Tim had $5,000 cash at bank and upon advises from his friends and doing some research on internet, Tim decided to invest his money in a public company by purchasing some shares. However, after 4 months, Tim received a call from the company that he was required to sell his shares back to the company. Tim was confused as he did not have any such plans. Tim was totally unaware that he had to sell his shares back to the company. Upon query with the company, the caller informed Tim to read the contract that was given by the company to him when he purchased the shares.

Required:

1. Explain the possible type of shares that was issued to Tim in the above case. Also state any four conditions of such shares. (5 marks)

2. Further to the above case, Tims shares were not fully paid up. With reference to Companies Act of Fiji 2015, explain whether the company would be successful in purchasing Tims shares. (5 marks)