Miguel is a director of Sausage Pty Ltd, a company which makes and sells gourmet pet food. Miguel also owns 100% of the shares in Aussie Meats Ltd, a company that sells meat products. The other directors of Sausage Pty Ltd have been aware for some time that Miguel is the only shareholder of Aussie Meats Ltd. Two weeks ago, Sausage Pty Ltd entered into a significant contract with Aussie Meats Ltd to buy gourmet meat for the manufacture of the pet food it is producing. Which of the following is correct about Miguel's obligations under section 191 of the Corporations Act.

A.The only way Miguel can now satisfy his obligations under section 191 is by immediately giving notice to the other directors of the nature and extent of his interest in Aussie Meats Ltd.

B.This is a related party transaction and shareholder approval needs to be obtained before the contract is entered into.

C.Miguel does not have any obligation under section 191 because Sausage Pty Ltd is a proprietary company and section 191 only applies to public companies.

D.Because Sausage Pty Ltd is a proprietary company, section 191(2)(b) would apply, and since the other directors are aware of the nature and extent of Miguel's interest in Aussie Meats Ltd he is exempt from making disclosure under section 191(1).