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BTF1010 Week 11 - Coggle Diagram

- - - - o Be familiar with fundamentals of business.
        o Be familiar with fundamentals of business.
        o Monitor affairs and policies.
        o Keep informed of financial status of company.
        o Attend board meetings.
    - - Good faith: act honestly in the best interests of the corporation as a whole.
      - Proper purpose: for the benefit of the corporation and not for any extraneous purpose or to obtain an advantage for themselves or someone else.
    - - Civil penalty order up to $200,000.
      - Prohibition from managing companies in the future.
      - Orders to compensate the company.
  - - - • Personal liability for debts.
        • Civil penalty imposed on the directors.
        • Disqualification of the directors.
        • Criminal offence: s 588G(3).
- - - - Propriotory (Pty Ltd).
        
        Up to 50 members.
      - Public (Ltd).
        
        Unlimited members.
        
        Can raise funds from public
        
        Listed on ASX.
  - - - Executive.
        
        CEO, Chief Financial Officer of the company.
      - Non-Executive.
    - - Elect CEO, take out loans, buy, sell, lease goods, provide accountability to shareholders.
- - - - Can be made by director, officer or agent.