Commonwealth Consolidated Acts

CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 265.25

Good faith--directors and other officers

  (1)   A director or other officer of an Aboriginal and Torres Strait Islander corporation commits an offence if he or she:

  (a)   is reckless; or

  (b)   is intentionally dishonest;

and fails to exercise his or her powers and discharge his or her duties:

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

  (d)   for a proper purpose.

Penalty:   2,000 penalty units or imprisonment for 5 years, or both.

  (2)   A director or other officer of an Aboriginal and Torres Strait Islander corporation that is a registered native title body corporate does not contravene subsection   (1) merely because of doing (or refraining from doing) a particular act if the director or other officer does (or refrains from doing) the act:

  (a)   in good faith; and

  (b)   with the belief that doing (or refraining from doing) the act is necessary to ensure that the corporation complies with a Native Title legislation obligation.

Note:   A defendant bears an evidential burden in relation to the matters in subsection   (2) (see subsection   13.3(3) of the Criminal Code ).

Use of position--directors, other officers and employees

  (3)   A director, other officer or employee of an Aboriginal and Torres Strait Islander corporation commits an offence if he or she uses his or her position dishonestly:

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

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

Penalty:   2,000 penalty units or imprisonment for 5 years, or both.

Use of information--directors, other officers and employees

  (4)   A person who obtains information because he or she is, or has been, a director or other officer or employee of an Aboriginal and Torres Strait Islander corporation commits an offence if he or she uses the information dishonestly:

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

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

Penalty:   2,000 penalty units or imprisonment for 5 years, or both.