Macquarie Point Development Corporation Act 2012

In this section – business judgment means any decision to take or not take action in respect of a matter relevant to the business affairs of the Corporation; former employee means a person who ceased to be an employee within the period of 7 years immediately preceding the relevant time; former officer means a person who ceased to be an officer within the period of 7 years immediately preceding the relevant time.

An officer of the Corporation must perform and exercise the functions and powers of his or her office in the Corporation – in good faith in the best interests of the Corporation; and for a proper purpose. Fine not exceeding 2 000 penalty units or a term of imprisonment not exceeding 5 years, or both.

An officer of the Corporation must exercise his or her powers and perform his or her functions with the degree of care and diligence that a reasonable person would exercise if he or she – were an officer of a corporation in the circumstances of the Corporation; and occupied the office held by, and had the same responsibilities within the Corporation as, the officer. Fine not exceeding 2 000 penalty units or a term of imprisonment not exceeding 5 years, or both.

An officer of the Corporation who makes a business judgment is taken to meet the requirements of subsection (3), and his or her equivalent duties at common law and in equity, in respect of the judgment if the officer – makes the judgment in good faith for a proper purpose; and does not have a material personal interest in the subject matter of the judgment; and informs himself or herself about the subject matter of the judgment to the extent he or she reasonably believes to be appropriate; and rationally believes that the judgment is in the best interests of the Corporation.

For the purposes of subsection (4)(d), the belief of an officer of the Corporation that a business judgment is in the best interests of the Corporation is rational unless the belief is one that no reasonable person in the position of the officer would hold.

An officer, employee, former officer or former employee of the Corporation must not make improper use, in Tasmania or elsewhere, of information acquired because of his or her office or employment in the Corporation – to gain, directly or indirectly, an advantage for himself or herself or another person; or to cause damage to the Corporation or any of its subsidiaries. Fine not exceeding 2 000 penalty units or a term of imprisonment not exceeding 5 years, or both.

An officer or employee must not make improper use, in Tasmania or elsewhere, of his or her position as an officer or employee of the Corporation – to gain, directly or indirectly, an advantage for himself or herself or another person; or to cause damage to the Corporation or any of its subsidiaries. Fine not exceeding 2 000 penalty units or a term of imprisonment not exceeding 5 years, or both.