Duties of directors
15 Duties of directors
A director must act honestly in the performance and the exercise of the functions and powers of a director. Fine not exceeding 50 penalty units.
In the performance and exercise of the functions and powers of a director, a director must exercise the same degree of care and diligence that a person in a like position in a corporation within the meaning of the Corporations Act is required to exercise. Fine not exceeding 50 penalty units.
A director or former director must not use improperly, whether within Tasmania or elsewhere, information acquired as a director – to gain, directly or indirectly, a personal advantage or an advantage for another person; or to cause damage to the Authority. Fine not exceeding 100 penalty units or imprisonment for a term not exceeding 5 years, or both.
A director or former director must not use improperly, whether within Tasmania or elsewhere, his or her position as a director or the fact that he or she is or was a director – to gain, directly or indirectly, a personal advantage or an advantage for another person; or to cause damage to the Authority. Fine not exceeding 100 penalty units or imprisonment for a term not exceeding 5 years, or both.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.