Corporations (Aboriginal and Torres Strait Islander) Act 2006
If: (a) a director of an Aboriginal and Torres Strait Islander corporation relies on information, or professional or expert advice, given or prepared by:
(i) an employee of the corporation whom the director believes on reasonable grounds to be reliable and competent in relation to the matters concerned; or
(ii) a professional adviser or expert in relation to matters that the director believes on reasonable grounds to be within the person ' s professional or expert competence; or
(iii) another director or officer in relation to matters within the director ' s or officer ' s authority; or
(b) the reliance was made:
(iv) a committee of directors on which the director did not serve in relation to matters within the committee ' s authority; and
(i) in good faith; and
(c) the reasonableness of the director ' s reliance on the information or advice arises in proceedings brought to determine whether a director has performed a duty under this Part or an equivalent general law duty;
(ii) after making an independent assessment of the information or advice, having regard to the director ' s knowledge of the corporation and the complexity of the structure and operations of the corporation; and
the director ' s reliance on the information or advice is taken to be reasonable unless the contrary is proved.
265-45(2)
To avoid doubt, a person may be considered an expert in relation to questions of traditional laws and customs.
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