Sheldon, Leonard and Howard are directors of Genius Enterprises Pty Ltd (Genius), a company based in Brisbane that provides laboratory equipment to laboratories, universities and other research facilities.

Each of them have their own Company expense account to pay for incidentals related to their work. Lab Stuff Ltd is a current client of Genius. On 16 September 2018 Howard met with the managing director of Lab Stuff Ltd, Bernadette, to discuss ongoing business.

She tells him that they just signed a contract to exclusively supply the United States government with test tubes and that its shares are "bound to skyrocket".

Bernadette swears him to secrecy because news of the contract has not been announced to the public yet. Excited by this news, Howard immediately buys $50,000 worth of shares in Lab Stuff using his expense account with Genius.

On 19 September 2018 the share prices skyrocketed and Howard sold the shares for a total of $1 million. Howard put $50,000 of this back into the expenseaccount to make up for what he'dused, and kept the rest to himself.

At the board meeting the next day when the directors were going over their expenses, Howard did not mention the purchase of shares or their selling, or that he had even met with Bernadette.

Advise ASIC using the Corporations Act 2001 (Cth) and the common law. You do not need to refer to section 184.

What Section of the Corps Act has Howard Breached? List them below Also give a short sentence why it has been breached (Application)

What is the likely outcome the courts would find? List the remedies applicable.