Kurt is the managing director of Four Wheel Drives Ltd, a company that imports and sells new and used four-wheel drive vehicles. The company has decided to sell its demonstration G Wagon vehicle. Kurt wishes to purchase this vehicle from Four Wheel Drives Ltd for $100,000. Kurt has asked the chairperson to place this matter for discussion and approval at the company's next board meeting.

REQUIRED:

Describe on a step-by-step basis how the Corporations Act 2001 (Cth) requires this matter to be properly transacted by the company and its directors.

Note: You are required to use the 4-step process in answering this question. The marks allocated for the steps are as follows:

Steps 1 and 2: 5 marks

Steps 3 and 4: 5 marks