Director must disclose insolvency

In force

(1)

This section applies to a person who—

(a)

is appointed as the director; and

(b)

during the term of the person’s appointment, becomes an insolvent under administration.

(2)

The person must, unless the person has a reasonable excuse, immediately give written notice of the insolvency to the Minister.Maximum penalty—100 penalty units.

This Act’s bill:Explanatory memorandum Second reading speech

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11 Director must disclose insolvency