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Unformatted text preview: 1 SS Lecture 10 Overview Âˇ Intro to membersâ€™ remedies ch 15 Âˇ Oppression, unfair prejudice, unfair discrimination 1 discrimination Âˇ Winding up Âˇ Injunction restraining breach of CA 2001 Âˇ Inspection of books Âˇ Legal action to enforce a personal right Âˇ Legal action to enforce a co right Intro to membersâ€™ remedies Âˇ Members have statutory and general law remedies Âˇ For what? 2 Âˇ For what? Âˇ Membersâ€™ remedies may be available where officers have breached their duties Âˇ Complaints unrelated to breach of officersâ€™ duties Why do minority members need remedies? Âˇ Directors and majority shareholders can use their powers to harm minority shareholders Âˇ Not always possible for a shareholder to sell 3 their shares Â˘ This explains why the oppression remedy is most commonly sought by shareholders in proprietary companies rather than public companies Oppression remedy: ss.232-235 Âˇ Available in respect of: Â˘ the conduct of the companyâ€™s affairs, or Â˘ an actual or proposed act or omission by or 4 Â˘ an actual or proposed act or omission by or on behalf of the company, or Â˘ a resolution, or a proposed resolution, of members or a class of members Oppression remedy (cont) Âˇ Where the conduct complained of is either : Â˘ contrary to the interests of the members as a whole, or 5 Â˘ 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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- Three '08
- Law, Member of Parliament, court order