Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 601JD

(1)

A member of a scheme's compliance committee must:

(a)

act honestly; and

(b)

exercise the degree of care and diligence that a reasonable person would exercise if they were in the member's position; and

(c)

not make use of information acquired through being a member of the committee in order to:

(i)

gain an improper advantage for the member or another person; or

(ii)

cause detriment to the members of the scheme; and

(d)

not make improper use of their position as a member of the committee to gain, directly or indirectly, an advantage for themselves or for any other person or to cause detriment to the members of the scheme.

Note: Subsection (1) is a civil penalty provision as defined in section 1317DA and Part 9.4B provides for civil and criminal consequences of contravening it.

(2)

A member of the compliance committee is to take all reasonable steps to assist ASIC in carrying out a check under subsection 601FF(1).