unfair prejudice

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Conduct in the running of a company's affairs that may entitle members to a remedy under the Companies Act. In small companies, the unfairness may consist of a failure by some members to honour a common understanding reached when the company was formed, e.g. that a member be allowed to assist in the management and be paid accordingly. The usual remedy sought is for the purchase of the member's shares at a fair price. See also minority protection.

Subjects: Business and Management — Law.

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