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Book/movie review
22/08/2022
Part A
Read Australian Securities and Investment Commission (ASIC) v Cassimatis.
Answer the following questions:
1. Describe the legal issues relevant to this case. (4 marks)
2. Explain the relevant laws relevant to this case. (4 marks)
3. Discuss the arguments of the parties in this case. (8 marks)
4. State the decision in this case. (4 marks)
Part B
Koala Pty Ltd (Koala) is a company which operates a business selling koala soft
toys to the world market. Khaled, Kanye, Keith, and Kylie are all siblings and the
only directors of Koala and each owns 25 ordinary shares. When the siblings
first started the company, they thought it would be a great idea for them all to
be involved in an enterprise where they worked together and had control over
their destiny.
Clause 9K of the constitution of Koala provides that Khaled, Kanye, Keith, and
Kylie shall be directors of Koala at all times. Late last year Kanye had personal
grievances with the rest of the family over the manner in which the company
was being managed. He proposed to be appointed as the managing director but
the other directors voted that proposal down at a directors meeting. His siblings
now wont speak to him and dont want him to have anything to do with the
company.
At a recent board meeting, Khaled, Keith, and Kylie passed the following
resolution (Kanye voted against the resolution):
resolution was passed removing Clause 9K of the constitution. Thereafter, a
second resolution was passed at the meeting removing Kanye as a director.
After removing Kanye from the board, Khaled, Keith and Kylie attended a board
meeting suspending dividends indefinitely and increasing their directors
salary.
After the May meeting, Keith and Kylie become aware that they could sell Koala
related products such as souvenirs to the world market and make a lot of
money. Keith and Kylie registered a new company called Koala2 Pty Ltd
(Koala2) in which they are the only shareholders and directors. Koala2 buys
its products from local sources and sells the products to foreign markets at a
massive profit.
a. Solve the issues as to whether Kanye would be successful in an action
against the other directors/members in relation to the share issue and/or
being removed as a director. (10 marks)
b. Solve the issue as to whether Khaled and/or Kanye would be successful
in an action against the other directors/members in relation to starting a
new company without them. (10 marks)
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