Duty to notify members of adverse circumstances
14B Duty to notify members of adverse circumstances
In this section – governing documents, in relation to the Corporation, includes – the statement of expectations in force in respect of the Corporation and its subsidiaries under section 13A; and each direction under section 13B in effect in respect of the Corporation and its subsidiaries; and the statement of corporate intent in force in respect of the Corporation and its subsidiaries under section 13F; and the Treasurer’s Instructions in force in respect of the Corporation and its subsidiaries.
The Board must notify the members, in writing, of any development which, in the opinion of the Board, may – prevent or significantly affect the achievement of the objectives, for the Corporation or its subsidiaries, as specified in the governing documents of the Corporation; or significantly affect the financial viability or operating ability of – the Corporation and its subsidiaries; or any partnership, trust, joint venture or arrangement for the sharing of profits in which the Corporation or its subsidiaries participate; or prevent the Corporation or its subsidiaries from complying with a direction given to the Corporation, or a subsidiary, under section 13B; or significantly affect the ability of the Corporation or its subsidiaries to comply with a direction given to the Corporation, or a subsidiary, under section 13B; or otherwise significantly affect the Corporation, or its subsidiaries, in any manner.
A notification under subsection (2) in respect of a development is to be made as soon as possible after the Board becomes aware of the development.
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