Question 1: You are required to attempt the question below. This question is worth 20 marks and it is compulsory. ZUB investment Ltd (ZUB) is a specialist financial management company that is listed on the ASX. ZUB has many investors in Australia, and the company is generally highly regarded. ZUB has four directors; Mr Shorter, Ms Drifter, Mr Shapeless and Dr Wittless (who holds a PhD in "creative marketing"). At a directors' meeting in March this year, a proposal to purchase a small financial management company is discussed. The proposal is accompanied by a report detailing the financial status of a company called Risky Business Pty Ltd. Only 3 of 4 directors attend this meeting. Ms Drifter does not attend as she is away on holiday in the Caribbean. Mr Shapeless attends the meeting initially. However he leaves abruptly during opening proceedings for medical reasons (he has recently undergone emergency surgery). During the meeting, Dr Wittless glances over the financial report for Risky Business Pty Ltd and comments that it "sort of looks impressive". Mr Shorter does not read the financial report for Risky Business Pty Ltd, considering the opinion of Dr Wittless to be entirely reliable. Together, Mr Shorter and Dr Wittless approve the proposal for ZUB to purchase Risky Business Pty Ltd. Not long after the purchase, it becomes apparent that Risky Business Pty Ltd is financially unsound and that purchasing the company has grave consequences for ZUB, which appears to have become insolvent because of the purchase. The shareholders of ZUB are angry and wish to make the Board accountable for their decision-making. Discuss the liability of each of the four directors on the Board of ZUB in terms of their directors duties under the Corporations Act 2001 (Cth). Make sure you use I.R.A.C. structure for your answer. Word limit guide: no more than 750 words in total