Ajax Pty Ltd has adopted the Replaceable Rules.

Bud is a shareholder who owns 20% of the shares in this Company. The majority shareholder is Jane who owns the rest of the shares. The directors are Jane's brothers,Alan and Colin.

(i)Bud wishes to give 1 share to Jennifer, his longtime girlfriend.However, the directors refuse to register the transfer as they dislike people who live together without being married. Advise Bud on any action that may be taken to have the share registered in Jennifer's name.(3 marks)

(ii)Jane plans to hold an extra-ordinary general meeting to amend Ajax's Constitution to enable "any owner of more than 79% of the shares in the company to compulsorily acquire the shares of other members". Discuss whether she will be successful.

(iii)Jane wants to remove the existing directors. She requested the directors to hold a General Meeting but they rejected her request. She invited Bud to her home for dinner and told him their meeting amounted to a General Meeting. She then said that as the majority shareholder she has removed the existing directors have been removed and that she and her friend Elle were the new directors. Discuss the validity of the resolutions.

(iv)Jane wants to change Ajax Pty Ltd to a public company. Discuss what steps need to be taken for the conversion.