Assume Tom, Dick and Harry are appointed directors of the company, Masks R Us Pty Ltd. The company needs a ware-house to keep its stock.During the process of incorporation, all three of them sold the property they co-owned to the company for $1 million.That property, which the company now uses as a ware-house, had a market value of $500,000.

Explain whether Tom, Dick and Harry have breached any duties under the Corporations Act 2001 (Cth)?Use a relevant precedent to support your answer.