Exam (elaborations)
LML4806 Assignment 1 Semester 2 2023
- Institution
- University Of South Africa
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LML4806 Assignment 1Semester 2 2023
QUESTIONS AND
ELABORATE
ANSWERS
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, Question: 1
Shareholders’ resolutions must usually be voted on at properly constituted
meetings of the company’s shareholders. However, the Companies Act 71 of 2008
provides for an exception to this general rule. Explain what this exception under
the Companies Act 71 of 2008 entails. (5)
Under the Companies Act 71 of 2008, there is an exception to the general
rule that shareholders' resolutions must be voted on at properly constituted
meetings of the company's shareholders. This exception is referred to as
the "unanimous written consent" provision.
According to this provision, shareholders can pass a resolution without the
need for a formal meeting if all the shareholders entitled to vote on that
resolution provide their written consent or approval to the resolution. In
other words, instead of convening a physical or virtual meeting,
shareholders can collectively agree and sign a written document indicating
their consent to a specific resolution.
To be valid, the unanimous written consent must be given by all
shareholders who have the right to vote on the particular resolution. This
means that every shareholder must agree to and sign the document. If even
a single shareholder does not provide their consent, the resolution cannot
be passed using this exception, and a formal meeting would be required.
The unanimous written consent provision is intended to provide a more
convenient and efficient way for shareholders to make decisions when all
parties are in agreement. However, it is crucial to ensure compliance with
the specific requirements outlined in the Companies Act to ensure the
validity of resolutions passed through this exception.
Question: 2
David is a non-executive director and chairperson of Free State Airlines SOC Ltd, a
company that operates commercial flights between Johannesburg and
Bloemfontein. David is also one of the major shareholders of Aerial Lease (Pty)
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