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CORPORATIONS ACT 2001

CHAPTER 2D - OFFICERS AND EMPLOYEES  

PART 2D.6 - DISQUALIFICATION FROM MANAGING CORPORATIONS  

SECTION 206E  COURT POWER OF DISQUALIFICATION - REPEATED CONTRAVENTIONS OF ACT  

206E(1)  [Power of Court]  


On application by ASIC, the Court may disqualify a person from managing corporations for the period that the Court considers appropriate if:


(a) the person:

(i) has at least twice been an officer of a body corporate that has contravened this Act or the Corporations (Aboriginal and Torres Strait Islander) Act 2006 while they were an officer of the body corporate and each time the person has failed to take reasonable steps to prevent the contravention; or

(ii) has at least twice contravened this Act or the Corporations (Aboriginal and Torres Strait Islander) Act 2006 while they were an officer of a body corporate; or

(iii) has been an officer of a body corporate and has done something that would have contravened subsection 180(1) or section 181 if the body corporate had been a corporation; and
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(b) the Court is satisfied that the disqualification is justified.

206E(1A)  [Officer of Aboriginal and Torres Strait Islander corporation]  

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For the purposes of subsection (1), a person is an officer of an Aboriginal and Torres Strait Islander corporation if the person is an officer of that corporation within the meaning of the Corporations (Aboriginal and Torres Strait Islander) Act 2006.

206E(2)  [Relevant circumstances]  


In determining whether the disqualification is justified, the Court may have regard to:


(a) the person's conduct in relation to the management, business or property of any corporation; and


(b) any other matters that the Court considers appropriate.

206E(3)  [Aboriginal and Torres Strait Islander corporation]  

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To avoid doubt, the reference in paragraph (2)(a) to a corporation includes a reference to an Aboriginal and Torres Strait Islander corporation.


 



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