Corporations (Aboriginal and Torres Strait Islander) Act 2006

CHAPTER 6 - OFFICERS  

PART 6-2 - APPOINTMENT, REMUNERATION AND CESSATION OF APPOINTMENT OF DIRECTORS  

Division 252 - Remuneration of directors  

SECTION 252-5   MEMBERS MAY OBTAIN INFORMATION ABOUT DIRECTORS ' REMUNERATION  

252-5(1)    
An Aboriginal and Torres Strait Islander corporation must disclose the remuneration and expenses paid to each director of the corporation or a subsidiary (if any) by the corporation or by an entity controlled by the corporation if the corporation is directed to disclose that information by at least the required number of members under subsection (7) .

Penalty: 5 penalty units.

252-5(2)    
The corporation must also disclose the remuneration and expenses paid to each director of the corporation or a subsidiary (if any) by the corporation or by an entity controlled by the corporation if the Registrar directs the corporation in writing to disclose that information.

Penalty: 5 penalty units.

252-5(3)    
An offence against subsection (1) or (2) is an offence of strict liability.

Note:

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

252-5(4)    
Under subsection (1) or (2) , the corporation must disclose all remuneration and expenses paid to the director, regardless of whether it is paid to the director as a director or in another capacity.

252-5(5)    
The corporation must comply with the direction under subsection (1) or (2) as soon as practicable by:

(a)    preparing a statement of the remuneration and expenses of each director of the corporation or a subsidiary for the last financial year before the direction was given; and

(b)    having the statement audited; and

(c)    either:

(i) in the case of a direction under subsection (1) - sending a copy of the audited statement to each person entitled to receive notice of general meetings of the corporation; or

(ii) in the case of a direction under subsection (2) - sending a copy of the audited statement to each person entitled to receive notice of general meetings of the corporation and to the Registrar.

252-5(6)    
If the Registrar directs the corporation under subsection (2) to disclose the remuneration and expenses paid to a director, the remuneration and expenses may be entered on the Register of Aboriginal and Torres Strait Islander Corporations.

252-5(7)    
The required number of members for an Aboriginal and Torres Strait Islander corporation is the greater of:

(a)    5 members of the corporation; or

(b)    10 % of the members of the corporation.

252-5(8)    
The regulations may prescribe a different number of members for the purposes of applying paragraph (7)(a) to:

(a)    a particular Aboriginal and Torres Strait Islander corporation; or

(b)    a particular class of Aboriginal and Torres Strait Islander corporation.

252-5(9)    
The regulations may prescribe a different percentage for the purposes of applying paragraph (7)(b) to:

(a)    a particular Aboriginal and Torres Strait Islander corporation; or

(b)    a particular class of Aboriginal and Torres Strait Islander corporation.

252-5(10)    
A direction under subsection (2) is not a legislative instrument.