It seems pretty clear given Section 232(d) "contrary to the interest of the members as a whole".
A rebel group is not acting as the whole of the members..is it.
Section 232(e) "oppressive to, unfairly prejudicial to, or unfairly discriminatory against, a member or members whether in that capacity or in any other capacity".
The fact the the rebel group is not acting on behalf of the "whole of members" and has been oppressive and discriminated against other members,, who are also clearly board members, I'd suggest its quite apparent the rebel shareholders are in breach of this Section.
CTP Price at posting:
45.0¢ Sentiment: None Disclosure: Held
