Sports Memorabilia Pty Ltd (SMP) is an auction house for sporting items. Waleed and Declan are the directors of SMP. Waleed's Uncle Silvester is an investor and has a 20% holding in SMP. Waleed and Declan hold 40% of the shares each. Silvester is an experienced entrepreneur, and likes to provide regular input to the two young directors.

SMP company is considering purchasing a warehouse. This is, in fact, owned by Mary, the wife of Silvester. Waleed is aware that his Aunty, Mary owns the warehouse.

Provide advice on the legal rights and liabilities of Waleed, Declan and Silvester.

Answer rating: 100% (QA)

Answer In this scenario there are several legal considerations regarding the rights and liabilities of Waleed Declan and Silvester Directors Duties Waleed and Declan as directors of SMP owe fiduciary ... View the full answer