LH,Chapter17CorporationsAct/

Oppressive/UnfairStatutoryderivativeaction(Pt (3).Windingup–s461(1)(e),(f),(g),(k); (4).Section1324injunctionCommonLawRemedies:NOT一、OppressionRemedy–Pt2F.1s232-itallowsoppressed/unfairlytreatedshareholderstoobtaincourtremedy.它允許被壓迫的股東得到的補(bǔ)償。Itcanbetakenagainstany whocontrolsthe,includingdirectors,majorityofshareholdersandthe itself.Shareholderscanseekforthisremedywheretheyareaffectedintheircapacityasshareholdersorinanyothers232statesthatthecourtmaymakeanordertheconductofthecoy’saffairsoranactual/proposedactoromissionby/onbehalfofaaresolutionorproposedresolutionofshareholdersoraclassofshareholdersofacoy;isContrarytotheinterestsoftheshareholdersasawhole;Oppressive,unfairlyprejudicial(引起偏見的)to,orunfairlydiscriminatoryagainstashareholderorshareholders.(一)、Whomayapplyforanorderunders234(a):ashareholderofthecoy,eveniftheapplicationrelatestoanact/omissionthatisagainsttheshareholderinacapacityotherthanasashareholderoragainstanothershareholderintheircapacityasashareholder.s234(b):awhohasbeenremovedfromtheregisterofshareholdersbecauseofaselectivereduction選擇還原.s234(c):awhohasceasedtobeashareholderofthecoyiftheapplicationrelatestothecircumstancesinwhichtheyceasedtobeamember.s234(d):atowhomashareinthecoyhasbeentransmittedbywill/byoperationoflaw.s234(e):awhomASICthinksappropriatehavingregardtoinvestigationsit’sconductingorhasconductedinto(i)thecoy’saffairs;or(ii)mattersconnectedwiththecoy’ss232providesaremedyagainstany,includingdirectors,majorityshareholders,substantialshareholdersanditself,involvedintheaffairesofthe(二)、ConductwherearemedymaybeNewZealandcaseReHWThomas(p464):aminorityshareholderfailedinhisapplicationcozhecouldn’tshowtheaffairesofcoywasoppressive,unfairlyprejudicialorunfairlydiscriminatory.AffairsoftheWhatmustapplicantApplicantmustprove/allege(斷言)theConductofa’saffairs★Oppressive的;Unfairlyprejudicial不利的Unfairlydiscriminatory有辨識力的Contrarytointerestsofthemembersasa★TheAffairsofabodycorporateincludethepromotion,formation,membership,controlbusinesstrading,transactionanddealings,property,liabilities,profitsandthe e,receipts,losses,outgoings(開支)andtheinternalmanagement&thepowerofstoexercise,ortocontroltheexerciseof,therighttovoteattachedtosharesinthebodycorporateortodisposeof,ortoexercisecontroloverthedisposalof,suchshares.ActsproposedWhatmustapplicantWaydevNSWRugbyLeague:asingleresolutionoftheboardofdirectorscouldbeanoppressive/unfairactonbehalfofthecoy.s232(b):anapplicantmayalsoobtainaremedywheretheactisMERElyproposed¬yetResolutions/proposedWhatmustapplicantApplicantmustprove/allege(斷言theresolution/proposedresolutionofmembersoraclassofmembersis:Oppressive;Unfairlyprejudicial;Unfairlydiscriminatory;ContrarytointerestsofthemembersasaNorth-WestTransportationCovOmissions/proposedomissions(不履行)Whatmustapplicantprove/allege?Applicantmustprove/allege(斷言)omissionby/onbehalfofaOppressive;Unfairlyprejudicial;Unfairlydiscriminatory差別對待的ContrarytointerestsofthemembersasaSanfordvSanfordCourierServicePty:enableamembertoobtainaremedywhereacoywithsufficientprofitspersistently(持久永固的)refusestopaydividends.--WhoseDirectorsordominant--WhatdoesconductActsoromissionsof/directors/dominantResolutionspassedatshareholdersConductmayaffectshareholderinaNONshareholdercapacity–egasdirectororemployeeofthe(三)、MeaningofOppressiveUnfairHarsh（苛刻的）/Burdensome(難于負(fù)擔(dān)的)/WrongfulScottishCo-operativeWholesaleSocvMeyerReJermynStreetTurkishBath:addedadditionalrequirementforoppressionwhichinvolved“someoverbearing(專橫的act/attitudeonthepartoftheUnfairconduct–commercialnotonlyoppressiveacts+conduct(in1),butalsoconductthatisUnfairlydiscriminatory,UnfairlyPrejudicialorcontrarytotheinterestsofthemembersasaWaydevNSWRugbyLeague(p463):adirector’sconductmayberegardedasOppressive/UnfairifNOReasonabledirectorwouldhaveactedinthatindeterminingwhetheraconductisoppressive/unfair,acourtmustbalancetheinginterestsofMajority+Minorityshareholders.Thisbalanceisachievedbyexaminingthebackgroundofcoy&legitimate(合法的)/reasonableexpectationsofshareholders.Merelyminoritydisagreeingwithdecisionsofdoesnotmeantheyareoppressive/unfair少數(shù)人不同意大多數(shù)人的意見ReGJeffrey(MensStore)Pty(p464):it’snotunfairifmajorityshareholdersrefusetobuyminority’sshares主要的股東4.Usuallyinvolve‘zeouts’走or‘squeezeouts’擠(三)、ExamplesofOppressiveUnfairconductDiversionofcorporateopportunity公會的轉(zhuǎn)移:Directors/majorshareholdersdiverting轉(zhuǎn)移ofbusinessopportunitiestothemselves主要股東公司Diversionofcorporateopportunitytothemselves/theirassociatesabreachofdirectors’fiduciaryduties這種行為了誠信義務(wù).ALSO,it’sOppressive+Unfairconduct.S232alsoprovidesaremedyforminorityshareholdersinsuchcircumstances.–ScottishCo-operativeWholesaleSoc vMeyer(p464):majorityshareholdersengagedinactivitiesofthe andtookcoy’sopportunity.It’soppressiveconduct.主要的股東從事于公司的活動和利用--ReBrightPineMillsPty(p464):Swallow,asthe/shareholderincontrolofthecoy,conducteditsaffairstobenefithimselfassociates&toharmDentonanothershareholder)利于自己,損害別人--FexutoPtyvBosnjakHoldingsPty(p464):2of3directorsbreachedfiduciaryduties+engagedinOppressiveconductcozbusservicecontractwasaCorporateOpportunitybelongingtocoy.DiversionofProfits利益的轉(zhuǎn)移:Directorspayingthemselvesexcessivesalariesattheexpenseofdividendstoshareholders董事利用股息來支付給自己過多的工資it’sverycommonincoys,whichare“Quasi-Partnerships”becausethereasonableexpectationsofshareholdersarethatprofitsofthebusinessaredividedupamongthemselvesaccordingtothenumberofsharesheld.Themajoritymayactoppressively/unfairlywhereminorityshareholdersareexcludedfrombeingdirectors+asignificantproportionofprofitsarepaidintheformofhighdirectors’feesandlowdividendstoshareholders.--SanfordvSanfordCourierServices(p516):majorityshareholdersactedoppressivelytowardsMinorityshareholder主要股東對少數(shù)股東實行∵majorityshareholdersexcludedminorityshareholderfromtheprofitsofcoy把小股.Arefusaltopaydividendsispartofoppressive--ShamsallahvCBDRefrigeration(p516):directors’failuretoreviewdividendinlightofcoy’schanging&improvingcircumstancesisoppressive,especiallywhenatthesametimethedirectorsareincreasingtheirownremuneration.Exceptions--Morganv45FlersAvenuePty(p516):dividendsarenotashighastheycouldhavebeenisnotnecessarilyanindicationofunfairness.Also,adecisionbythedirectorstopaythemselveslargebonusesandfeesisNOToppressive/unfair,ifthecoy’sprofitabilityhasincreasedsignificantlybecauseoftheirenterprise如果在公oppressive/unfair)--DosikePtyvJohnson(p465):it’sNOToppressive/unfairconductifthecoyonlypaidsalariestodirectorswhoworkedinthebusinessandnotpaytoadirectorwhodidnothing.(如果公司只支付工資給工作的人,這也不算oppressive/ExclusionfrommanagementExcludingdirectoroffamilycofrombeinginvolvedinmanagementdecisions涉及到企業(yè)itoftenhappensinFamilyBusiness,wherethereisafamilypartnershipwithfamilymembershavinganexpectationofparticipatinginthemanagementofthefamilycoy’sbusiness.--FexutoPtyvBosnjakHoldingsPty(p466):otherdirectors’excludingBobfrominvolvementincoy’sdecision-makingprocessisoppressive+unfairlyprejudicialconduct(不允許某個人參加公司決議過程也了oppressive+unfairly).Thereisalegitimate(合理的)expectationthatBob,as1ofseniormembersoffamily,wouldbeinvolvedincoy’smanagement.(作為一個高級--GFSManagementServicePtyvGround&FoundationSupports(p466it’sanoppressiveunfairconductthatcontrollingdirectorshadnotgivenformermanagingdirectornoticeoftheresolutiontoterminatehisposition在解雇前任管理者之前沒有提醒也是了oppressive+unfairly)Directors’failuretoactintheinterestsofcoy:Directorsrunningcoyintheirowninterests&ignoringinterestsofshareholders(coy)董事運(yùn)作為個人利益去運(yùn)作Minorityshareholdersmayapplyforaremedyunders232,wheredirectorsbreachfiduciarydutiesbyFailingtoactinthebestinterestsofcoy.--ReSpargosMiningNL(p466):therewassofinteretswhichweredetrimentaltocoy.利益的是對公司不利的Consequentlyit’sanoppressive+unfairconduct.--JenkinsvEnterpriseGoldMines(p466):directorsdidn’tadequaydiscloseself-interesttransactionstoshareholdersindependentdirectors.(董事沒有完全的向股東表明個人的利益)It’sabreachoffiduciarydutytoavoidaofinterest.Directorsalsodidn’tactbestinterestofcoy,butinterestofothercoy(director’sowncoy).--ReOvertonHoldingsPty(p467):breachoffiduciarydutyofactinginbestinterestofcoycoztheloansenteredhadnocommercialadvantagetothecoy.--DynastyPtyvCoombsinallabovecases,directorsbreachedfiduciaryduty+consequentlyactedoppressively+unfairly.Impropershareissue:Directorsimproperlyissuesharestothemselvestooutvote(以票數(shù)勝過)othershareholders董事不合理地發(fā)布給自己來增加自己的票數(shù)--HannesvMJHPty(p467):thedominantmotiveofdirector’sissuingadditionalshareswasself-interest.Soit’snotforaproperpurpose.(為了個人利益,不是合理的目的.)Itbreachedfiduciarydutyofexercisingpowerforproperpurpose(shareissue).It’salsoanoppressive+unfairconduct.--ReDalkeithInvestmentsPty(p467):directorsresolvedtoissuesharestoallmembers,actionsofInglis,hiswifeandSimith’swifehadepurposeofDiluting(稀釋)Smith’sshareholding.It’snotintheinterestsofcoyasawhole.Thedirectorsactedoppressively,unfairlyprejudicial/discriminatoryagainstSmithinhiscapacityasamember.(四)、RemediesforOppressiveUnfairconductcourthaswidepowerstomakeanyorderitthinksappropriate—有很大的權(quán)利去發(fā)它認(rèn)為合理的傳票usual/mostcommonordermajorityshareholdersbuysharesofoppressed受的minority–s233(1)(d)(主要股東買了受股東的.)Windingups233(1)(a)–usuallytoodrastic(嚴(yán)厲的二、Proceedingonbehalfofacoy–Pt2F.1A-s236-s242itenablesshareholders/othereligible(符合條件的)applicantstobringastatutoryderivativeactiononBehalfinthenameofaCoy,wherethecoyisunwilling/unabletodosoitself.(iesuedirectors/majorityshareholdersinthenameofcoy)Suchstatutoryderivativeactionisinitiatedtoremedysomewrong/losstothecoyresultingfromtheactionofdirectors/majorityshareholders.(Note:tobetterreflectthenatureoftheproceedingsinvolved,theexpression“proceedingsonbehalfofacoy”isusedinsteadof“statutoryderivativeaction”.)AdvantagesDisadvantagesofStatutoryDerivativeAction--Courtcanorderthatpaysalllegalcosts–s--Iflegalactionsucceeds,remedyto,NOTthe如果申訴成功,2stageEligible(符合條件)appliestocourtforleavetobringIfleavegranted–eligiblebringsthecourtcaseinnameofthe–s236(一)、Whomaybrings236(1):followingsmaybringproceedingsonbehalfofapresent/formermemberorentitledtoberegisteredasamemberofthecoyorrelatedbodycorporate;orpresent/formerofficersoftheHowever,shareholders’righttobringproceedingsonbehalfofacoyisNOTautomatic.TheymustobtainLeave()fromthecourtb/4commencingaproceedingonbehalfofacoy/interveninginproceedingstowhichthecoyisaparty(s236(1)(b)).必須(二)、ApplicationtobringCriteria標(biāo)準(zhǔn)forgrantingLeave的標(biāo)s237(2):courtmustgrantanapplicationforleaveifALLfollowingrequirementsaremet:it’sprobablethatthecoywillNOTbringtheproceedingsitself;applicantisactinginGoodFaith;it’sinthebestinterestsofthecoythattheapplicantbegrantedleave;thereisaSeriousQuestiontobetried(iehashighprobabilitythislegalactionwillbesuccessful);&atleast14daysb/4makingtheapplication,theapplicantgavewrittennoticetothecoyoftheintentiontoapplyforLeaveandofthereasonsforapplying;ORit’sappropriatetograntleaveevenif(i)isnotCharltonvBaber(p471):ashareholdersatisfieds237(2)requirements&grantedleavetobringproceedingsinthenameofacoyinliquidationagainstoneofitsdirectors.onceleaveisgranted,eligiblecanbringthecourtcaseinnameofthe–s236(三)、Whatifmajorityshareholdersratifieddirector’sbreachofAtcommonlaw,ashareholdercouldnotbringaderivativeactionagainstdirectorsifdirectors’conductwaseitherratifiedataGMofshareholders,orwascapableofbeingratifiedatGM.However,forProceedingsonbehalfofcoy,s239(1):ratificationdoesNOTpreventafrombringingproceedingsonbehalfofthecoy/applyingforleavetodoso.But,s239(2):courtmaytakeratificationintoaccountindecidingwhatultimateorderitshouldmake.Note:differencesb/wOppressionRemedy+StatutoryderivativeAgainstSomeFlowofremedygoesOppressionRemedydonetoIndividual+MinorityShareholdersbydirectors/majorityIfshareholderssucceedinpursuingoppressionremedy,theremedygoestoStatutoryderivativedonetodirectors/majorityIfstatutoryderivativeactionissuccessful,theremedygoesto,notshareholdersactingonbehalfof三、StatutoryInjunctionss1324:courtcangrantaninjunctiontorestrainafromengaginginconductthatcontravenestheCorporationsAct.能一個禁令去限制一個人去做公司法的事.TypesofconductthatconstituteContraventionofCorporationsActconductregardedasCriminalconductthatisNOTaCriminalNote:as1324injunctioncantbegrantedtotheconductthatmerelycontravenesaprovisioninacoy’sConstitution/ReceableRules.Contraventionofaprovisioninacoy’sConstitution/ReceableRulesisnotacontraventionofCorporationsAct.Acourtmayalsograntans1324injunctiontorestrainacontraventionofasectionoftheCoprsActthatisadesignatedCivilPenaltyProvision,whichincludesss180-183(statutorydutiesofofficers),s588G(insolventtrading),s208(relatedpartytransactions)WhomayapplyforStatutory--awhoseinterestshavebeenaffectedbytheconductcanapplytothecourtforans1324injunctionBrokenHillProprietaryCovBellResources四、Windinguporder清盤令3keyareaswherecourtcangrantanordertowindupaDirectorsac