CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 11 Duty and liability of officer of corporation

CORPORATE LAW REFORM ACT 1992 No. 210 of 1992 - SECT 11

11. Section 232 of the Corporations Law is amended:

   (a)  by omitting subsections (3) and (4) and substituting the following
        subsection:

"(4) In the exercise of his or her powers and the discharge of his or her
duties, an officer of a corporation must exercise the degree of care and
diligence that a reasonable person in a like position in a corporation would
exercise in the corporation's circumstances.";

   (b)  by omitting subsections (7), (8), (9) and (10) and substituting the
        following subsection:

"(6B) Subsections (2), (4), (5) and (6) are civil penalty provisions as
defined by section 1317DA, so Part 9.4B provides for civil and criminal
consequences of contravening any of them, or of being involved in a
contravention of any of them.".