The Companies Act 2006 codified certain common law and equitable duties of directors for the first time. The act sets out the general duties of directors, which are:
- to act within powers in accordance with the company’s constitution and to use those powers only for the purposes for which they were conferred
- to promote the success of the company for the benefit of its members
"A company director can be held personally liable for losses incurred by a business which are proven to be the result of board decisions, or a failure act properly."
For the MLS directors to proceed with this after shareholders voted "NO", does not fit in "the benefit of its members"
maybe ASIC does have some bite:
https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-298mr-asic-successful-in-federal-court-against-getswift-and-its-directors-bane-hunter-joel-macdonald-and-brett-eagle/
The Companies Act 2006 codified certain common law and equitable...
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Last
2.2¢ |
Change
0.001(4.76%) |
Mkt cap ! $15.56M | |||
| Open | High | Low | Value | Volume |
| 2.1¢ | 2.4¢ | 2.1¢ | $71.83K | 3.203M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 345397 | 2.2¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 2.5¢ | 618660 | 4 |
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| Last trade - 16.10pm 21/05/2024 (20 minute delay) ? |
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Last
2.2¢ |
Change
0.001 ( 4.76 %) |
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| Open | High | Low | Volume | ||
| 2.1¢ | 2.3¢ | 2.1¢ | 762865 | ||
| Last updated 15.57pm 21/05/2024 ? | |||||
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