Rex formed a company and invited his friend Max to join him in the business of printing magazines. Prior to the incorporation and registration of the company, he transferred a piece of land to the company for the sum of RM700,000. He signed the sale & purchase as the vendor and requested his friend, Max to sign as the purchaser on behalf of the proposed company. They decided to name the company Quick Print Sdn Bhd and invited two former classmates Roy and Ray to invest and become shareholders of the company. Once Rex and Max registered the company, they became directors of the company. They also included a clause in the Company Constitution that they would be appointed permanent directors of the company. The shareholding is held equally 25% each by Rex, Max, Roy, and Ray. Discuss the following separate questions (a) and (b). (a) Roy and Ray discovered the abovementioned land transaction and would like the newly registered company to avoid the transaction as the price is much higher than the current market price. (b) Max has set up another magazine printing company called Magik Print Sdn Bhd. He has not divulged this information to the others. (Total: 25 marks)