CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 265.5 Good faith--civil obligations

CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 265.5

Good faith--directors and other officers

  (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.

  (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).