CASE STUDY: Khans Ltd. has ten shareholders, all of whom has an equal shareholding. Two shareholders. A Ian and Tariq are the directors of the company. (1) What is the legal position if the directors enter into a contract for the purchase of a farm. The company’s objects cover manufacturing sportswear. (2) Whether the company’s Articles of Associations are legally binding on the company. The Articles state that James Smith will be a director of the company for life. He also had a separate contract as managing director. Last month the members voted to include an Article that said that directors appointed for life could be removed by ordinary resolution. The company then told him that he could no longer be managing director. Advise the directors on the legal position regarding an application to court by Mr. Smith. (3) The company is considering raising more capital. Advise the directors on the respective advantages and disadvantages of ordinary shares, preference shares, redeemable shares and debentures. (4) The directors have asked for your advice on the legal position of personal representative on the death of a shareholder. Also, does the company have to put them on the register of shareholders?