10 Nov James Burden is considering buying shares in a com
James Burden is considering buying shares in a company, Saturday Night Live Ltd (SNL).After purchasing 1,000 shares of SNL, James received a letter (via email) from the companysecretary advising him of a forthcoming annual general meeting (AGM). As a newshareholder of SNL, James has plenty of questions to SNL’s company secretary.James rings and asks SNL’s company secretary to explain to him what is meant by the terms member’ and shareholder’, and the different ways in which a person may become a member.He also asks to explain who may be eligible to become a member, and how many membersa company is permitted to have. Finally, James asks: how does a person cease to be amember of a company?1. Pretend that you are the company secretary and provide advice to Jamesregarding his questions above. Use relevant sections of the Corporations Act2001 and/or case laws to support your answer (5 marks)At the company’s annual general meeting, James bumps into the company secretary. Jameshad observed that the notice he had received advising him of his company’s annual generalmeeting had stated that it would commence at 1 pm’. Yet, on the day, the annual generalmeeting had not commenced until 1.10 pm because the chair had been delayed in trafficwhile trying to reach the meeting’s venue. James surmised that this delay in starting themeeting could constitute a procedural irregularity that could only be rectified by his companyconducting the whole annual general meeting again.2. Pretend that you are the company secretary and provide advice to Jamesregarding his question on procedural irregularity. Use relevant sections of theCorporations Act 2001 and/or case laws to support your answer (3 marks)
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