Mr. Singh and Mr. Flinstone were the only two directors and shareholders of Singh and Flinstone Ltd. They each held 4,001 shares. Mr. Flinstone died leaving 2,001 shares to his daughter and 2,000 shares to his son.
The articles of the company provided that the directors may at any time and in their absolute and uncontrolled discretion refuse to register any transfer of shares. After the death of Mr. Flinstone, Mr. Singh elected Mr. Freed as a director, and they refused to register the transfer of the 4,001 shares to Mr. Flinstone’s children. Mr. Singh offered instead that 2,001 shares should be registered and he would buy the remaining 2,000 shares.
Did Mr. Singh and Mr. Freed act bone fide and in the best interests of the company? Did they breach any of their director duties by not allowing the transfer of the shares? Refer to all relevant case law.
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