Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 6 - OFFICERS  

PART 6-6 - MEMBER APPROVAL NEEDED FOR RELATED PARTY BENEFIT  

Division 290 - Procedure for obtaining member approval  

SECTION 290-5   CORPORATION MUST LODGE MATERIAL THAT WILL BE PUT TO MEMBERS WITH THE REGISTRAR  

290-5(1)    
At least 14 days before the notice convening the relevant meeting is given, the Aboriginal and Torres Strait Islander corporation must lodge:

(a)    a proposed notice of meeting setting out the text of the proposed resolution; and

(b)    a proposed explanatory statement satisfying section 290-10 ; and

(c)    any other document that is proposed to accompany the notice convening the meeting and that relates to the proposed resolution; and

(d)    any other document that any of the following proposes to give to members of the corporation before or at the meeting:

(i) the corporation;

(ii) a related party of the corporation to whom the proposed resolution would permit a financial benefit to be given;

(iii) an associate of the corporation or of such a related party;

and can reasonably be expected to be material to a member in deciding how to vote on the proposed resolution.

Penalty: 5 penalty units.

290-5(2)    
An offence against subsection (1) is an offence of strict liability.

Note:

For strict liability , see section 6.1 of the Criminal Code .

290-5(3)    
If, when the notice convening the meeting is given, the Registrar:

(a)    has approved in writing a period of less than 14 days for the purposes of subsection (1) ; and

(b)    has not revoked the approval by written notice to the corporation;

subsection (1) applies as if the reference to 14 days were a reference to the approved period.

290-5(4)    
An approval under subsection (3) is not a legislative instrument.

290-5(5)    
The Registrar may give and revoke approvals for the purposes of subsection (3) .