Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 187

Directors of wholly-owned subsidiaries

 

A director of a corporation that is a wholly-owned subsidiary of a body
corporate is to be 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 company; and

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

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