Pack of %^&s indeed.Just looking at the relevant section of the...

Pack of %^&s indeed.

Just looking at the relevant section of the Corporations Act that deals with the discharge of director's duties. There are actually two separate sections that deal with this:
http://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s181.html
(1) A director or other officer of a corporation must exercise theirpowers and discharge their duties:
(a) in good faith in the best interests of the corporation; and
(b) for a proper purpose.

McAuliffe and his crew have been failing to act in the best interests of the company for a long time now. Why start now, right?


http://www5.austlii.edu.au/au/legis/cth/num_act/ca1989172/s232.html
(2) An officer of a relevant body corporate shall at all times act honestly inthe exercise of his or her powers and the discharge of the duties of his orher office.
(3) The penalty applicable to a contravention of subsection (2) is:
(a) if the contravention was committed with intent to deceive or defraud the company, members or creditors of the company or creditors of any other person or for any other fraudulent purpose-$20,000 or imprisonment for 5 years, or both; or
(b) otherwise-$5,000.

Interesting that this paragraph is also applicable to the company secretary - being an officer of the company. With a total of seven directors resigned and one company secretary, I wonder which individual is responsible for handing over the keys, books, passwords, etc? And which individual will be held accountable for not discharging the duties of their office honestly and in good faith? (If indeed that's what's actually happening)