Leo purchased two shares in Thomas The Tank Engine Pty Ltd for $500,000. Thomas The Tank Engine Pty Ltd makes and builds trains which they manufacture and sell to retail stores. Leo, now a non-executive director of Thomas The Tank Engine Pty Ltd, is unhappy with the state of affairs of the company. The following occurred:
Thomas The Tank Engine Pty Ltd revenue has increased 300%
Leo has received no dividends to date and Ruby and Amanda, the two executive directors of Thomas The Tank Engine Pty Ltd, have decided to pay no dividends this year. Ruby and Amanda have voted themselves a large pay rise and bonus. Ruby and Amanda have arranged for Thomas The Tank Engine Pty Ltd to lease two expensive cars for their exclusive use. Leo attends his first directors’ meeting and questions the dividend policy and asks that he objection to the lease of the cars be recorded.
Amanda and Ruby decide to remove Leo from the board. They hold a members’ meeting and remove Leo from the board.
Advise Leo as to his rights as a shareholder/member.
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