1.A statutory derivative action must have:

AIts holding company approval

BMember approval

C.Court approval

D.Creditor approval

2.The Personal Properties Securities Act provides that if there are two perfected mortgages against company property then priority is given to:

A.The first in time

B.The last mortgage executed by the company

C.Neither as the Act only provides for personal properties owned by natural persons

D.There is no priority between either of them

3.Whilst Australia has been said to have the most stringent insolvent trading laws in the world, there are defences provided by the Corporations Act to directors. It is a defence if:

The director takes out Directors and Officers Insurance for the company to be covered for his or her negligent actions

The director is a sole director and did believe that a competent and reliable person took reasonable steps in providing adequate information about the company's solvency

The director had reasonable grounds to believe and did believe that a competent and reliable person was providing adequate information about the company's solvency, that person was fulfilling their responsibility and the director expected solvency on the basis of this information

The director resigns

4.If a company's operations are subject to any particular and significant environmental regulation under a law of the Commonwealth or of a State or Territory then they are required to give details of their performance in relation to that environmental regulation by the Corporations Act in:

The Annual Directors' Report

The Annual Financial Statements

An Environmental register required to be kept by every company

The Annual Environmental Auditors Report

5.Under common law, Daniels v Anderson is authority that directors and officers are under a positive obligation to be informed and if they rely on other persons then that person must be:

A professional accountant

An officer of the company

The Company Secretary

One who is competent and reliable