LKE towards TOP-5, page-17752

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dugsab

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23/12/22

18:37

Post #: 65435443
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Originally posted by mpr505: ↑

As a long term shareholder of LKE, I am quite disappointed with the lack of news and blown out timelines. This year has been a tough year for a lot of people on a personal level, and a telling phase for the company. Next year they really do need to pull a rabbit (or 10) out of a hat to keep any kind of shareholder confidence.

If anyone from Lake management reads HC anymore, as someone familiar with corporate law I might just take this opportunity to let you know that it is worth re-familiarising yourselves with important legislation that governs your duties, summarised below.

Corporations Act 2001
s180: Care and Diligence: (civil penalty)
(1) Care and diligence in exercising their powers
(2) Any decision to take or not take action in a matter relevant to the business must be made in good faith, with proper purpose, is made in the interest of the business (not personal), and the officer is to educate themselves fully on the subject matter prior to making the decision.

s181: Good faith: (civil penalty)
(1) A director or officer must discharge their duties in good faith in the best interests of the corporation, and for a proper purpose.

s182: Use of position: (civil penalty)
(1) A director or other officer must not improperly use their position to gain advantage for themselves or someone else, or cause detriment to the corporation.
<This section may apply to old mate Steve>

s183: Use of information: (civil penalty)
(1) A current or former director or officer of a corporation must not use corporate information to gain an advantage for themselves or someone else, or cause detriment to the corporation.

s184: Good faith, use of position and use of information (criminal penalties - ie jail time)
(1) A director or other officer commits an offence if they:
a) are reckless
b) are dishonest
c) fail to discharge their duties in good faith
d) fail to discharge their duties for a proper purpose
e) intentionally use their position to gain advantage for themselves or others
f) intentionally use their position to cause detriment to the corporation
(2) it is not a defence to claim that a director or officer dishonestly used their position with the intention of gaining an advantage for the company
(3) A current or former director or officer commits an offence if they use information dishonestly with the intention of gaining an advantage for themselves or others, or cause detriment to a corporation.
(4) it is not a defence to claim that the the information was used dishonestly to gain advantage for the corporation

Penalties:
s184 provides criminal penalty for s180-s184.

s184: 15 years imprisonment (concurrently)

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Is this the prelude to a class action ??

LKE Price at posting: 77.0¢ Sentiment: Sell Disclosure: Not Held
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LKE towards TOP-5, page-17752

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