ASIC clearly states
“When you make a business decision as a company director, you must, amongst other things, ensure that you:
do not have a material personal interest in the decision and make it in the best interests of the company”
This loan and conditions clearly show that TC has both a material (interest on loan) and personal (keep him and his buddies on the board) interest.
They really just don’t care about any rules anymore.
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-7
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