Question
Mick, Keith, Charlie, Bill and Brian were directors and equal shareholders of Big Lips Music Pty Ltd. Brian resigned his directorship as a result of
Mick, Keith, Charlie, Bill and Brian were directors and equal shareholders of Big Lips Music Pty Ltd. Brian resigned his directorship as a result of differences with Mick, Keith, Charlie and Bill. The others then wanted to get rid of Brian as a shareholder. However, Brian told them that he would never sell his shares in Big Lips Music. A general meeting of Big Lips Music Pty Ltd's shareholders is called at which there is a motion to insert a new clause in the company's constitution that gives Mick, Keith, Charlie and Bill the right to compulsorily acquire Brian's shares for their issue price .
What is the process for inserting a new clause in the company's constitution? Can Brian prevent the new clause being inserted even though the other shareholders passed a special resolution to that effect? Explain
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