Commonwealth Numbered Acts

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FINANCIAL SECTOR (SHAREHOLDINGS) ACT 1998No. 55, 1998 - SECT 42

Civil liability of corporations State of mind

(1) If, in a civil proceeding under this Act in respect of conduct engaged in by a corporation, it is necessary to establish the state of mind of the corporation, it is sufficient to show that:

Conduct

(2) If:

the conduct is taken, for the purposes of a civil proceeding under this Act, to have been engaged in by the corporation unless the corporation establishes that it took reasonable precautions and exercised due diligence to avoid the conduct.

Extended meaning of state of mind

(3) A reference in subsection (1) to the state of mind of a person includes a reference to:

Extended meaning of director

(4) A reference in this section to a director of a corporation includes a reference to a constituent member of a body corporate incorporated for a public purpose by a law of the Commonwealth, a State or a Territory.

Extended meaning of engaging in conduct

(5) A reference in this section to engaging in conduct includes a reference to failing or refusing to engage in conduct.



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