Document ID: chunk:federal_register_of_legislation:C2024C00492:section:6:p73
Version: federal_register_of_legislation:C2024C00492
Segment Type: section
Provision Reference: s 6 (pt 73/175)
Character Range: 356032–358694

in subparagraph (iv); or
 (vi) relates to a contract that insures, or would insure, the director against liabilities the director incurs as an officer of the corporation (but only if the contract does not make the corporation or a related body corporate the insurer); or
 (vii) is in a contract, or proposed contract, with, or for the benefit of, or on behalf of, a related body corporate and arises merely because the director is a director of the related body corporate; or
 (b) all the following conditions are satisfied:
 (i) the director has already given notice of the nature and extent of the interest and its relation to the affairs of the corporation under subsection (1);
 (ii) if a person who was not a director of the corporation at the time when the notice under subsection (1) was given is appointed as a director of the corporation—the notice is given to that person;
 (iii) the nature or extent of the interest has not materially increased above that disclosed in the notice; or
 (c) the director has given a standing notice of the nature and extent of the interest under section 268‑10 and the notice is still effective in relation to the interest.
Note: Subparagraph (b)(ii)—the notice may be given to the person referred to in this subparagraph by someone other than the director to whose interests it relates (for example, by the secretary).
 (4) The notice required by subsection (1) must:
 (a) give details of:
 (i) the nature and extent of the interest; and
 (ii) the relation of the interest to the affairs of the corporation; and
 (b) be given at a directors' meeting as soon as practicable after the director becomes aware of the director's interest in the matter.
The details must be recorded in the minutes of the meeting.

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

Section does not apply to single director corporation
 (6) This section does not apply to an Aboriginal and Torres Strait Islander corporation that has only 1 director.

268‑5  Interest as common law holder of native title
 (1) This section applies if:
 (a) an Aboriginal and Torres Strait Islander corporation is a registered native title body corporate; and
 (b) a director of the corporation has a particular interest as one of the common law holders of native title, being native title:
 (i) which the corporation holds in trust for the common law holders of the native title; or
 (ii) for which the corporation acts as agent or representative for the common law holders of the native title.
 (2) The director does