Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.3B - CRISIS RESOLUTION FOR CS FACILITY LICENSEES  

Division 9 - Other matters  

Subdivision D - Other matters  

SECTION 849CD   PROTECTION FROM LIABILITY FOR ACTS OR OMISSIONS IN GOOD FAITH  

849CD(1)    
An action, suit or proceeding (whether criminal or civil) does not lie against a person in relation to anything done, or omitted to be done, in good faith by the person if:

(a)    the person does the thing, or omits to do the thing, for the purpose of any of the following:

(i) complying with a direction or determination given under this Part by the Reserve Bank;

(ii) taking a measure, or an action, specified in such a direction or determination;

(iii) doing, or refraining from doing, anything in accordance with such a direction or determination; and

(b)    it is reasonable for the person to do the thing, or to omit to do the thing, in order to achieve that purpose; and

(c)    the person is any of the following:

(i) an officer or senior manager of the body corporate, or of a related body corporate or of a body corporate that was a related body corporate of a CS facility licensee before a transfer of business or shares under this Part;

(ii) an employee or agent of the body corporate, or of a related body corporate or of a body corporate that was a related body corporate of a CS facility licensee before a transfer of business or shares under this Part;

(iii) the body corporate, a related body corporate or a body corporate that was a related body corporate of a CS facility licensee before a transfer of business or shares under this Part;

(iv) a person engaged to provide services (including advice) to the body corporate, a related body corporate, or a body corporate that was a related body corporate of a CS facility licensee before a transfer of business or shares under this Part.

849CD(2)    
For the purposes of paragraph (1)(b) , treat it as reasonable for a person to do a thing, or to omit to do a thing, in order to achieve a purpose unless no reasonable person in that person ' s position would do the thing, or omit to do the thing, in order to achieve that purpose.

Statutory managers

849CD(3)    
An action, suit or proceeding (whether criminal or civil) does not lie against a person in relation to anything done, or omitted to be done, in good faith by the person as the statutory manager of a body corporate.

Directors

849CD(4)    
An action, suit or proceeding (whether criminal or civil) does not lie against a director of a body corporate in relation to anything done, or omitted to be done, in good faith by the director, to the extent that the director is acting with the written approval of the statutory manager of the body corporate or the Reserve Bank under subsection 834A(3) .

849CD(5)    
An action, suit or proceeding (whether criminal or civil) for a contravention of:

(a)    a duty owed under Part 2D.1 ; or

(b)    a duty at common law or in equity that is equivalent to a duty owed under that Part;

does not lie against a director of a body corporate in relation to anything done, or omitted to be done, in good faith by the director while the body corporate is under statutory management.