Question
Run Faster Pty Ltd is a small company owned by 3 individuals - Mr Bolt, Mrs Bolt, and Jax. These 3 individuals are also the
Run Faster Pty Ltd is a small company owned by 3 individuals - Mr Bolt, Mrs Bolt, and Jax. These 3 individuals are also the company's only directors. Run Faster Pty Ltd is in the business of marketing and promotions for sports gear. It was founded in 1999 by Mr and Mrs Bolt and it now has over 30 employees on its books. Jax joined the company as a member and director in 2009 after Mr and Mrs Bolt were impressed with Jax's efforts as a new employee during 2008. Jax has always got on well with Mr and Mrs Bolt however during 2021, the relationship between Jax and the Bolts becomes acrimonious. In Dec 2021, the following events occur: - During a Board meeting, Mr and Mrs Bolt decide against paying dividends. The company has paid dividends every year since 2009. Jax was relying on the Dec dividend to help pay off his mortgage. - The Bolts also refuse to pay Jax a performance bonus (for his work as director) despite the fact that Jax has met the criterion under the company constitution for reward of this bonus. - The Bolts refuse to give Jax access to company financial records, the member's register nor the option holder's register. - The Bolts intend to hold their next Board meeting without informing Jax of the time and location. - Jax receives complaints from employees that they have not been paid since October 2021 (Mr Bolt is in charge of Accounts at the company). Jax is also aware that Mr Bolt has purchased a new vehicle using company funds during October 2022. Question: What remedies are available to Jax in his capacity as member? Comment on the likely chances of success. Make sure you use I.R.A.C. to structure your answer and make reference to the relevant sections from the Corporations Act 2001 (Cth) and case law
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