CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 2D - OFFICERS AND EMPLOYEES
History
Chapter 2D substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).
PART 2D.1 - DUTIES AND POWERS
History
Part 2D.1 substituted by No 156 of 1999, Sch 1 (effective 13 March 2000).
Division 1 - General duties
SECTION 187
DIRECTORS OF WHOLLY-OWNED SUBSIDIARIES
187
A director of a corporation that is a wholly-owned subsidiary of a body corporate is to be taken to act in good faith in the best interests of the subsidiary if:
(a)
the constitution of the subsidiary expressly authorises the director to act in the best interests of the holding company; and
(b)
the director acts in good faith in the best interests of the holding company; and
(c)
the subsidiary is not insolvent at the time the director acts and does not become insolvent because of the director's act.
History
S 187 inserted by No 156 of 1999, Sch 1 (effective 13 March 2000).
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