Corporations (Aboriginal and Torres Strait Islander) Act 2006
CHAPTER 6
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OFFICERS
PART 6-4
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DUTIES AND POWERS OF DIRECTORS AND OTHER OFFICERS AND EMPLOYEES
Division 265
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General duties
SECTION 265-5
GOOD FAITH
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CIVIL OBLIGATIONS
Good faith - directors and other officers
265-5(1)
A director or other officer of an Aboriginal and Torres Strait Islander corporation must exercise his or her powers and discharge his or her duties: (a) in good faith in the best interests of the corporation; and (b) for a proper purpose.
265-5(2)
A person who is involved in a contravention of subsection (1) contravenes this subsection.
Good faith - directors and other officers
265-5(1)
A director or other officer of an Aboriginal and Torres Strait Islander corporation must exercise his or her powers and discharge his or her duties: (a) in good faith in the best interests of the corporation; and (b) for a proper purpose.
Note 1:
This subsection is a civil penalty provision (see section 386-1 ).
Note 2:
Section 265-20 makes special provision for actions done to comply with Native Title legislation obligations.
Note 3:
Section 265-35 deals with the situation of directors of wholly-owned subsidiaries.
265-5(2)
A person who is involved in a contravention of subsection (1) contravenes this subsection.
Note 1:
Section 694-55 defines involved in .
Note 2:
This subsection is a civil penalty provision (see section 386-1 ).
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