Document ID: chunk:federal_register_of_legislation:C2004A04501:body:0:p14
Version: federal_register_of_legislation:C2004A04501
Segment Type: other
Provision Reference: 
Character Range: 84702–87541

(b) "or";

     (b)     by omitting from paragraph (1)(d) all the words after "relevant officer" and substituting "of a body corporate (other than a corporation), the relevant person did an act, or made an omission, that would have constituted a contravention of subsection 232(2) or (4) in relation to the body if the body had been a corporation at that time;".

Duty and liability of officer of corporation

  11. Section 232 of the Corporations Law is amended:

     (a) by omitting subsections (3) and (4) and substituting the following subsection:

     "(4) In the exercise of his or her powers and the discharge of his or her duties, an officer of a corporation must exercise the degree of care and diligence that a reasonable person in a like

     position in a corporation would exercise in the corporation's circumstances.";

     (b) by omitting subsections (7), (8), (9) and (10) and substituting the following subsection:

     "(6B) Subsections (2), (4), (5) and (6) are civil penalty provisions as defined by section 1317DA, so Part 9.4B provides for civil and criminal consequences of contravening any of them, or of being involved in a contravention of any of them.".

Register of disqualified company directors and other officers

  12. Section 243 of the Corporations Law is amended:

   (a)     by omitting from subsection (1) "Act" and substituting "Law";

     (b)    by inserting in paragraph (1)(a) "or paragraph 1317EA(3)(a)" after "599(2)".

Public companies

13. Section 307 of the Corporations Law is amended by adding at the end the following subsection:

"(2) If subsection (1) applies, the report must also contain, or have attached to it, a statement that sets out:

    (a)     how many meetings of the company's directors (including meetings of committees of directors) were held during the financial year, or would have been so held if a quorum had been present; and

    (b)     in relation to each person who was a director of the company throughout the financial year—how many of the meetings referred to in paragraph (a) the person attended; and

    (c)     in relation to each person who was such a director during some but not all of the financial year:

       (i)                  how many of the meetings referred to in paragraph (a) were held while the person was such a director; and
       (ii)               how many of the meetings referred to in paragraph (a) the person attended while he or she was such a director.".

Contravention of Part

14. Section 318 of the Corporations Law is amended by omitting subsection (2) and substituting the following subsection:

"(2) Subsection (1) is a civil penalty provision as defined by section 1317DA, so Part 9.4B provides for civil and criminal consequences of contravening it, or of being involved in a contravention of it.".

  References to