Joan, who is a massage therapist graduate, incorporated a massage type business with one of her minor children as the shareholder. Michelle, who is also her best friend, is a regular client of which Joan had rendered massage services each month. Michelle paid Joan’s professional service thru her insurance benefits from her company. Michelle felt that she wants one more massage service and, this time, she used the insurance benefits of her son, Jake, and her son’s name as though the client of Joan. Joan issued a receipt in the name of Jake. Can a minor be shareholder? Can a minor shareholder act as director as well? What is the legal issue with respect of using the insurance benefits of family member. Also, on ethics and professional conduct. The majority shareholders of the ABC Corporation wanted to sell its main assets. The directors called a meeting of shareholders of which the shareholders passed resolution instructing the board of directors to go ahead with the sale, despite opposition from minority shareholders. The power of the directors emanates from shareholders who elected them. Are the directors always bound to carry out the instructions from the shareholders? Please state your reasons.

Joan, who is a massage therapist graduate, incorporated a massage type business with one of her minor children as the shareholder. Michelle, who is also her best friend, is a regular client of which Joan had rendered massage services each month. Michelle paid Joan’s professional service thru her insurance benefits from her company. Michelle felt that she wants one more massage service and, this time, she used the insurance benefits of her son, Jake, and her son’s name as though the client of Joan. Joan issued a receipt in the name of Jake. Can a minor be shareholder? Can a minor shareholder act as director as well? What is the legal issue with respect of using the insurance benefits of family member. Also, on ethics and professional conduct. The majority shareholders of the ABC Corporation wanted to sell its main assets. The directors called a meeting of shareholders of which the shareholders passed resolution instructing the board of directors to go ahead with the sale, despite opposition from minority shareholders. The power of the directors emanates from shareholders who elected them. Are the directors always bound to carry out the instructions from the shareholders? Please state your reasons.