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Question One-chapter 14National Ltd wishes to buy furniture from Deco, a woodworking business conducted by Jim Deco and his sons. Jim is a director of National Ltd. REQUIRED: Describethe procedures that Jimandthe company need to follow under the Corporations Actin order to properly conduct this transaction.Question Two-chapters 11 and 12Bill is a director of Exotic Ltd, a company without a constitution. Exotic Ltd provides low-cost holidays, operating a resort on a Pacific island. Bill lives in Perth and finds it difficult to attend monthly directors’ meetings on the island. He has missed the last fivemeetings and also cannot attend the next one, as he has a birthday party in Perth. Bill believes that it will not matter if he does not attend the meeting because, after missing so many, he is not up to date with the company’s financial position.Bill is unaware that the company has been having financial difficulties for six months and is struggling to pay creditors.At the board meeting, theotherdirectors decide to change the style of the renovations to a more luxurious standard so that the resort will attract wealthy high spending tourists. Financial plans provided by the company accountant to the directors indicate that this should enablethe company to trade out of itsfinancialdifficulties. A decision is made to obtain a large loan from Shark Finance Pty Ltd to pay for the more expensive luxury renovations. A few months after the renovations are completed,an unexpectedworld-wide stockmarket collapseoccurs andwith budgetary concerns, consumers are not spending. The only airline servicing the Pacific Island’sceases operations due tolack of bookings.Shortly thereafter, Exotic Ltd fails to pay interest due on the Shark Finance Pty Ltd loan and a liquidator is appointed to the company. REQUIRED:Has Bill or any of the other directors breached any duties and could they be personally liable to the creditors for such breaches? Discuss any relevant defences that Bill or the other directors might raise.Question Three (Part a)-chapter 9What is the significance of the Gambottocase and what are the two tests developed by the courts arising from this case?Question Three (Part b)-chapter 13. Expansion Ltd required additional capital and the company had decided to borrow funds from its bank instead of issuing shares. However, an opportunity arose whereby the required capital could be raised by issuingmoreshares to Shanali, who agreed not to remove any of the directors for five years. Shanali currently holds 30% of the shares, but with the new share issue, will hold 62% of the shares in the company.REQUIRED: Discuss whether the directors have breached any dutyinrelation to the share issue, along with any consequences for such a breach.As authorities to support your answer, include references to cases and sections of the Corporations Act

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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