Members' duties of honesty, care and diligence etc
9 Members' duties of honesty, care and diligence etc
A member of the Board must at all times act honestly in the performance of the functions of their office, whether within or outside the
State. Maximum penalty: $10 000.
A member of the Board must at all times exercise a reasonable degree of care and diligence in the performance of their functions, whether within or outside the State. Maximum penalty: $10 000.
A member or former member of the Board must not, whether within or outside the State, make improper use of information acquired by virtue of their position as such a member to gain, directly or indirectly, an advantage for themself or for any other person or to cause detriment to the
Board. Maximum penalty: $20 000.
A member of the Board must not, whether within or outside the
State, make improper use of their position as a member to gain, directly or indirectly, an advantage for themself or for any other person or to cause detriment to the Board. Maximum penalty: $20 000.
This section has effect in addition to, and not in derogation of, any Act or law relating to the criminal or civil liability of a member of the governing body of a corporation and does not prevent the institution of any criminal or civil proceedings in respect of such a liability.
For the purposes of section 6, a person will not be taken to have acted honestly if the act constituted or involved contravention by the person of subsection (3) or
of this section.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.