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QUESTION 1 According to section 165 of the derivative action act, the shareholder are to take the following steps: Demand (notice) to company The shareholder can deliver a notice to a company demanding that it institute legal proceedings or take other steps to protect the company’s legal interests. Company action Within 15 days of the company being served with the demand, the company may move forward and apply to the court to set the demand aside only if the demand is “frivolous, ve...

MRL2601 - Entrepreneurial Law Exam Long questions and answers

In terms of common law, it is impossible for any person to enter into a contract on behalf of a company that does not exist yet. However, there are other alternatives available under common law Jack could consider. They are; (i) Cession and delegation (ii) Nomination (iii) Option (iv) Contract for the benefit of a third party 1.2 Woodinn (Pty) Ltd has two shareholders, Tom and Sue who each hold 50% of the issued share capital. Tom, Sue and Jack are appointed as the company’s directors. ...

Answers for Assignment 2: MRL 2601 (Entrepreneurial law) Assignment 2 Semester 2 2020

Shradha Seth Sivsanker Mrl2601 Assignment 2: Question 1: The Shareholders of Mongalo Estates (Pty) Ltd have an appraisal right as they dissent the proposed sale of 80% of the company assets. This appraisal right that they possess allows them to protect their own rights with regards to their shares within the company. An Appraisal right is the right in which a shareholder requires his or her company to purchase his or her shares at their fair value if the company resorts to any triggeri...

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MRL2601 - Entrepreneurial Law Assignment 01 Solutions

answers for MRL2601 Assignment 2 Semester 1 2021