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CORPORATIONS (ABORIGINAL AND TORRES STRAIT ISLANDER) ACT 2006 - SECT 265.35

Directors of wholly-owned subsidiaries

                   A director of an Aboriginal and Torres Strait Islander corporation that is a wholly-owned subsidiary of a body corporate is taken to act in good faith in the best interests of the subsidiary if:

                     (a)  the constitution of the subsidiary expressly authorises the director to act in the best interests of the holding body corporate; and

                     (b)  the director acts in good faith in the best interests of the holding body corporate; and

                     (c)  the subsidiary is not insolvent at the time the director acts and does not become insolvent because of the director's act.



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