The Decision in ASIC V Gallagher (1993) 11 ACLC 286

question 40

Multiple Choice

The decision in ASIC v Gallagher (1993) 11 ACLC 286 was that non-executive directors of a company:

• A) May rely on other directors providing them with important information.
• B) Have a duty to inform themselves so that they can make independent judgments.
• C) Must investigate all matters requiring their approval when they have been put upon enquiry.
• D) All of the above.

---

Definitions:

Trade Name

The name under which a business operates, known also as a 'doing business as' name, distinguishing it from its legal, registered name.

Export Trading Company Act

Legislation that allows producers in the United States to form export trading companies for the purpose of increasing their exports by providing them certain legal protections and benefits.

U.S. Banks

Financial institutions authorized in the United States that offer services such as deposits, loans, and currency exchange.

Credit

An arrangement where goods, services, or money is received in exchange for a promise to pay back a certain amount in the future.