejudice, unfair discrimination 1 discrimination ¡ Winding up ¡ Injunction restraining breach of CA 2001 ¡ Inspection of books ¡ Legal action to enforce a personal right ¡ Legal action to enforce a co right Intro to members’ remedies ¡ Members have statutory and general law remedies ¡ For what? 2 ¡ For what? ¡ Members’ remedies may be available where officers have breached their duties ¡ Complaints unrelated to breach of officers’ duties Why do minority members need remedies? ¡ Directors and majority shareholders can use their powers to harm minority shareholders ¡ Not always possible for a shareholder to sell 3 their shares ¢ This explains why the oppression remedy is most commonly sought by shareholders in proprietary companies rather than public companies Oppression remedy: ss.232-235 ¡ Available in respect of: ¢ the conduct of the company’s affairs, or ¢ an actual or proposed act or omission by or 4 ¢ an actual or proposed act or omission by or on behalf of the company, or ¢ a resolution, or a proposed resolution, of members or a class of members Oppression remedy (cont) ¡ Where the conduct complained of is either : ¢ contrary to the interests of the members as a whole, or 5 ¢ oppressive to, unfairly prejudicial to, or unfairly discriminatory against, a member or members To what types of companies can the remedy apply?...
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SS Lecture 10 - 1 SS Lecture 10 Overview Intro to...

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