Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 6 - OFFICERS  

PART 6-4 - DUTIES AND POWERS OF DIRECTORS AND OTHER OFFICERS AND EMPLOYEES  

Division 265 - General duties  

SECTION 265-35  

265-35   DIRECTORS OF WHOLLY-OWNED SUBSIDIARIES  
A director of an Aboriginal and Torres Strait Islander corporation that is a wholly-owned subsidiary of a body corporate is taken to act in good faith in the best interests of the subsidiary if:

(a)    the constitution of the subsidiary expressly authorises the director to act in the best interests of the holding body corporate; and

(b)    the director acts in good faith in the best interests of the holding body corporate; and

(c)    the subsidiary is not insolvent at the time the director acts and does not become insolvent because of the director ' s act.