PART 1 - SHORT ANSWER QUESTIONS - 20% 1. By giving at least three examples, describe the functions and powers of ASIC. (4 Marks) 2. Explain the purpose of liquidation. (4 Marks) 3. Discuss the fiduciary duties of a director and its importance for the company. (4 Marks) 4. Explain the differences between a dividend and a debenture. (4 Marks) 5. What are the duties and responsibilities of an Auditor under the Corporations Act 2001(Cth)? (4 Marks)