Corporations (Aboriginal and Torres Strait Islander) Act 2006
CHAPTER 6
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OFFICERS
PART 6-2
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APPOINTMENT, REMUNERATION AND CESSATION OF APPOINTMENT OF DIRECTORS
Division 246
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Appointment of directors
SECTION 246-5
MAJORITY OF DIRECTOR REQUIREMENTS
246-5(1)
A majority of the directors of an Aboriginal and Torres Strait Islander corporation must be individuals who are Aboriginal and Torres Strait Islander persons.
246-5(2)
A majority of the directors of the corporation must ordinarily reside in Australia.
246-5(3)
A majority of the directors of the corporation must be members of the corporation.
246-5(4)
A majority of the directors of the corporation must not be employees of the corporation.
246-5(5)
If a person is performing a chief executive officer function in relation to the corporation, the person may be a director of the corporation but cannot chair the directors ' meetings. The person counts as an employee for the purposes of determining under subsection (4) whether a majority of directors are employees.
A majority of the directors of an Aboriginal and Torres Strait Islander corporation must be individuals who are Aboriginal and Torres Strait Islander persons.
246-5(2)
A majority of the directors of the corporation must ordinarily reside in Australia.
246-5(3)
A majority of the directors of the corporation must be members of the corporation.
246-5(4)
A majority of the directors of the corporation must not be employees of the corporation.
246-5(5)
If a person is performing a chief executive officer function in relation to the corporation, the person may be a director of the corporation but cannot chair the directors ' meetings. The person counts as an employee for the purposes of determining under subsection (4) whether a majority of directors are employees.
Note:
For the meaning of chief executive officer function , see section 694-85 .
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