Regent Furniture Ltd is a furniture retailer with outlets across Australia. With regards to it capital structure, Regent has 200,000 ordinary shares on issue. These are held by a variety of institutional investors and individual shareholders. The company has four directors. They are; Jack (managing director), Lara (executive director), Melanie (executive director) and Peter (non-executive director). How is decision-making divided between the company’s shareholders and the board of directors? There is a high level of dissatisfaction among shareholders and directors about the performance of one director – Peter. Peter still has one year of his appointment to run. What, if anything, can dissatisfied shareholders do to remove Peter? Can the other directors vote to remove Peter? What restrictions might there be on shareholders’ and directors’ ability to act? To deflect attention from himself Peter points out that Jack was never validly appointed, therefore, any acts committed by him are invalid. Is this true?

Support your answer with reference to relevant statutory provisions and case law.

Regent Furniture Ltd is a furniture retailer with outlets across Australia. With regards to it capital structure, Regent has 200,000 ordinary shares on issue. These are held by a variety of institutional investors and individual shareholders. The company has four directors. They are; Jack (managing director), Lara (executive director), Melanie (executive director) and Peter (non-executive director). How is decision-making divided between the company’s shareholders and the board of directors? There is a high level of dissatisfaction among shareholders and directors about the performance of one director – Peter. Peter still has one year of his appointment to run. What, if anything, can dissatisfied shareholders do to remove Peter? Can the other directors vote to remove Peter? What restrictions might there be on shareholders’ and directors’ ability to act? To deflect attention from himself Peter points out that Jack was never validly appointed, therefore, any acts committed by him are invalid. Is this true?

Support your answer with reference to relevant statutory provisions and case law.
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