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 268 - Duties in relation to disclosure of, and voting on matters involving, material personal interests  

SECTION 268-10   DIRECTOR MAY GIVE OTHER DIRECTORS STANDING NOTICE ABOUT AN INTEREST  
Power to give notice

268-10(1)    
A director of an Aboriginal and Torres Strait Islander corporation who has an interest in a matter may give the other directors standing notice of the nature and extent of the interest in the matter in accordance with subsection (2) . The notice may be given at any time and whether or not the matter relates to the affairs of the corporation at the time the notice is given.

Note:

The standing notice may be given to the other directors before the interest becomes a material personal interest.

268-10(2)    
The notice under subsection (1) must:

(a)    give details of the nature and extent of the interest; and

(b)    be given:

(i) at a directors ' meeting (either orally or in writing); or

(ii) to the other directors individually in writing.

The standing notice is given under subparagraph (b)(ii) when it has been given to every director.

Standing notice must be tabled at meeting if given to directors individually

268-10(3)    
If the standing notice is given to the other directors individually in writing, it must be tabled at the next directors ' meeting after it is given.

Nature and extent of interest must be recorded in minutes

268-10(4)    
The director must ensure that the nature and extent of the interest disclosed in the standing notice is recorded in the minutes of the meeting at which the standing notice is given or tabled.

Dates of effect and expiry of standing notice

268-10(5)    
The standing notice:

(a)    takes effect as soon as it is given; and

(b)    ceases to have effect if a person who was not a director of the corporation at the time when the notice was given is appointed as a director of the corporation.

A standing notice that ceases to have effect under paragraph (b) commences to have effect again if it is given to the person referred to in that paragraph.

Note:

The notice may be given to the person referred to in paragraph (b) by someone other than the director to whose interests it relates (for example, by the secretary).

Effect of material increase in nature or extent of interest

268-10(6)    
The standing notice ceases to have effect in relation to a particular interest if the nature or extent of the interest materially increases above that disclosed in the notice.

Effect of contravention by director

268-10(7)    
A contravention of this section by a director does not affect the validity of any act, transaction, agreement, instrument, resolution or other thing.