Stadiums Tasmania Act 2022

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

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

A member of the Board or an officer of the Authority 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 a member of the Board or an officer of the Authority in the circumstances of the Authority; and occupied the office held by, and had the same responsibilities within the Authority as, the member of the Board or officer. Fine not exceeding 2 000 penalty units or imprisonment for a term not exceeding 5 years, or both.

A member of the Board or an officer of the Authority 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 member of the Board or 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 that he or she reasonably believes to be appropriate; and rationally believes that the judgment is in the best interests of the Authority.

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

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

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