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Atlantic Machinery Pty Ltd has been considering the purchase of new manufacturing facilities at a...

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Accounting

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Atlantic Machinery Pty Ltd has been considering the purchase of new manufacturing facilities at a cost of $15m. The purchase has been discussed by the Board of Directors, but no final decision has yet been made. Assume that the Board consists of two executive directors and three non-executive directors and that the company relies on the Replaceable Rules. Required: Explain the legal requirements for this company to validly enter into the proposed contract so that the rights of the third party are properly protected. Click or tap here to enter text

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