CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 265.35 Directors of wholly - owned subsidiaries

CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 265.35

    A director of an Aboriginal and Torres Strait Islander corporation that is a wholly - owned subsidiary of a body corporate is taken to act in good faith in the best interests of the subsidiary if:

  (a)   the constitution of the subsidiary expressly authorises the director to act in the best interests of the holding body corporate; and

  (b)   the director acts in good faith in the best interests of the holding body corporate; and

  (c)   the subsidiary is not insolvent at the time the director acts and does not become insolvent because of the director's act.