THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW

THE CORPORATIONS LAW   82 

The Corporations Law is as follows:...

CHAPTER 2D - OFFICERS AND EMPLOYEES

View history reference

 View history note

 Hide history note

History

Chapter 2D substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).

PART 2D.1 - DUTIES AND POWERS

 View history note

 Hide history note

History

Part 2D.1 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).

Division 1 - General duties

SECTION 181   GOOD FAITH - CIVIL OBLIGATIONS  

View history reference

181(1)  Good faith - directors and other officers.  

A director or other officer of a corporation must exercise their powers and discharge their 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 1317E).

Note 2:

Section 187 deals with the situation of directors of wholly-owned subsidiaries.

181(2)  [Involvement]  

A person who is involved in a contravention of subsection (1) contravenes this subsection.

Note 1:

Section 79 defines involved .

Note 2: This subsection is a civil penalty provision (see section 1317E).

 View history note

 Hide history note

History

S 181 inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.