Document ID: chunk:federal_register_of_legislation:C2010C00237:clause:3_38
Version: federal_register_of_legislation:C2010C00237
Segment Type: clause
Provision Reference: sch 3 cl 38
Character Range: 49930–50835

38  Majority of director requirements—Aboriginal and Torres Strait Islander persons

(1) This item applies if, at commencement:
 (a) one or more of a transitional corporation's directors are not individuals who are Aboriginal and Torres Strait Islander persons (the non‑Indigenous appointees); and
 (b) the non‑Indigenous appointees are a majority of the corporation's directors.

(2) Until the non‑Indigenous appointees no longer constitute a majority of the corporation's directors:
 (a) subsection 246‑5(1) of the new Act does not apply in relation to the corporation; and
 (b) only individuals who are Aboriginal and Torres Strait Islander persons can become directors of the corporation.

(3) For the purposes of this item, a person ceases to be a non‑Indigenous appointee if the person ceases to be a director of the transitional corporation (whether or not the person is immediately reappointed).