STATUTORY CORPORATIONS (LIABILITY OF DIRECTORS) ACT 1996

Table of Provisions

• Long Title

PART 1 -- Preliminary  

• 1 Short title
 
• 2 Commencement

PART 2 -- Statutory corporations generally

Division 1 -- Interpretation  

• 4 Terms used

Division 2 -- Duties of directors stated  

• 5 Directors’ fiduciary relationship with and duties to corporation

Division 3 -- Ministerial directions  

• 6 Unlawful directions

PART 3 -- Duties of directors of certain corporations

Division 1 -- Interpretation  

• 7 Terms used; attempted offences; application of Part
 
• 8 Amendment of Sch.

Division 2 -- Duties stated  

• 9 Duty to act honestly
 
• 10 Duty to exercise reasonable care and diligence
 
• 11 Duty not to make improper use of information
 
• 12 Duty not to make improper use of position

Division 3 -- Compensation  

• 13 Compensation may be ordered for breach of s. 9, 10, 11 or
  14. Civil proceedings for breach of s. 9, 10, 11 or   15. Corporation’s power to insure

Division 4 -- Ministerial directions  

• 16 Terms used
 
• 17 Governing body may question direction
 
• 18 Corporation may challenge direction
 
• 19 Protection of directors

PART 4 -- Relief from liability  

• 20 Relief from liability under s. 5, 13 and 14
  21. Application for relief from liability under s. 5, 13 or 14   22. Case may be withdrawn from jury
• SCHEDULE 1 -- Persons who are directors under Part 3