Commonwealth Consolidated Acts

COMMONWEALTH AUTHORITIES AND COMPANIES ACT 1997 - SECT 11

             (1)  A director of a Commonwealth authority contravenes this subsection if the director:

                     (a)  causes a directors' reporting rule to be contravened; or

                     (b)  fails to take all reasonable steps to comply with, or secure compliance with, a directors' reporting rule.

Note:          This subsection is a civil penalty provision (see Schedule 2).

          (1A)  A director of the authority commits an offence if the director contravenes subsection (1) and the contravention is dishonest.

Penalty:  2,000 penalty units or imprisonment for 5 years, or both.

             (2)  If a contravention of a directors' reporting rule consists of an omission from the financial statements, it is a defence if the defendant proves that the information omitted was immaterial and did not affect the giving of a true and fair view of the matters required by the Finance Minister's Orders to be included in the statements.

             (3)  In this section:

"directors' reporting rule" means section 9 or any of the requirements of Schedule 1 that impose obligations on the directors.