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(b)The company was registered on 8 July 2020 and the notice of registration issued by the CCM(SSM). Thereafter Mr X, Mr Y and Mr Z
(b)The company was registered on 8 July 2020 and the notice of registration issued by the CCM(SSM). Thereafter Mr X, Mr Y and Mr Z signed the loan agreement with Rich Bank. The loan agreement with Rich Bank has a term that states that "In the event of any dispute the borrowers cannot seek remedy in a court of law".
(i) Is this term enforceable? (10 marks)
(ii)Meanwhile Mr Y plans to form another company with Mr M and Mr P selling sports shoes in Penang. Is he allowed to ( do this )? (15 marks)
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