ASIC v. Rich [2003]: An Analysis of Section 180 (1) of the Corporations Act, 2001
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This presentation analyzes Section 180 (1) of the Corporations Act, 2001 in the context of ASIC v. Rich [2003]. It explains the duty of care and diligence that directors of a corporation must observe and the business judgment defense that can be availed in case of breach of duties. The presentation also discusses the elements of the business judgment rule and how it was applied in the case. The conclusion highlights that Jodee Rich and other executive directors had not failed to observe their statutory and common law duties as prescribed for directors of a corporation.