Constitution of registered providers that are wholly‑owned subsidiary corporations
161 Constitution of registered providers that are wholly‑owned subsidiary corporations
Corporations under the Corporations Act 2001
If:
a registered provider is a body corporate that is incorporated, or taken to be incorporated, under the Corporations Act 2001; and
the provider has a constitution (within the meaning of that Act); and
the provider is a wholly‑owned subsidiary (within the meaning of that Act) of another body corporate (the holding company); and
the holding company is not a registered provider;
it is a condition of registration that the registered provider must ensure that the constitution of the provider does not authorise a director of the provider to act in good faith in the best interests of the holding company.
Aboriginal and Torres Strait Islander corporations
If:
a registered provider is an Aboriginal and Torres Strait Islander corporation (within the meaning of the Corporations (Aboriginal and Torres Strait Islander) Act 2006); and
the provider is a wholly‑owned subsidiary (within the meaning of that Act) of another body corporate (the holding company); and
the holding company is not a registered provider;
it is a condition of registration that the registered provider must ensure that the constitution of the provider does not authorise a director of the provider to act in good faith in the best interests of the holding company.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.