Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 2   ALRC Financial Services Interim Report: single glossary of defined terms

Part 1   Amendments

Division 3   Terms relating to companies and audited bodies

Corporations Act 2001

95   Section 179

Repeal the section, substitute:

179 Simplified outline of this Part

This Part sets out some of the most significant duties of directors, secretaries, other officers and employees of corporations. Other duties are imposed by other provisions of this Act and other laws (including the general law).

Note: For a CCIV there are additional duties, see Divisions 2 and 3 of Part 8B.3.

The officers of a corporation include, as well as its directors and secretaries, some other people who manage the corporation or its property (such as receivers and liquidators).

Note: For the definitions of director and officer , see sections 9AC and 9AD.