Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 181

Good faith—civil obligations

 
Good faith—directors and other officers
 

(1)
A director or other officer of a corporation must exercise their
powers and discharge their duties: 
 
 
 
(a)
in good faith in the best interests of the corporation;
and

(b)
for a proper purpose. 

 
 Note 1: This subsection is a
civil penalty provision (see section  1317E ).


Note 2: Section 187 deals with the situation of directors of wholly-owned
subsidiaries. 


 
 
(2)
A person who is involved in a contravention
of subsection (1) contravenes this subsection. 
 
 
 Note 1: Section 79 defines involved.


Note 2: This subsection is a civil penalty provision (see section 1317E).