21 Dec 2016
MIKE PERO MORTGAGES LIMITED v MIKE PERO [2016] NZHC 3185
- Citation
- [2016] NZHC 3185
- Court
- High Court
The seven resolutions were invalid because they were passed by an inquorate board and in breach of the MPRE constitutions and the shareholders' agreement; s161 could not validate those payments because the constitution precluded board authorisation without shareholder approval; the conduct was oppressive/unfairly prejudicial to MP Mortgages under s174 and the defendants must disgorge amounts received in excess of $200,000 per annum, with disclosure, accounting and related orders.