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the main restrictions on the shareholder代写

     
     
    (1)      Harris, James and Patrick are directors and shareholders of Noosa Property Developments Pty Ltd (NPD), a property development company which owns and operates a restaurant. Harris and James are brothers. James and Patrick are friends and partners in an accounting firm. Harris is an unemployed artist and sole parent of three young children. The total number of issued shares in NDP is 6,000 ordinary shares. Each shareholder has 2,000 shares. All the shares are fully paid. NPD has been very successful but has not paid any dividends to its members for the last two years. Profits have instead been invested in further development projects. Harris’ wife has recently died and he is very short of money to look after his family. He approaches James and Patrick and asks them to consider whether NPD could begin to pay dividends again to its members. James and Patrick refuse to consider Harris’ request as it would upset the “long-term goals of NPD.” Harris is upset by this response and announces that he wants to sell his shares. James and Patrick refuse to buy him out and demand that Harris resign as a director because he has lost his objectivity. Harris resigns reluctantly. He asks to see NPD’s most recent set of financial statements. James and Patrick refuse to provide the information. Harris discovers accidentally that NPD has been paying large “management fees” to James and Patrick’s accounting firm. Harris consults you as his legal adviser. He wants to know:
     
    (i)                 What factors should Harris take into account in order to bring an action against James and Patrick?
    (ii)               If he brings a personal action, should he bring it under the general law or make a claim under the Corporations Act?
    (iii)             What remedies should he seek? (15 marks)
     
     
    (2)     Can a small-holding (minor) shareholder have an influence on how a company is
              managed. What are the main restrictions on the shareholder and are the number of
              shares held relevant? (5 marks)