(1) A director must act honestly in the performance and exercise of the functions and powers of a director.Penalty: Fine not exceeding 50 penalty units.(2) In performing and exercising the functions and powers of a director, a director must exercise the same degree of care and diligence that a person in a similar position in a corporation, within the meaning of the Corporations Act, is required to exercise.Penalty: Fine not exceeding 50 penalty units.(3) A director or former director must not use improperly, whether within Tasmania or elsewhere, information acquired as a director (a) to gain, directly or indirectly, a personal advantage or an advantage for another person; or(b) to cause damage to the Skills Institute.Penalty: Fine not exceeding 100 penalty units or imprisonment for a term not exceeding 5 years, or both.(4) A director or former director must not use improperly, whether within Tasmania or elsewhere, his or her position as a director or the fact that he or she is or was a director (a) to gain, directly or indirectly, a personal advantage or an advantage for another person; or(b) to cause damage to the Skills Institute.Penalty: Fine not exceeding 100 penalty units or imprisonment for a term not exceeding 5 years, or both.