A director of a private company learns through his position that a supplier is selling a profitable business in the company's line of trade. The company cannot finance the purchase. The director tells the board that he wishes to buy it personally. Neither the board nor the members give permission, and the articles contain no permission for him to take such opportunities. He buys it using his own money and makes a profit. The company seeks an account of that profit.
Which best states the director's position?