Henry is a non-executive director of Incredible Industries Ltd, a company that specialises in building. At a recent board meeting Henry learns that the company intends to buy a bulldozer for the construction of swimming pools. Henry’s wife, Jezebel, who regularly attends auction sales, by chance, recently bought a bulldozer for speculation purposes. Henry informs his wife of the proposed deal and she now plans to sell the bulldozer to Incredible Industries at a fairly large profit.Required:Advise Henry on the legality of the proposed sale and the possible steps he should take to safeguard his position. (10 marks)
