Question One (1) [50 Marks] a) Game Store Namibia, a subsidiary of Game Stores Ltd has financial difficulties in the last 3 years and contemplates closing its shop. Its holding company (Game Stores Ltd) has watched one of its most profitable subsidiaries sink in turmoil and did nothing to assist. Advice whether action by Game Stores is legal or not while explaining the separate personality of companies. You may refer to case law. (15 Marks) b) Set out true/false only to the following statements: (15 Marks) 1. Company-is not juristic person but a natural person under our law (2 Marks) 2. Companies may be subsidiaries of another company (2 marks) 3. A Company can operate without a commencement of business certificate (2 Marks) 4. Director appoints Shareholders in a company. (2 Marks) 5. Company Secretaries prepare meetings of directors and shareholders (2 Marks) 6. Employees-mere workers who have no control over the company (2 Marks) 7. Board of Directors may earn a retainer amount instead of a salary? (2 Marks) 8. AGM stand for Annnual General Meeting? (1 Mark) c) A director is at common law subject to fiduciary duties that requires him or her to exercise his powers bona fide and for the benefit of the company. List and explain the fiduciary duties of a director? In your answer, refer to the relevant section as well as case law. (20 Marks).