b) (i)5 marks: Statutory Duties of a Director, Competition law, Real Property Law

Wally is one of directors of ARZ Limited. He is the director in charge of sales and commissions. Wally is aware of the arrangementand the DDD investmentscheme which Jobbie has advised Picassa .He is also aware that there has been allegations of untoward conduct namely forgery and corruption by the directors ofDDD.

Wally has decided to keep quiet about the allegations because he was one of the promoters of DDD and currently holds quite a substantial share portfolio in DDD.

The main competitor of ARZ Limited is East Pac Ltd.

Wally is approached by the Managing Director of East Pac Limited over a number of matters. James discloses confidential information of ARZ Limited to the Managing Director of East Pac Limited without the approval of his fellow directors. Wally also agrees with the Managing Director of East Pac Limited at y by way of reply email that ARZ Limited and East Pac Limited will always charge a minimum commission to customers on a sale of 1.5%. and they will never go below that price.

Answer the following questions

(a) Identify and describe any statutory duties under the provisions of the Corporations Act (Cth) 2001

Wally may have contravened (4 marks)

(b) Explain which anti-competitive provisions of the Competition and Consumer Act (Cth) 2010 the

agreement of ARZ Pty Limited and East Pac Limited may breach .(3 marks)

5(ii) Explain what is a lease, the rights of the lessee, if any, to remain in possession of the(commercial) premises upon the sale of the property which is subjected to the lease. ( five marks)