Business Law

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3. The articles of Doo Doo Bhd. provide inter alia: "1) Any shareholder appointed to the position of managing director shall hold the position for life. (ii) Any shareholder who at any time wishes to transfer any or all of his shares shall first offer them to existing shareholders of the company who shall be obliged to purchase such shares at the original purchase price." In January, Peter, a shareholder, was appointed managing director of Doo Doo Bhd. The board of directors has taken a decision to dismiss Peter forthwith because of his poor performance on the job to date. Yazu, a shareholder, wishes to sell his shares and has received an offer from Brian, who is not a shareholder, to buy the shares at a price well above the original purchase price. Mark, an existing shareholder, is adamant that he should be given the opportunity to purchase Yazu's shares at the original purchase price. Yazu is the only shareholder who currently holds less than 5% of the shares of Doo Doo Bhd. Advise