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Shareholder oppression occurs when the majority shareholders in a corporation take action that unfairly prejudices the minority. It most commonly occurs in non-publicly traded companies, because the lack of a public market for shares leaves minority shareholders particularly vulnerable, since minority shareholders cannot escape mistreatment by selling their stock and exiting the corporation. [1]
The most common form of business entity in Australia is a company limited by shares. Proprietary companies are not allowed to raise capital on public equity markets and have no more than 50 shareholders. (The 50 shareholder restriction can be overcome by structuring shareholdings as joint shareholdings.)
An oppression remedy, intended to operate as an alternative to winding up a company, was adopted as s. 210 of the Companies Act 1948, [8] which declared: . 210. (1) Any member of a company who complains that the affairs of the company are being conducted in a manner oppressive to some part of the members (including himself) or, in a case falling within [s. 169(3)], the Board of Trade, may make ...
Because Foss v Harbottle leaves the minority in an unprotected position, exceptions have arisen and statutory provisions have come into being which provide some protection for the minority. By far and away the most important protection is the unfair prejudice action in ss. 994-6 of the Companies Act 2006 (UK) (s 232 Corporations Act 2001 in ...
After the High Court's decision in Huddart, Parker & Co Ltd v Moorehead (1909), [1] the "corporations" power was largely ignored as a basis for Commonwealth legislation. The majority judges agreed in this case that the power should be construed narrowly, though they were unable to agree on any appropriate interpretation.
Scottish Co-operative Wholesale Society Ltd v Meyer [1959] AC 324 is a UK company law case, concerning the predecessor of the unfair prejudice provision, an action for "oppression" under section 210 of the Companies Act 1948 (now section 994 of the Companies Act 2006).
Improved understanding will require, for example, comprehending more completely the historical antecedents of current social oppression; the commonalities — and lack thereof – among the various social groups damaged by social oppression and the individual human beings who make up those groups; and the complex interplay between and amongst ...
Australian Shareholders' Association (ASA) is an Australian not-for-profit organisation which advocates for the rights of retail shareholders. Founded in 1960 in Sydney , ASA provides educational resources and professional learning opportunities for its members, who are largely independent small-scale investors.