Corporations (Aboriginal and Torres Strait Islander) Act 2006
PART 6-4 - DUTIES AND POWERS OF DIRECTORS AND OTHER OFFICERS AND EMPLOYEES
SECTION 265-5
GOOD FAITH
-
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.
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 ).
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.