Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mickey, Mimi and Pluto are close friends. After MSSB was incorporated, a resolution was passed by Mickey, Mimi and Pluto who became the directors and

Mickey, Mimi and Pluto are close friends. After MSSB was incorporated, a resolution was passed by Mickey, Mimi and Pluto who became the directors and shareholders of MSSB.

A few weeks after Donald joined MSSB as a shareholder. He forwarded a complaint to Mimi that MSSB was not having enough capital and MSSB must increase it by receiving deposits from the public.

Advise the parties involved based on the Companies Act 2016 and any relevant case.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Commentaries And Cases On The Law Of Business Organization

Authors: William T. Allen, Reinier Kraakman, Vikramaditya S. Khanna

6th Edition

1543815731, 978-1543815733

More Books

Students also viewed these Law questions

Question

5. How can I help others in the network achieve their goals?

Answered: 1 week ago