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QUESTION 2 FACTS Megan, her wife Chantelle and her mother-in-law Ida are directors of Megan's Carpentry Pty Ltd. Megan and Chantelle each hold five ordinary shares in the capital of the company. Ida holds two ordinary shares. The daily management and operation of the company is entirely in the hands of Megan and Chantelle. At the present time, for a number of reasons, Ida is very unhappy with the way the company is being operated and managed, particularly the fact that she not been paid any dividends. The company is profitable, but Megan and Chantelle give themselves huge and extravagant pay raises and bonuses and do not give anything to Ida. Ida now decides to take a more active part in the management of the company and attends all the board meetings even though Megan and Chantelle try their best to prevent her from attending. She is highly critical of the way the company is being managed and the extravagant spending of company money by both Megan and Chantelle who have arranged for the company to lease two new luxury cars for their own personal use. Unknown to Ida, Megan and Chantelle convene a members' meeting and the pass a resolution to remove Ida as a director of the company. Ida finds out about her removal as a director, by letter sent to her by their lawyer with an offer to buy her shares for $2,000. Ida actually paid $20,000 for the two shares and she believes that Megan and Chantelle can afford to pay her more for the shares. Does Ida have any legal remedies under these circumstances? Advise Ida. (15 marks) Page 4 of 4