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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 companys 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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This note was uploaded on 03/13/2010 for the course ECON econ1010 taught by Professor Margretfinch during the Three '08 term at Griffith.
- Three '08