If the company directors know it, they can stop any body from purchasing the land by convincing peter not to sign for it. But here the problem is not about purchasing land but the amount owed to Burkes and Wills and the clause that it was a heritage land and cannot be used for private commercial purposes.
Here there was a provision in the corporate act (2001) to get enough time by applying for compensation. Microplex can get compensation from the Katrina family for deliberately hiding the legal tangles bebind the land scape (water front) they wanted to purchase from them. If they get the compensation then they can successfully get rid of burden of Burkes and Wills. If they did not get it they can get at least time for settling the legal tangles in Babinda trust and get credit from them to pay the dues of Bukes and Wills. The company can approach court according to the following provisions.
(1) If the information in the application for a market licence in Australia contains information about the proposed compensation arrangements according to paragraph 881B(2), the minister can be compelled to treat the application as a thing for approval of the compensation arrangements and, for that action, he must consider the proposed arrangements were adequate.
(3) When it was felt by the minister that the proposed compensation ar...
(3) When it was felt by the minister that the proposed compensation arrangements are adequate the minister can grant the licence. But while granting the licence the minister must approve the compensation arrangements.
Note: The other provisions about granting licences are in Subdivision A of Division4 of Part7.2.
(4) The minister must follow the following in the conditions of licence.
He must deal with the least amount of cover required in relation to the compensation arrangements in such manner as the minister thinks appropriate and
He can identify the source of funds available to cover the claims and he can approve arrangements on the basis of them. (section 885H)
882B How to get compensation arrangements approved after licence is granted
(1) There will be operators of licenced market. It any one of them wanted to have a compensation arrangements for the market approved after the granting of the licence, the so called operator should apply for approval according to the provisions of this section.
(2) The application must:
funish the information regarding and relevant to the compensation arrangements proposed. Those must be the arrangements required by regulations made for purposes about this paragraph and must accompanied by a copy of the proposed compensation rules and
(b) can be made to the minister through lodging the application with the help of ASIC.
Note: For fees in respect of lodging applications, see Part9.10.
(3) The minister has a right or rejecting the application if he consider that the proposed compensation arrangements are not adequate according to the things mentioned in the law.
(4) If the above (3) is not the case and if the minister considers the proposed arrangements are adequate then he must:
(a) approval of the arrangements of