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 265 - General duties

SECTION 265-5 GOOD FAITH - CIVIL OBLIGATIONS
Good faith - directors and other officers

265-5(1)
A director or other officer of an Aboriginal and Torres Strait Islander corporation must exercise his or her powers and discharge his or her 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 386-1 ).

Note 2:

Section 265-20 makes special provision for actions done to comply with Native Title legislation obligations.

Note 3:

Section 265-35 deals with the situation of directors of wholly-owned subsidiaries.

265-5(2)
A person who is involved in a contravention of subsection (1) contravenes this subsection.

Note 1:

Section 694-55 defines involved in .

Note 2:

This subsection is a civil penalty provision (see section 386-1 ).

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