Tasmanian Development Regulations 2022

A director, authorized officer or administrator must perform and exercise the functions and powers of his or her office – in good faith in the best interests of the Authority; and for a proper purpose. Fine not exceeding 100 penalty units or imprisonment for a term not exceeding 2 years, or both.

A director, authorized officer or administrator 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 director, authorized officer or administrator; and occupied the office held by, and had the same responsibilities within the Authority as, the director, authorized officer or administrator. Fine not exceeding 100 penalty units or imprisonment for a term not exceeding 2 years, or both

A director, authorized officer or administrator who makes a business judgment is taken to meet the requirements of subregulation (1), and his or her equivalent duties at common law and in equity, in respect of the judgment if he or she – 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 subregulation (3)(d), the belief of a director, authorized officer or administrator 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 director, authorized officer or administrator would hold.

An officer or former officer 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 100 penalty units or imprisonment for a term not exceeding 2 years, or both.

An officer must not make improper use, in Tasmania or elsewhere, of his or her position as an officer of the Authority – to gain, directly or indirectly, an advantage for himself or herself or another person; or to cause damage to the Authority. Fine not exceeding 100 penalty units or imprisonment for a term not exceeding 2 years, or both.