4. Mary and Josephine have worked together under a partnership agreement for the past ten years. They have been thinking about the benefits of setting up a company for some time, in particular the benefit of limited liability. Mary believes that she is likely to want to leave the company in about three years. Their friend Jessica, who is heavily involved in key decisions of the business, intends to keep this role but doesn't want to be appointed a director. Mary and Josephine seek your advice regarding the following should they set up the company: (a) The basis upon which the office of director may be terminated. (10 marks) (b) The implication of section 126 of the Companies Act 1993 for Jessica as a deemed director. (10 marks) You are required, with reference to relevant authority to advise Mary and Josephine. (Total 20 marks)