1.1 Smiley & Grouch- No our firm would not be able to be appointed as we already have interest in the company.
The Management Company –Yes they will be able to be appointed as the company secretary as they hold the necessary knowledge that is required.
Monty Els – Yes he may be appointed as he understands the business and as he qualified as a director he has the suitable requirements for the position
Sevi Garcia- Not suitable as he is insolvent
Ajay Sinh- No as he holds personal interest in the company through family’s shares.
1.2 The distribution of the dividends to the shareholders for the sale of the land needs to be approved by the Board. It must not hold any legal obligation or court orders. The company must ensure that once the dividends have been distributed that …show more content…
The board will need to ensure that the terms of the assistance are given are fair and reasonable.
Question 2
2.1 Disposal of the greater part of assets
The management of Cookware ( Pty) Ltd may not dispose of the asset unless it has been approved by a special resolution of the shareholders, The notice of the meeting to pass the special resolutions is delivered correctly and in the prescribed time. To form to quorum there must be sufficient shareholders or proxies to exercise at least a 25% of all the vote. The MOI may state otherwise but at least 75% must vote to pass the resolution. If not all voters agree to the disposal an application can be sent to the courts, within 10 days of the vote, to review and approve. The assets need to be sold at fair market value.
2.2 Public interest calculator Average number of staff 80/2 = 40
Third party Liabilities
Calculated at 1 point per
The Management Company –Yes they will be able to be appointed as the company secretary as they hold the necessary knowledge that is required.
Monty Els – Yes he may be appointed as he understands the business and as he qualified as a director he has the suitable requirements for the position
Sevi Garcia- Not suitable as he is insolvent
Ajay Sinh- No as he holds personal interest in the company through family’s shares.
1.2 The distribution of the dividends to the shareholders for the sale of the land needs to be approved by the Board. It must not hold any legal obligation or court orders. The company must ensure that once the dividends have been distributed that …show more content…
The board will need to ensure that the terms of the assistance are given are fair and reasonable.
Question 2
2.1 Disposal of the greater part of assets
The management of Cookware ( Pty) Ltd may not dispose of the asset unless it has been approved by a special resolution of the shareholders, The notice of the meeting to pass the special resolutions is delivered correctly and in the prescribed time. To form to quorum there must be sufficient shareholders or proxies to exercise at least a 25% of all the vote. The MOI may state otherwise but at least 75% must vote to pass the resolution. If not all voters agree to the disposal an application can be sent to the courts, within 10 days of the vote, to review and approve. The assets need to be sold at fair market value.
2.2 Public interest calculator Average number of staff 80/2 = 40
Third party Liabilities
Calculated at 1 point per