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Shareholders for the purposes of further exploration

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Question

Brendon is the Managing director of a small mining company named "Auspicious metals". There are two other directors. The company has recently raised $10 million dollars from its shareholders for the purposes of further exploration. The board decides to purchase a luxury Genesis motor vehicle for each director as well as incorporate a clause in their contracts to have a $500,000 dollar termination payment should any of the directors leave the company. There is no disclosure of the above payments. Brendon also gives an exploration contract to his cousin without informing the other directors that he is a cousin. A shareholder seeks your advice.

a) Are there any breaches of the Corporations Law? Please detail the relevant sections.

b) Are there any cases that are similar.

Reference no: EM133531297

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