Assignment Task

 

(Question 1)

Issue: 

Whether Peter has breached his duties under the Corporations Act 2001 by investment in shares knowing company take over.

Rule:

Corporations Act 2001

Application:

The Corporations Act 2001 provides for directors’ duties: Acting in good faith for a cause, acting with due care and diligence, avoiding improper use of information, not abusing their power, and disclosing some interests. Peter’s act of investing in NTA’s shares did not amount to a breach of some of his duties as a director because he intended to act in good faith for the benefit of his company, he was careful and diligent because he invested in shares when the market was subdued, and he did not misuse the acquired information in any manner. However, it was Peter’s duty to disclose to the other directors of the company about the investment in shares via the proper notice, which he failed to do so. Peter has breaches one of the director’s duties under Section 191.

Conclusion:

Peter has breached his duty under Section 191 of the Act.

 


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  • Posted on : March 17th, 2019
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