(a) (i) State the rules in Foss-vs-Harbottle,making clear the purpose and the rationale underlying the rule.(6 marks)
(ii) State briefly the principal exception to the rule.(4 marks)
(b) Shadrack Ruto owns 500 shares of Sh.20 each in Alpha and Omega Ltd.and 500 shares of Shares of Sh.10 each in the Beginning and End Ltd.Both companies are regulated by Table A-articles of association.Shadrack Ruto has agreed to sell all his shares in Alpha and Omega to Albelnego Soi and 300 shares in Beginning and End to Meshack Mamba.He has been informed that both companies use the form of transfer that is generally used by brokers,who are members of national stock exchange.
Advise Shadreck Ruto on:
(i) The information which is required on the share transfer form.(4 marks)
(ii) The procedure which should be followed to effect,and the duration it will take to issue the new share certificates.(6 marks)
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