Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p75
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 75/175)
Character Range: 360811–363581

the person referred to in paragraph (b) by someone other than the director to whose interests it relates (for example, by the secretary).

Effect of material increase in nature or extent of interest
 (6) The standing notice ceases to have effect in relation to a particular interest if the nature or extent of the interest materially increases above that disclosed in the notice.

Effect of contravention by director
 (7) A contravention of this section by a director does not affect the validity of any act, transaction, agreement, instrument, resolution or other thing.

268‑15  Interaction of sections 268‑1 and 268‑10 with other laws etc.
  Sections 268‑1 and 268‑10 have effect in addition to, and not in derogation of:
 (a) any general law rule about conflicts of interest; and
 (b) any provision in an Aboriginal and Torres Strait Islander corporation's constitution (if any) that restricts a director from:
 (i) having a material personal interest in a matter; or
 (ii) holding an office or possessing property;
  involving duties or interests that conflict with the director's duties or interests as a director.

268‑20  Restrictions on voting

Restrictions on voting and being present
 (1) A director of an Aboriginal and Torres Strait Islander corporation who has a material personal interest in a matter that is being considered at a directors' meeting must not:
 (a) be present while the matter is being considered at the meeting; or
 (b) vote on the matter.
Penalty: 5 penalty units.
 (2) Subsection (1) does not apply if:
 (a) subsection (4) or (5) allows the director to be present; or
 (b) subsection 268‑5(2) applies in relation to the interest; or
 (c) for any other reason, the interest does not need to be disclosed under section 268‑1.
Note 1: A defendant bears an evidential burden in relation to the matter in subsection (2) (see subsection 13.3(3) of the Criminal Code).
Note 2: Because section 268‑5 provides that certain interests a director has as a common law holder of native title do not need to be disclosed, those interests will not prevent the director from being present and voting.
 (3) An offence against subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Participation with approval of other directors
 (4) The director may be present and vote if directors who do not have a material personal interest in the matter have passed a resolution that:
 (a) identifies the director, the nature and extent of the director's interest in the matter and its relation to the affairs of the corporation; and
 (b) states that those directors are satisfied that the interest should not disqualify the director from voting or being present.

Participation with Registrar's approval