Combination of the replaceable rules and a constitution

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Reference no: EM133543709

Question: Anyco Pty Ltd is a family-owned company that has been conducting business as a farm since 17 April 2012. The directors of the company are A and B. The company's share capital is currently structured as follows: • A holds 25 of the ordinary shares • B holds 20 of the ordinary shares • C holds 25 of the ordinary shares • D holds 10 of the ordinary shares • E holds 20 of the ordinary shares The company operates on the basis of a combination of the replaceable rules and a constitution.

The constitution is very brief, and only contains the following clauses:

1. The object of the company is crop-farming, and the company will not engage in any acts that are not related to its business of crop-farming.

2. The business of the company is to be managed by or under the direction of the directors.

3. If any shareholder (the 'Seller') wishes to sell or dispose of all or part of their shares ('Transfer Shares') to any person, they shall first make an offer to the shareholders (other than the 'Seller') (Offeree) equal to their respective pro-rata share of the transfer shares, stipulating the terms and conditions

Reference no: EM133543709

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