Document ID: chunk:federal_register_of_legislation:C2018C00169:section:4:p7
Version: federal_register_of_legislation:C2018C00169
Segment Type: section
Provision Reference: s 4 (pt 7/7)
Character Range: 24073–25203

person has the beneficial interest.
 (5) A reference in this Act to a criminal offence is a reference to an offence against a law of the Commonwealth or of a Territory.
 (6) Without prejudice to its effect by virtue of subsection (5), this Act has effect as if a reference in this Act to a criminal offence included a reference to an offence against a law of a State.
 (7) A reference in this Act to acquiring property, or an interest in property, for sufficient consideration is a reference to acquiring the property or the interest for a consideration that is sufficient and that, having regard solely to commercial considerations, reflects the value of the property or the interest.
 (8) For the purposes of this Act, a person shall not be regarded as a director within the meaning of paragraph (c) of the definition of director in subsection (1) by reason only that the directors act on advice given by that person in the proper performance of the functions attaching to his or her professional capacity or to his or her business relationship with the directors of the financial institution or corporation, as the case may be.