Answer True or False for these 10 statements below:

(based on Australian law)

1. A director can amend the replaceable rules. 2. For a person to be a director they are required to have a University or equivalent tertiary degree. 3. In ASIC v Adler [2002] NSWSC 171 the court accepted Adler's defence based on the business judgement rule holding that the $10 million received by Pacific Eagle Equity Pty Ltd from the HIH subsidiary HIHC did not amount to a material personal interest because the funds were received by a corporate entity and not by Adler personally. 4. Pursuant to the Corporations Act the definition of an "officer" includes a receiver. 5. Shareholders elect directors and directors elect managing directors. 6. The general law and s 5886 Corporations Act both provide for circumstances in which the corporate veil may lifted. 7. During a voluntary administration, directors may only deal with the company's property with the administrator's written consent or court approval. 8. A company is insolvent if it has debts. 9. In the order of priorities set out in s556 Corporations Act ordinary creditors rank below secured creditors but above company employees. 10. The relation-back period for an uncommercial transaction is 2 years from the date of the filing (presentation) of the application to wind up