In the case of ASIC v King, ASIC commenced an action against Mr King, alleging breaches of the Corporations Act. This action turned on the primary question of whether as alleged by ASIC (and ultimately unanimously found by the High Court), King was as an "officer" of a particular company as he fell within the definition of s9(b)(ii) of the Corporations Act.

(a) Where does ASIC get its legal power from?

(b) Name one (1) penalty ASIC can enforce where it finds a breach of the duty of care in section 180 of the Corporations Act.