Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

CORPORATIONS ACT 2001 - SECT 601JD

Duties of members

  (1)   A member of a scheme's compliance committee must:

  (a)   act honestly; and

  (b)   exercise the degree of care and diligence that a reasonable person would exercise if they were in the member's position; and

  (c)   not make use of information acquired through being a member of the committee in order to:

  (i)   gain an improper advantage for the member or another person; or

  (ii)   cause detriment to the members of the scheme; and

  (d)   not make improper use of their position as a member of the committee to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to the members of the scheme.

  (2)   A member of the compliance committee is to take all reasonable steps to assist ASIC in carrying out a check under subsection   601FF(1).

  (3)   A person who contravenes, or is involved in a contravention of, subsection   (1) contravenes this subsection.

Note 1:   Section   79 defines involved .

Note 2:   Subsection   (3) is a civil penalty provision (see section   1317E).

  (4)   A person must not intentionally or recklessly contravene, or be involved in a contravention of, subsection   (1).


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback