you work as an accountant for a proprietary limited company ABC pty ltd. this company produces ice cream at the waterfront. ABC has five directors. they are all related. directors have all agreed that at their next board meeting they would discuss paying a dividend of 33 cents per share. you have identified there is a potential cash flow issue due to the company's recent loss of a major government contract. You have prepared a cash flow projection and assessed that the company is able to cover this revenue loss in the short term because it has a positive net asset position carried over from the previous financial year. Your further option is that cash flow problems will arise during the next quarter and you have put this in writing to the Board. Based on your advice, a Board director calls you before the next board meeting. Answer the Board the proposed dividends should be declared. You must refer to the Corporation Act 2001 and case law.