Question
the director of manor investment ltd instructed the company stock broker to buy 10,000 shares in bhp group ltd on company behalf . after the
the director of manor investment ltd instructed the company stock broker to buy 10,000 shares in bhp group ltd on company behalf . after the purchase was finalised . bhp group ltd sent panoramic ltd a banking form to enable bhp group dividend to be credited directly into a bank account that manor ltd nominated.The banking form had to be signed by either two directors and the company secretary . instead of inserting manor ltd bank account details on form Lawrence , manor ltd secretary filled in his own bank account details and signed the form as company secretary . Lawrence wife, despite not being a panor ltd director signed as director. Lawrence then posted the banking form to bhp group . later,BHP group Group dividends were credited to Lawrence account . not long afterwards, Lawrence resigned as secretary and left Australia without telling anyone.
The misdirection of the dividends was discovered 18 months later as a result of comapny audit
Bhp group agreed to credit Panor ltd bank account for future dividend payments but would not reimburse Panor Ltd for the dividend that had been deposited into Lawrence bank account previously.
Advise Panor on the likelihood of success in recovery of past dividends from BHP group LTD.Answer the question with relevant CORPORATION ACT 2001 and case law.
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