Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 184

Good faith, use of position and use of information—criminal offences

 
Good faith—directors and other officers
 

(1)
A director or other officer of a corporation commits an offence
if they: 
 
 
 
(a)
are
reckless; or

(b)
are intentionally dishonest; 

 
and fail to exercise their powers and discharge their
duties:
 
 
(c)
in good faith in the
best interests of the corporation; or

(d)
for a proper purpose. 

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


 
Use of position—directors, other officers and
employees
 
 
(2)
A director, other officer or employee
of a corporation commits an offence if they use their position dishonestly:
 
 
 
(a)
with the intention
of directly or indirectly gaining an advantage for themselves, or someone
else, or causing detriment to the corporation; or

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

 
Use of information—directors, other officers and
employees
 
 
(3)
A person who obtains information
because they are, or have been, a director or other officer or employee of a
corporation commits an offence if they use the information dishonestly: 

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

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