Directors of body corporate, liability of
139 Directors of body corporate, liability of
Where a licensee is a firm and a body corporate is a partner in the firm or where the licensee is a body corporate, all persons who are directors of the body corporate at the time of any defalcation by the licensee are jointly and severally liable in respect of that defalcation.
Where a licensee is a firm and a body corporate is a partner in the firm or where the licensee is a body corporate, all persons who are directors of the body corporate at the time of an order or direction made by a court, the Commissioner, or the State Administrative Tribunal against the licensee are jointly and severally liable in respect of the order or direction.
Sections 34B(1), 103(1)(c) and 105(1)(c) apply in respect of a director referred to in subsection (2) as if the references in those sections to a licensee or an agent included the director.
A reference in subsection (1), (2) or (3) to a director includes a reference to a person in accordance with whose directions or instructions the directors of the relevant body corporate are accustomed to act.
[Section 139 amended: No. 34 of 1998 s. 20; No. 55 of 2004 s. 1017 and 1020; No. 58 of 2010 s. 134.]
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