Western Australian Consolidated Acts

GOLD CORPORATION ACT 1987 - SECT 71

71 .         Duty and liability of directors

        (1)         A director of Gold Corporation shall at all times act honestly in the exercise of his or her powers and the discharge of the duties of his or her office.

        Penalty — 

            (a)         in a case to which paragraph (b) does not apply —$5 000;

            (b)         where the offence was committed with intent to deceive or defraud Gold Corporation or a subsidiary of Gold Corporation or creditors of Gold Corporation or creditors of any other person or for any other fraudulent purpose — $20 000 and the offence is a crime and on conviction the director is liable to imprisonment for 5 years.

        Summary conviction penalty: in a case to which paragraph (b) of the above penalty provision refers — imprisonment for 2 years or a fine of $10 000.

        (2)         A director of Gold Corporation shall at all times exercise a reasonable degree of care and diligence in the exercise of his or her powers and the discharge of his or her duties.

        Penalty: $5 000.

        [Section 71 amended by No. 10 of 1990 s. 6; No. 4 of 2004 s. 58.]