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LML4806 Assignment 1 (COMPLETE ANSWERS) Semester 1 2025 - DUE March 2025
- Course
- LML4806
- Institution
- University Of South Africa
LML4806 Assignment 1 (COMPLETE ANSWERS) Semester 1 2025 - DUE March 2025
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,LML4806 Assignment 1 (COMPLETE ANSWERS)Semester 1 2025 - DUE March 2025; 100%
TRUSTED Complete, trusted solutions and
explanations.
The board of directors of Titans Ltd (“the company”) has
determined that the company will acquire up to 5% of the
company’s issued shares from its various shareholders. Some of
these issued shares to be acquired by Titans Ltd are held by its
directors. Advise the board of directors of the requirements
under the Companies Act 71 of 2008 that must be complied
with for Titans Ltd to acquire its own issued shares from its
various shareholders and directors. Strada (pty) ltd will be
holding its first annual general at its registered office,the
company's memorandum if incorporation allows shareholders
to appoint proxies to represent them at Shareholders meetings,
subject to clause 10.3 of the Memorandum of board of
directors. About two hours before the meeting, Busi has an
emergency to which she must attend, which makes it
impossible for her to attend the annual general meeting. With
reference to the Companies Act 71 of 2008, case law and the
facts above, advise Busi whether she can validly appoint a proxy
to exercise her right to vote and to express her views at the
annual general meeting of Strada (Pty) Ltd. Also consider in
your answer whether clause 10.3 of the company's
Memorandum of Incorporation is a valid clause...Solomon is
employed as a driver of Apex Transport (Pty) Ltd. The company
is financially distressed and has just been placed under business
, rescue. Solomon is worried because he has not yet been paid
his salary for the previous month, before the business rescue
proceedings commenced. He is also concerned that the
business rescue practitioner may change his terms and
conditions of employment.. Big Money Ltd . (io) intends to
make a primary offer to the public in order to raise funds. The
directors of Big Money Ltd are aware of certain information that
could potentially discourage the public from purchasing shares
in Big Money Ltd. After deliberation, the directors of Big Money
Ltd decide not to include that information in the prospectus.
With reference to the Companies Act 71 of 2008, discuss
whether the directors of Big Money Ltd can be held personally
liable to persons who acquire the securities of Big Money Ltd a
nd who may potentially suffer loss or damage as a result of the
omission of that information from the prospectus. (io)
break down each scenario under the Companies Act 71 of 2008:
1. Titans Ltd acquiring its own issued shares:
o Legal Requirements: According to Section 48 of the
Companies Act:
Titans Ltd can acquire its own shares subject to
certain conditions.
The acquisition must be authorized by the board
of directors.
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