Australia Corporations Act 2001 (Cth)
Part 2D.1 and related: Director and officer duties – Australia Corporations Act 2001 (Cth)

Australia Corporations Act 2001 (Cth) s191-195: ss 191 to 195 Disclose material personal interests, and in public companies do not vote or attend on them

A director with a material personal interest in a matter relating to the company's affairs gives the other directors notice of its nature and extent and its relation to the company's affairs, at a directors' meeting as soon as practicable after becoming aware, recorded in the minutes, unless an exception applies (for example interests shared with all members, director remuneration, certain guarantees, D&O insurance, permitted indemnities, related body corporate contracts, single-director proprietary companies, or a valid standing notice) (s 191). A standing notice must be given at a meeting or to each director, tabled at the next meeting and minuted, and lapses on a new director's appointment or a material increase in the interest (s 192). A director of a public company with a material personal interest in a matter being considered at a directors' meeting is not present and does not vote, unless the other directors resolve that the interest should not disqualify them or ASIC has made a declaration or order (s 195; s 196). In proprietary companies the replaceable rule in s 194 lets a disclosing director vote.

Maintained by Gerard Blokdyk

Other controls in Part 2D.1 and related: Director and officer duties – Australia Corporations Act 2001 (Cth)

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