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CORPORATIONS ACT 2001

CHAPTER 2D - OFFICERS AND EMPLOYEES  

PART 2D.1 - DUTIES AND POWERS  

Division 1 - General duties  

SECTION 184  GOOD FAITH, USE OF POSITION AND USE OF INFORMATION - CRIMINAL OFFENCES  

184(1)  Good faith - directors and other officers.  


A director or other officer of a corporation commits an offence if they:


(a) are reckless; or


(b) are intentionally dishonest;

and fail to exercise their powers and discharge their duties:


(c) in good faith in the best interests of the corporation; or


(d) for a proper purpose.

Note: Section 187 deals with the situation of directors of wholly-owned subsidiaries.

184(2)  Use of position - directors, other officers and employees.  


A director, other officer or employee of a corporation commits an offence if they use their position dishonestly:


(a) with the intention of directly or indirectly gaining an advantage for themselves, or someone else, or causing detriment to the corporation; or


(b) recklessly as to whether the use may result in themselves or someone else directly or indirectly gaining an advantage, or in causing detriment to the corporation.

184(3)  Use of information - directors, other officers and employees.  


A person who obtains information because they are, or have been, a director or other officer or employee of a corporation commits an offence if they use the information dishonestly:


(a) with the intention of directly or indirectly gaining an advantage for themselves, or someone else, or causing detriment to the corporation; or


(b) recklessly as to whether the use may result in themselves or someone else directly or indirectly gaining an advantage, or in causing detriment to the corporation.

 



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