Reference no: EM132800922
Fair Endeavours Ltd ("Fair") is a company that was incorporated in 2020. The constitution of Fair has the following object:
"The business of the company is to invest in ethical businesses".
Fair has three directors - Jim, Melissa and Cooper- who also hold 20% of the company's shares. The remaining 80% is held by a company, Gregg Cravin Industries Ltd ("Cravin Ltd").
At the Annual General Meeting (AGM) in 2021, the corporate representative for Cravin Ltd comes up with a proposal that Fair should purchase an industrial farming complex in an overseas country. The corporate representative goes further to say that if the directors, Jim, Melissa and Cooper, do not comply with Cravin Ltd's proposal, they shall be removed from office.
Jim, Melissa and Cooper hate the proposal; they discover from a casual search of the internet that the farm in question is being investigated for human rights abuses of its workers. Furthermore, they think that investment in the farm would be unconstitutional (i.e. in contravention of the stated constitutional object of Fair). However, Jim, Melissa and Cooper are fearful of losing their jobs and so are compelled to act in accordance with Cravin Ltd's wishes.
A). What is required to be appointed as a director? Refer to the relevant sections of the Corporations Act 2001 (Cth) in your answer.
B). Identify which section of the Corporations Act 2001 (Cth) gives members the power to remove directors in a company such as Fair Endeavours Ltd.
C). Identify which section of Corporations Act 2001 (Cth) gives members the power to appoint a new director in a company such as Fair Endeavours Ltd.
D). Discuss the consequences of breach of constitutional objects for Fair Endeavours Ltd and its participants, making reference to the relevant sections of the Corporations Act 2001 (Cth).
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