We wanted to add a second director to the ASIC Registry for our company. Having just one director means no backup in an emergency, so adding a second would reduce our company’s risk profile. The company has a bank loan secured by a mortgage on our office, and has been making the required payments for over a year. The loan documents say that the bank must approve in writing any change to the directors of the company. So I rang the bank to find out the process. Sam at the call centre agrees that an additional director will reduce the loan’s risk. She says I will need to go to local branch to...
Unrequitable requirement
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