Document ID: chunk:federal_register_of_legislation:C2004A00884:clause:1_37
Version: federal_register_of_legislation:C2004A00884
Segment Type: clause
Provision Reference: sch 1 cl 37
Character Range: 11095–11892

37  Subsection 195(1)
Repeal the subsection, substitute:

Restrictions on voting and being present

 (1) A director of a public company 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.

 (1A) Subsection (1) does not apply if:
 (a) subsection (2) or (3) allows the director to be present; or
 (b) the interest does not need to be disclosed under section 191.

Note: A defendant bears an evidential burden in relation to the matter in subsection (1A), see subsection 13.3(3) of the Criminal Code.

 (1B) An offence based on subsection (1) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.