Corporations (Aboriginal and Torres Strait Islander) Consequential, Transitional and Other Measures Act 2006 (125 of 2006)

Schedule 3   Transitional provisions

Part 2   Bringing transitional corporations across to new system

Division 6   Directors

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).