CORPORATIONS ACT 2001

CHAPTER 2D - OFFICERS AND EMPLOYEES  

PART 2D.1 - DUTIES AND POWERS  

Division 1 - General duties  

SECTION 187   187   DIRECTORS OF WHOLLY-OWNED SUBSIDIARIES  
A director of a corporation that is a wholly-owned subsidiary of a body corporate is 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.


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