James is the majority shareholder of a private limited liability company registered in Malta. James wishes to purchase a property and by way of security the bank are requesting that he pledge his shares in the company in its favour. James has discussed the matter with the other shareholders who have expressed their disagreement on the pledge and are not willing to resolve to change the memorandum and articles of association of the company to allow for the pledging of shares.Required:
(a) Explain whether James may pledge his shares in the company without obtaining the consent of the other shareholders. (5 marks)