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n and Tom in this case? Selling plant for $750000, is that legal or lawful? how does Replaceable Rules apply in this case? what is the final decision?...

Resolution 3


Members with 50,000 shares


Members with 10,000 shares

Strike complied with the ASIC notification requirements under section 256C CA. Tom was the only ordinary shareholder who voted against both resolutions. He objects to the proposed resolutions on the basis that it will adversely affect his tax position in the 2017-2018 financial year. Strike approaches you for advice on 21 November 2017.

Advise Strike whether the share capital and business sale transactions are valid, as well as the potential actions and remedies (if any) that Strike, Sharon, Tom and ASIC may pursue against Strike, its directors and Therese (and their prospects of success). Using the ILAC method, explain your answer with references to relevant sections of the Corporations Act 2001 (Cth) and case law.  

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