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Kofi Manu set up a company and had a scholarship to pursue his PhD in Australia. He then transferred part of his share to Abena Mansa with special rights in their agreement including rights on new shares, transfer restrictions unless with consent, and the right to appoint a Director if holding is at least 10%. Now Kofi Manu is back and wants to cancel the special rights of Abena Mansa, but Abena Mansa has argued that the special rights she had were class rights that could only be varied with her consent and she was not ready to vary it.
Required:
i) What is meant by class rights? (3 marks)
ii) Under what TWO (2) circumstances can class rights be varied? (4 marks)
iii) Advise Kofi Manu. (3 marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Kofi Manu set up a company and had a scholarship to pursue his PhD in Australia. He then transferred part of his share to Abena Mansa with special rights in their agreement including rights on new shares, transfer restrictions unless with consent, and the right to appoint a Director if holding is at least 10%. Now Kofi Manu is back and wants to cancel the special rights of Abena Mansa, but Abena Mansa has argued that the special rights she had were class rights that could only be varied with her consent and she was not ready to vary it.
Required:
i) What is meant by class rights? (3 marks)
ii) Under what TWO (2) circumstances can class rights be varied? (4 marks)
iii) Advise Kofi Manu. (3 marks)
Find Related Questions by Tags, levels, etc.
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