Good faith—civil obligations

In force

Good faith—directors and other officers

(1)

A director or other officer of a corporation must exercise their powers and discharge their duties:

(a)

in good faith in the best interests of the corporation; and

(b)

for a proper purpose.

Note 1:

This subsection is a civil penalty provision (see section 1317E).

Note 2:

Section 187 deals with the situation of directors of wholly‑owned subsidiaries.

(2)

A person who is involved in a contravention of subsection (1) contravenes this subsection.

Note 1:

Section 79 defines involved.

Note 2:

This subsection is a civil penalty provision (see section 1317E).

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