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A company secretary works for a small company and is also the financial officer for the company who generally advises the directors on the day-to-day operations of the company. The company has a constitution, which limits the ability of the company secretary from borrowing any amounts over $5,000 without the matter being referred to a meeting of the board of directors. The company specifically created a constitution because the shares are all held by family members and the company secretary is not a family member. The company secretary does in fact organise a line of credit for the company for some $50,000, which is directly in breach of the company constitution. When the directors discover the company has a liability to a bank for nearly the full amount of $50,000, they take action to suspend the company secretary and inform the bank that, due to the company secretary exceeding his authority, the company is not responsible for inappropriate lending by the bank, and that the bank needs to find some solution against the company secretary personally.
Problem 1: What is the liability of the company for the actions of the company secretary?
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