Case Study 3MacGregor Building Supplies Ltd is a very profitable business which is solely concerned with the supply of building materials for use in the construction of housing estates.About six months ago,MacGregor entered into a project with two of its long-standing business associates-Buildit PLC and Constructit Ltd had approached the company with an interesting proposal.Together the three companies will build a large housing estate situated on the outskirts of Falkirk.MacGregors Chief Executive,Rob Roy has been keen on the project from the start and he convinced a majority of his fellow directors to back the new venture. Rob Roy is only too happy to ignore the fact that the companys objects clause states that its sole business purpose is the supply of building materials. Nowhere in the objects clause does it state that the company has the power to enter into contracts which involve the construction of a housing estate. However, the project has now turned into a complete disaster with Buildit being declared insolvent and it would appear that unforeseen problems with the housing development mean that it will not be completed on time and MacGregor will make huge losses as a result.词汇：profitable 有利可图的，赚钱的 solely 单独的，仅仅housing estates 房地产业 in the construction of 建筑.enter into 开始从事. long-standing 长期存在的，长时间的business associate 生意伙伴 proposal 建议on the outskirts of 在.外边 Chief Executive 董事长Be keen on 渴望，喜爱 Venture 企业Disaster 灾难 Declare insolvent 宣告破产Unforeseen 无法预料的 Make huge loss 遭受巨大损失A large group of angry MacGregor shareholders has now managed to pass a specialresolution at the companys annual general meeting which forces MacGregor to withdraw from the project.The Directors of Constructit have vowed to take legal action to prevent this.MacGregor profits have been badly hit as a result of the failed business venture and the shareholders will not be paid any bonuses on their shares this year.The shareholders are used to the regular payment of bonuses and this news goes down very badly. Some shareholders are now taking legal action to force the company to pay out the expected dividends.According to the companys Articles of Association,the shareholders do not have an absolute right to the payment of a dividend.Shareholder 股东Annual general meeting 股东年会Vow to 向.立誓Take legal action 起诉Pay out dividend 支付红利Abosolute right 绝对权利